Data Monetization. Everybody wants to do it, but not everybody knows the steps to get there. We like comparing it to mixing up your favorite cocktail – without following key steps and using the right ingredients you’ll either have an empty glass or a nasty drink. To avoid a barkeep blunder, follow 5 Ingredients That Make a Perfect Data Cocktail to master the mixology of data monetization.
Define = This is the alcohol.
One of the first things to do when establishing a data strategy is to define your data types. Standard data types include demographic, behavioral, and contextual data. When you’re mixing a drink it’s important to bring in the right types of liquors to make a well-rounded drink. The same goes for data – you want to create a 360-degree view of your customers, so bringing in a variety of different flavors that all work together and tell a story is key.
Evaluate = This is your mixer.
Evaluating your data takes skill, curiosity, and persistence. If you are a novice mixologist, you’ll need to experiment extensively to find out what flavor combinations work and what doesn’t. But once you find the perfect mix, you’ll be proud of your miracle elixir! The same is true of evaluating your data – it takes a seasoned master to identify patterns and read insights, but once you get there, your data turns into gold right before your eyes.
Store = This is the glass.
When data is standardized and lives without silos it is at its highest potential. Without a singular, unified data platform your data will spill out and become a complete waste. A great cocktail needs a glass to live in, just as actionable data needs an integrated database to call home. You’ll be able to tap into new audiences and create diverse revenue streams and opportunities like never before when you unify your data.
Cleanse = This is the cocktail shaker.
It’s one thing to get all of your data in one place, but it’s another thing to keep it clean. The right way to get the best tasting cocktail is to shake it up and pour it with a filter to hold back any impurities that’ll taint the flavor of the drink. Data needs a similar type of care. Just because it’s all packaged in one handy place like a Unified Audience Database doesn’t mean that it doesn’t require your attention to shake it up to make it the best it can be every now and again. A data cleansing strategy is an absolute must if you want to successfully monetize it.
Monetize = This is the garnish.
You’ve defined your data, stored it, cleansed it, and evaluated it. You’ve made it to the best part of the process: monetization! You are making data-driven decisions, tapping into new audiences, and creating new revenue streams – you’ve made it. This is the cherry on top – pun intended – the added sweetness of a drink well made (and a data strategy well executed).
Like this content? It’s also an infographic!