The song will never work. It’s too long, too complex,
too confusing and doesn’t fit into any musical genre.
– Radio stations’ feedback to Queen aboutBohemian Rhapsody
Search of greater return on Big Data investment or generating alternative revenue stream for your organization.No matter the situation, let’s go through some of the most common myths of data monetization.
– Not Every Bit Counts:
Yesterday I was working with client.
They collect everything from users birth-date to current position in hope that they can monetize us but if their Only goal is to sell our data to traffic management to display current traffic then our age,school, email,phone-no,birth-date,name etc are useless data which will cost extra storage and processing in the most of cases.
Strategic planing of collecting data can reduce cost of making data product and increase profit.
- Select Use case in your niche that solves others problem.
- Now Collect data according to that use case.
- Scale Use Case.
Winning is Simpler When You Don’t Complicate Things.
– Similar data already exist
“We come too late to say anything which has not been said already.”
But that’s a lie.
Every outline has already been written.Just putting that fingerprint on an outline makes it yours, different, unique.
Even though similar data already exist in same category they will differ in accuracy, depth, volume,velocity etc.Company often use more than one data set to take decision(see the Power of Three).
Your product predicts your users behavior.Advertiser want to display different ads to Iphone user because Apple’s users spend approx 4X as much as Google’s.
It doesn’t mean android user are waste.Android with larger market share provide large volume of data to analyze market trend etc.
– Data Monetization can reveal tread secrete
Sorry but I will give you an MBA answer to this
– “IT Depends”!
what are the dimensions of the data you want to share and with whom ?
De-identification works.Often data buyer want complete solution rather than your raw data.Raw data is little valuable and we may require external data to create data product.
Governments has been beating the drum about open data-set to help citizens.Open data-sets are going to play effective role in data monetization.(http://www.mckinsey.com/insights/business_technology/open_data_unlocking_innovation_and_performance_with_liquid_information)
There are also cases where raw data are more valuable but it doesn’t mean you have to give all your data and secrets to generate alternative revenue stream.
So what about you – have you started Monetizing your data yet? Do you have any additional tips or notes on myth of ‘Data Monetization’ ? Any comments gladly appreciated.