Evolving market places and shifting trends can mean several things for the average retailer. Sometimes it could be the final adjustment that aligns all factors of production to yield even higher returns; other times it could be the rate limiting factor that constricts profit realization. One thing that is however certain is that businesses will routinely run into profit defining or restricting scenarios. Staying competitively viable and returning profits regardless of the situations, for the most part, a factor of just how innovative a businesses at creating multiple revenue streams from available opportunities.

Mining data tops the list of nascent opportunities available for businesses to exploit and for good reasons too. Aside from being relatively easy to assess, since most companiesactively pool data from consumers as part of normal operations, the cost implication and technical demands for monetizing data are relatively easy to scale. Add that to the fact that insights derived in the data monetization process further enhances the competitive advantage of an organization and it is easy to see why many 21st-century businesses continue to pursue the data monetization path.

So what does the process involve?

Utilizing data for deriving insights is a fairly common practice in the analytics industry, repurposing these insights into a direct revenue generating faucet is, however, a novel process.  Thisis what we were able to accomplish with a data monetization initiative orchestrated on behalf of one of our clients were we designed a lean framework that efficiently churned through customer behavior data, building concise maps of consumer behavior, demographic insights, and purchasing patterns to mention but a few.

What this meant for client X

A revenue jump of more than 30%, sharpening of competitive edge, creationof multiple revenue faucets and an increase inoperational efficiency (translating to a decrease in running costs).

With the help of the insights derived by Data Meaning our client also obtained a better understanding of its customer needs and wants. They knew which products appealed more to customers and were also presentedwith operational models to ramp up sales of those particular products. Shifting from the traditional business model, we set up a subscription-basedportal for our client to market its tier one data analytics to third party vendors.

What this means for you

Your data pools are worth way more than what you realize. With the help of Data Meaning,you could reposition your data to bolster your company’s revenue stream while prospering competitive advantage and operational efficiency. Read our full Case Study. To learn more about us and also email us at info@datameaning.com to begin a conversation about your Data Monetization strategy!