Building a Data-Driven Business Model

A data-driven business model can accomplish a number of goals such as increasing brand awareness, understanding the customer better, and improving products and services.

Here are the key steps in building a data-driven business model:

First, determine the outcome of the business model.

Find clarity on the goal of it.

Second, what is the deliverable from the effort?

Is it a data set that shows how to improve customer satisfaction, increase awareness, or understand customers’ perception of the product?

Third, what data is needed?

The data can come from the customer, partners, or generally available data sources.

Fourth, how do you analyze the data?

This could be applying prescriptive, descriptive, or predictive types of analysis.

Fifth, determine how to monetize the data.

This could be selling the data directly, using it to improve internal processes or providing the data to partners or customers to enhance the selling process.

Sixth, identify the challenge in capturing and analyzing the data.

This could be regulatory requirements, data quality issues, data quantity issues, or data analysis capabilities.

Start with your business goals.

Consider these steps in implementing a data-driven business model in your organization.

 

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.