How To Monetize Your Data

There are several business models for monetizing data.

Consider these models for your startup:

Mining your own data — this business model takes your own startups data and uses it to provide new services and products for the business.

This could be creating a resource list from your research to sell as an additional data product to existing and new customers.

For example, a business could provide a data product that lists other sources to buy key products.  

This becomes a content marketing tool for drawing more potential customers to your website.

Providing data sets for other businesses — this business model captures a data set such as the current stock market prices and makes it available for other businesses to use in their product.

Another example is tracking the number of people walking down a specific street over time would be useful information to businesses selling in that location. 

It shows the best times for the most traffic.

Providing higher level information for other businesses — this business model takes analyzed data and provides an answer to questions that other businesses have.

For example this could be an analysis of the characteristics of a customer buying a product and where they currently look for those products.

This answers the question, who should we target to sell more of our current product and where do we find them.

Each type of data is useful.

The more analysis often leads to higher monetization levels.

Consider how to use these in your business. 

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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