Do This One Thing Before You Write Your Data Monetization Plan
There are a lot more options for monetizing data than selling a database.Big data change the way businesses monetize data.Let’s look at general strategies tend to be used for successful data monetization.
It all comes down to speed at which data moves around.Just think of social media messages going viral in minutes, the speed at which credit card transactions are checked for fraudulent activities or the milliseconds it takes trading systems to analyze social media networks to pick up signals that trigger decisions to buy or sell shares.
There is little argument that social media has influence on stock markets.In a research done by researchers at Palo Alto Labs – “Predicting the Future With Social Media”, the authors conclude that:
Startups like Flock Data Analytics, DataYes and InfoTrie Financial Solutionsanalyze social media sentiments and conversations to help traders and investors to monetize such events.This data can be use for competitive intelligence,tracking public opinion of key brands and measuring sentiment lift due to marketing programs etc.
Verizon Precision Market Insights collect real time user activity to display targeted ads and offers.It allow companies to perform marketing campaign and analyze real time users activity to help marketers.
Weather Decision Technologies Inc provides comprehensive point-specific current and forecast conditions throughout the globe.
If your data doesn’t change frequently then it fit into this category.
