Like any commercial agreement, data product sales are bound by terms and conditions between a data vendor and data buyer. These T&Cs include service level agreements for uptime and response time, authorizations for use and resale, and technical support for bug fixing and API integration. If a vendor is new to the data economy, these T&Cs may be a daunting task and require significant institutional change.
This post details one of the five steps involved in data monetization. To learn about the process, download the free “Visionary Leader’s Guide to Data Monetization”
Buyers will have high expectations, as a result, it is key to set up a proper data product delivery mechanism.
As previously discussed in our post on demand generation (Go-To-Market Guidebook #4: Generate Demand) vendors who have elected to sell directly will now want to hire a sales team in order to find potential buyers and manage the relationships. Vendors who have elected to use a channel parter (like DataStreamX) will now need to work with that channel partner to upload their data and initiate co-marketing activities. In this way, working with a channel partner can offload the service, delivery and sales responsibility.
Assemble your materials
In order to execute and deliver along with a channel partner, vendors need to collect the information that have assembled during the previous steps:
- Product Selection
- Product Construction
- Product Pricing
- Product Listing
Upload & technical integration
This information, along with the vendor’s contact details will be used to create the data product listing. Most channel partners will provide a step by step wizard to upload this information and to connect your data source via API, SDK or FTP, depending upon your technical needs.
We hope this series on data monetization has been helpful to you. Before DataStreamX, selling data products was not an easy activity to scale. This is what inspired us to create DataStreamX. We believe that humanity has a vast wave of progress on the horizon where data owners can now offer their data products to smart, clever and eager organizations worldwide.
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Missed the first part of the series? See "Go-To-Market Guidebook #1: What you got?" to help your organization understand how to sell data.