After you have identified data assets to be commercialized in part 1, you can begin structuring your data product. This involves processing your data in order to comply with international privacy laws and information security policies of your organization.
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.
Structuring your data product
There are three main steps when structuring your data product. Firstly, all personal identifiable information must be removed. Such information includes biometric data, medical information and unique identifiers such as passport or social security numbers. Failure to do so may result in civil lawsuits or even regulatory penalties.
Secondly, you must ensure that your data product does not expose your organization’s trade secrets or erode your competitive advantage. Simply put, data that could be detrimental to your organization’s positioning or reputation should not be sold.
Thirdly, you must decide on the characteristics of your data product. There are three main areas to consider, namely, timing (real-time or historical), delivery (push or pull) and format (JSON, XML, PDF or CSV). If you have a wide consumer base, you could create variations of the same data product with each one having different characteristics to appeal to different consumer segments. On the other hand, if you are creating a single data product, you should choose characteristics that would yield the greatest overall appeal in the market.
To learn more about structuring your data product, download your copy of the free e-book Visionary Leader’s Guide to Data Monetization today.
In our next edition, we discuss how to price data products. Stay tuned.
If you have missed the previous post, read part 1 here.