Data monetization is full of potential when it comes to providing companies with opportunities to drive value. Whether it’s in the form of new products, new revenue from selling data, better partnerships resulting from enhanced data collaboration and sharing, or the entrance into an entirely new market, the avenues offered by data monetization are nearly as numerous as they are varied.
With this information in mind, it’s worth taking a look at some examples of how different key industry sectors stand to benefit from data monetization.
Transforming marketing into a more data-driven process has been a top priority for many years and one that shows no signs of slowing. According to a recent study, 88 percent of marketers plan to prioritize gathering and storing first-party data in 2021, with 30 percent claiming it’s their chief concern over the next six to 12 months.
By analyzing this information, companies can improve marketing outcomes and customize campaign strategies based upon individual audience demographics and preferences. For more on how marketers can achieve this while also striking the right balance with increased privacy regulations, check out this previous APEX of Innovation post.
The retail industry is another example of a sector primed for data monetization. From an eCommerce perspective, brands can track how many shoppers redeemed a discount code offered via social media and determine the campaign’s effectiveness. Brick-and-mortar stores could monetize data by tracking their busiest hours and adjusting staffing so that the customer experience isn’t negatively affected during these peak times.
One needs to look no further than the popular streaming platform Spotify to see how data monetization can benefit the music industry. Musicians can see accurate stream counts for new releases and also analyze how listeners discover their music. This potential also exists through the data and information provided by online ticketing services and could be capitalized on by concerts, tours, and music festivals.
As cars become more connected, there is an ever-growing opportunity for automotive manufacturers to monetize this data. One possibility is to track trends related to various models, color choices and features in particular markets so that inventory could be optimized accordingly to equip dealerships with the vehicles that are most likely to sell.
One data monetization option for healthcare organizations is to remedy the perennial issue of missed appointments. For example, perhaps people aren’t showing up because they have forgotten about the appointment or failed to add it to their calendar. Armed with this intelligence, companies could implement a notification system that can sync to patients’ digital calendars and also send reminders at key intervals leading up to the appointment.
For more on data monetization and what it can do for your business, check out this previous APEX of Innovation post.