Using Data To Increase Sales

The market for data continues to grow providing an opportunity for startups to increase revenue by monetizing their data.

Consider these points for monetizing your data:

Sell your data directly to other companies. 

This could be customer behavior, customer preferences, market data and more.

Be careful with personalized data and know the regulatory requirements.

Partners, suppliers, and competitors are primary candidates to purchase your data.

Check the data industry to see what data markets are currently available.

If there are none for your industry, then consider starting a data market as it provides additional monetization opportunities.

In addition to increasing revenue by selling data directly, it can also help with sales indirectly.

Data can improve close rates with customer testimonials.

It can improve customer service by analyzing the questions asked and providing answers and solutions in various forms such as online websites, email campaigns, and more.

It can be used to enhance the customer experience by understanding the current situation and identifying ways to enhance it.

Consider these steps in increasing revenue from data for your organization.

 

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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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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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.