In today’s world of Big Data, SaaS, virtual products and services, data is king. Companies from the earliest stage tech start-up to the most established brick and mortar want to find ways to monetize their data. For many small and medium sized businesses monetizing data could be the key to significantly growing their business organically and without a large investment. However, few companies ever achieve this goal.
What makes it so hard for companies to monetize their data? It’s challenging to define what monetizing data really means for a given company and if you can’t define the goal then you certainly can’t create a plan to achieve it.
Figuring out how to monetize your data first requires an understanding of what you hope to accomplish. There are three main ways to monetize data. Listed below are examples of companies that have successfully monetized their data using those three methods.