Vendors should focus on creating the most attractive products possible in order to maximize their share of market, while still operating within organizational & market constraints. Attractive products cater to a sizeable audience, convert the maximum number of buyers and minimize buyer turnover.
A primary goal for data Vendors is to maximize the total population that consumes their data products. Vendors accomplish this by using their data in order to satisfy a market need.
Nearly every modern organization collects and stores vast amounts of digital data. Thanks to advancing technology and shrinking infrastructure costs, this intelligence has become quite robust, detailed and powerful. Today, many organizations recognize their data are valuable corporate assets not just for internal consumption, but also for third party use.
Publicly-traded or privately-invested, all companies seek growth. Companies measure growth through a combination of variables: revenue, profits, user base, market share, share of wallet, share of closet, share of etc. The key similarity between these variables is their measurement of today’s metrics versus yesterday, last week, last month or last year. Growth manifests in a few forms: organic (growing existing businesses), inorganic (acquiring new businesses), new ventures (diversification) and “eureka moments”--surprising capabilities that companies quickly embrace and institutionalize. We call this phenomenon "Bolt-On Revenue."
In this video, DataStreamX's Everett Leonidas will walk you through the opportunities and common myths associated with data monetization. He will then briefly discuss a plan of action for how your organization can begin to monetize internal data assets.
