Data at Work

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.”

Economic Trade-offs:

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.

So. What is a data marketplace anyway?

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.

As more and more organizations decide to strategically enter the data economy they start to have a lot of questions about the execution of doing so:

• How should we select the correct data to sell?
• How do we “productize” our data?
• What price should we charge?
• What is the process to securely transfer the data?

Data sensitivity and security should be top of mind for any organization that is considering selling data. However, these considerations should not prohibit an organization from participating in the data economy.