Ensure your data has actionable value
The most monetizable data types provide insights that can’t be found elsewhere, ISG’s Rudy says. “This includes benchmark data for comparison to peers to help drive actionable change, competitive intelligence that’s specific, predictive analytics to help drive fact-based decisions, and AI-driven insights that pull from multiple sources of data that are typically siloed.”
User behavior data is one of the most monetizable data types, says Agility Writers’ Yong, pointing to Google Analytics as an example. “It tracks user interactions, which enterprises can then use to fine-tune their website or marketing efforts,” he explains. Even deeper data, such as purchase intent or churn rates, can be sold to third parties or used for targeted marketing, making it highly valuable.
The types of data that aren’t worth monetizing include outdated data, third-party data anyone can access, data your organization lacks the specific rights to use — which could lead to potential lawsuits — or inconsistent or partial data that could lead to bad decisions, Rudy says.
