Key Factors in Building a Data Business

In building a data business here are some key factors to focus on:

Provide high-quality data that provides value to the customer.

Low-quality data commands a lower revenue rate.

Look for data that others don’t have.

The more unique the data the higher the monetization value.

Focus on critical needs in the data you build.

Nice to-haves don’t command as much attention.

Must-have data generates higher revenue rates.

Foster a culture of innovation.

Give employees the freedom to experiment and explore new opportunities.

Start with the data you have.

Mine the data in your customer/prospect database first.

Consider bundling the data with the product to make it more valuable.

Aim to be the leader in your space for data and data products.

Leadership brings additional value in the form of branding, exposure, and access.

Consider these factors in building your data business. 

 

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