Way to Monetize Data

Ultimately the end game of a marketer using data is to monetize that data.  Of course there are more or less direct methods to make a case using data; they vary in degree of complexity and investment to acquire.  They might also require teaming up with a data analyst or data scientist.  The most important point to remember is that you have to know what question you're trying to answer, you can just browse and expect to get a simple solution.  There are almost always a confluence of factors either determining or related to the problem at hand and determining causation vs. relation is an important human-level of the analysis the requires logic and experience with the subject matter.

Here is a list of common ways to monetize data.

1.  Data can be used for predictive analysis to determine when customers are most likely to be shopping and on which of their devices.

2. Data can be used to segment customers by what types of products they are most likely to purchase.  Companies can determine customer preferences by looking at the customers past purchasing behavior, including stores, products, and product pricing.

3. Similarly, if the customer is shopping online a digital marketer can see what site an individual customer came from, what pages on the company's site they spent the most time on thereby suggesting where their interest lies, whether or not they put anything in the shopping cart, and what site they visited afterwards, hinting at their other shopping habits and interests. All of these website level tracking can help the digital marketer send out customized product recommendations and offers to entice the shopper.  Digital advertisers can also use this type of data to provide highly relevant adverting across devices.

4.  Credit card companies can use consumer spending data to identify fraud and promote different types of card services.

5.  Internet of Things- Smart cars, homes, health products/services and more can be used to gather lifestyle and profile data about participants which can be used to improve goods and services, create new ones based on usage patterns, or be sold to 3rd parties.

6. Site like Zillow leverage data to help customers make smart purchasing decisions by providing a multitude of different data points and statistics about homes and regions, and help the realtors who advertise with them draw in more customers.

To be Cont'd....


Sources:
Information Week
TM Forum

For More Reading on the Topic of Monetization:
http://olgaazina.blogspot.com/2017/05/monetization-methods-of-mobile.html

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