Welcome to Part III of this article series on data monetization. (Here are Part I and Part II for easy reference.)
Data monetization opportunities are determined by defining a problem to be solved in terms of focus and state. If the focus of the problem to be solved is external and the state is existing, then the defined monetization opportunity is developing new products, services or channels for customers. This means that you are using your customer intelligence data and applying it to their problems. And while the ultimate business goal is to increase customer loyalty and grow revenue, the data is being used to solve the needs of the customer, not the needs of the business. When using data to solve customer problems, the customer defines the value of the product or solution by variables within the scope of their intended use. This value assessment can be a moving target for businesses to identify and can make the related monetization efforts difficult.
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access