FlockPit, the most recent data vendor to join the DataStreamX community, brings to market a FinTech product that provides a competitive edge to intelligent investors.
FlockPit's proprietary technology monitors the web for sentiment contained in social media disucssions and news articles about U.S. equities. This information is packaged into a product that can enhance investors' predications with the most comprehensive, market-moving metrics - Social Media Activity, Impact, and Sentiment Score.
The following post if part of a five part series detailing how to successfully bring a data product to market. To learn more, download the free “Visionary Leader’s Guide to Data Monetization.”
If the primary consumers of a data product are easy to define, segment and access, then vendors may find it useful to employ a direct sales force. This is especially true if data sales are a primary component of the vendor’s business model.
The following post is part of a five part series detailing how to successfully bring a data product to market. To learn more, download the free “Visionary Leader’s Guide to Data Monetization.”
Based upon decisions in the previous step (Go-To-Market Guidebook #2: Built for Buyers), a data vendor should now hopefully be able to assess the cost to make data available for sale. This effectively serves as the price floor for the data product. From there, the task of pricing data is a balance of art and science.
Working in business development at DataStreamX, I have a frontline perspective of hunches, beliefs, and suspicions about what our data marketplace represents to buyers and vendors. What I find interesting is the broad variance in the feedback I receive, differing by location, industry, role and experience in the data economy. Because of this variance, I find it prudent to firmly address what the DataStreamX marketplace is, and isn't.
Once earmarked for commercialization, a data product must be structured correctly in order to be credible and sellable to promote potential data sales
In order to appropriately construct a product, it is important for organizations to address the following four considerations.
