Type of Data Analytics

Finding data to monetize comes in steps and stages.

Each step leads to a more detailed understanding of what data can be monetized and how to generate it.

Here’s a list of key steps to consider:

Reactive analytics — this data captures how customers find products and services.

This could be where customers find the product and how they access it.

Descriptive analytics — this data captures how customers use products and services.

This could be how long they engage with it, what they do with it, and what they take from it.

Diagnostic analytics — this is the core data that others find most useful.

For example, this could be characterizing what triggers a customer to buy a product or service.

Proactive analytics — this is additional data that can be generated using what was learned before.

This could be setting up additional triggers to generate more customer purchases.

You can modify current products or create new ones to facilitate it.

Data evolves over time from raw data to analyzed data to products that make use of the data.

Consider these steps in identifying what data you can monetize in your product.

 

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