Welcome to Part IV of this article series on data monetization. (Here are Part I, Part II and Part III 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 internal and the state is new, then the defined monetization opportunity is increasing market share or entering new markets. Businesses that use data to reach new customers or enter new markets question the non-consumption of their products rather than trying to increase consumption with their existing customers. This naturally means that the questions these businesses ask are new and will generally require new data and methods to answer. Monetizing data to increase market share is not an easy approach, as it usually means “business as usual” will no longer be sufficient, taking the organization well out of their comfort zone.
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