Data at Work

In my line of work, many organizations ask me how they can sell data in a secure and scalable way. This questioning is to be expected, since data monetization - and the data economy as a whole - is still a relatively new and growing area of development.

Having been involved in hundreds of these conversations, I've realized that there are two basic questions that that need to be addressed when starting out:

1. “What is the process for monetizing data?”
2. “How do you create valuable data products for external users?”

To answer these questions in a fun way, I've produce the following infographic (and companion guide) that breaks down each step in the process. 

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.

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. 

As with any product or service, generating demand relies on clear marketing. Marketing messages that communicate benefits, features, attributes and emotions that potential buyers easily identify with have higher likelihood of conversion. This holds true with data products as well. One of them most useful pieces of marketing content is a clear data schema describing the information contained in a data product.