Based on the price of your data product that you have determined in part 3, you will now be able start offering your data product to the market. In this final part of the series, we discuss how to market and deliver your product to your consumers.
Based on the price of your data product that you have determined in part 3, you will now be able start offering your data product to the market. In this final part of the series, we discuss how to market and deliver your product to your consumers.
Based on the structure and characteristics of your data product that you have determined in part 2, you will now be able to assess the cost to make your data available for sale. This cost serves as a price floor and gives you a starting point for pricing your data product.
After you have identified data assets to be commercialized in part 1, you can begin structuring your data product. This involves processing your data in order to comply with international privacy laws and information security policies of your organization.
As you begin to explore data monetization for your organization, you may have asked yourself these questions:
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:
- “What is the process for monetizing data?”
- “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.
