Based on the price of your data product that you have determined in part 3, you will now be able start offering your data product to the market. In this final part of the series, we discuss how to market and deliver your product to your consumers.
This post is part of a four-part series on how to bring your data product to market with an effective go-to-market strategy. Download your copy of the free e-book Visionary Leader’s Guide to Data Monetization to read it in full.
Marketing your data product
If your consumer base is easy to define, segment and access, marketing your data product can be easily done with a direct sales team. In most cases however, it may be difficult to justify building a direct sales team within your organization as data commercialization may not be your organization’s primary business model.
In such cases, consider engaging channel partners such as a data marketplace to market your data products for you. A data marketplace can help you build awareness of your data products, extend your sales reach and expedite transactions to help you scale your product sales quickly.
As buyers may not immediately understand how your data product can help them, communicate to your consumers the usefulness and uniqueness of your data product using simple and concrete examples. Be specific about what information is contained in your dataset and share with your consumers several use cases to demonstrate the value of your data.
Make it easy for consumers of your data to get started by including detailed notes on topics such as your API, data structure and data collection methodology. This allows buyers to easily understand the technical information contained within your data product and its potential applications.
Delivering your data product
When buyers purchase your data product, they are entering into a commercial agreement with you. To facilitate this process, the terms and conditions that accompany the sale of your data product must be established beforehand.
Such terms include service level agreements for uptime and response time, authorizations for use and resale of the data, and technical support for big fixes and API integration. Well-defined terms play an important role when it comes it buyers and sellers understanding their duties, rights, roles and responsibilities. Neglecting this step could put you and your organization at the risk of uncertainty and misunderstandings.
If you are new to data commercialization, defining these terms and conditions can be a daunting task and may require significant institutional change. Engaging channel partners such as a data marketplace can help offload this responsibility with their standardized terms of service. In addition, you can leverage on their pre-existing delivery mechanisms to ensure that your customers receive the right products in a timely manner.
To learn more about marketing and delivering your data product, download your copy of the free e-book Visionary Leader’s Guide to Data Monetization today.