What is the main goal with any business? The bottom line is to generate more revenue, right? That's what maintains a business, keeps it afloat, and helps it to grow and invest in even more sales and marketing initiatives.
So if there's a way to use your marketing data to uncover even more revenue streams for your company, that's definitely a win. The problem is that there are too many businesses that aren't paying proper attention to their data, and it's costing them. When your data could increase business revenue, that's not something you can afford to ignore.
Let's dive into the steps to take to help your marketing data to uncover new revenue streams for the company.
1. Analyze your data.
Start by collecting and analyzing your marketing data. Utilizing data management software can help you to organize and clean your data so that you know exactly what you're looking for. Take a look at your data and learn things like who among your customers uses the most of your products/services, what they're using it for, and more. Create dashboards as a way to house all of this information in one easily accessible place.
2. Determine which data points are valuable for your consumers.
The first step in creating a new revenue stream with your data is determining which data points, out of everything that your company is creating and using, could actually be valuable or of use to your customers. This might not be obvious immediately, but consider the different ways that this data could be unpacked and shared with your audience before deciding.
3. Share test data with your customers.
To test out which insights might be most valuable to your customers, make some of your data available to your customers for free. Share with your customers how this data is used by your company, why it's important, and how they could also use it. This can help to generate interest around your data and lead to data monetization.
4. Create monetized data tiers.
Based on the test data you share, customers may start asking for even more insights and information. Which you can absolutely offer, but for a fee. Create monetized data tiers based on the amount of data and information you provide. After all, you have data and information that your customers want, and there's nowhere else for them to get your specific data and information. This makes it incredibly valuable.
5. Personalize the data.
Based on your customer segments, different customers/clients/companies may want different data insights. Personalize your offerings to create more revenue streams and to cater to even more specific niches. The more personalized you get, the more valuable that data becomes.
6. Listen to your customers.
Keep an ear out to listen to what your customers want. There may be even more types of data that they're requesting, giving you ideas for additional potential data products, monetized tiers, and revenue streams.
Don't miss out on any revenue that your marketing data could help your company to generate. Learn more about how a data management system can help you to analyze your data in the first step by requesting a free demo.