Insights / Blog

7 Untapped Ways to Monetize Data

Data is an incredibly unique asset — its value is uncapped and grows as it is consumed. And yet, organizations have struggled to fully realize that value. Breaking that pattern starts with converting data into data products. Data products make data easy to manage, consume, and of course, monetize. But please don’t stop there! 

There are a multitude of ways that data products lead to more revenue and higher profitability. Here are some of the ways that organizations can monetize their data — either by creating new revenue streams or increasing the profitability of their data business.

  1. Selling data

Selling data seems simple, but it’s included here as an untapped opportunity because many companies fail to take this first step even when they have valuable data assets. A data exchange or marketplace makes it easy to open that new revenue stream.

  1. Package data with non-data products

Another way to generate revenue from data is to package it with your existing non-data products to enrich their value. Take, for example, CRM or marketing automation software. It’s ability to deliver value is entirely dependent on good quality data within the system. However, when you purchase it, it’s entirely empty. This is just one example of where you might package data along with a non-data product to increase and accelerate customer value.

  1. Companion services to data products

Creating companion services to data products is another way to monetize your data. Some of the types of services people should think about  wrapping around their data products are cleansing, standardization, integration/blending, and modeling.

  1. Custom and blended data products

Another way to generate incremental revenue is by expanding your data portfolio to offer custom data products. Not only can you better meet customer needs with custom products, but you can also uncover opportunities to standardize and sell those custom products more broadly. With this method, you can effectively “crowd-source” product development.

  1.  Platform business model

If you sell data through your own data marketplace or exchange, there’s another revenue stream that opens up. You can utilize your investment in the platform and your own audience to entice other data providers to distribute data products through your platform. Look no further than to understand the potential of this model. 

  1. Automate data product management

By using automation to get data products into the market faster and with less manual overhead, companies can increase their profitability — often substantially.

  1. Price optimization

Ironically, the way data businesses typically set the price for data products is far from data-driven. With a digital go-to-market through a data exchange or marketplace, data providers gain the ability to test various pricing models in the market quickly and easily to maximize both sales and profit.

Want to learn more about these 7 untapped ways to monetize data? Watch our on-demand webcast and gain further insight from industry experts Chris Pilling, CEO of Matchdeck, and Anthony Cosgrove, chief strategy officer and co-founder of Harbr.