LeadNetwork offers insight into behaviors that influence customers’ actions. We manage data and find ways to turn it into measurable targets. Whatever KPI you’re tracking, we got your back. We’ll also help you use relevant analytics to create custom user segments and upgrade marketing campaigns.
Why long for gold when you have a gold mine? If you are puzzled, don’t be! Your customer information can generate cash faster than you think. Though this revenue-generating stream can be tricky, it’s also quite essential for economic growth. Consider our definitive guide on how to monetize data and outperform your competitors.
Besides, data isn’t valuable to your company in an abstract sense only. Derive financial value from such data, both directly by selling it and indirectly by using metrics to increase revenue and reduce costs. So, if you wonder how to monetize your data, keep reading to explore the topic in great lengths.
Customer Data Monetization
Generating money from the available customer details is data monetization. In short, clients’ details serve as a revenue-generating asset or a cost-saving opportunity. Depending on how your company wants to turn data into profit, there is direct or indirect monetization.
Direct data monetization refers to the first-hand conversion of databases into revenue for your business. It takes place by selling products on websites or apps, selling database segments, or through PPC ads. Indirect monetization occurs when organizations monetize databases through indirect sources. To do so, they usually share the derived data insights or publish ads of partnering brands.
What Is Data Monetization?
By data monetization, companies make a measurable, positive impact on business revenue. Cash potential beyond the traditional database selling to third parties significantly increases. Moreover, the term refers to activities connected with converting statistics into revenue streams. First, there are direct forms of monetization when data gets sold to other businesses. Second, indirect forms improve marketing and boost sales without data leaving the company.
What Is Customer Data?
Customer data entail user details, like contact details, buying habits, and website visits. Customer information gets collected via various channels. These include websites, browsers, mobile apps, surveys, subscriptions, online transactions, and web analytics. Yet, gathered data is only a statistical asset unless you turn it into strategic financial support.
What Makes Data Important?
Selling information is only one segment of the data monetization process. Apart from selling data, businesses can turn data into cash by using them inside the company. Meaning, they can boost revenue streams, ease growth, and diminish expenses. Here’s a concise selection of the best ways companies exploit data within their premises.
1. Create Better Audiences For Advertisements
Databases help media companies, publishers, and marketing agencies create better audiences for advertising. To do so, they organize audience information with quality properties. Combining first-party with second and third-party data is a viable strategy. Analyzing such statistics will further improve audience understanding.
A trusted data management platform can help you along the way. Use it to organize audience data by demographics, interests, and purchasing history. Once you analyze these segments, you can target viewers more precisely. For marketing and media companies, growing the audience means selling more ad space to advertisers.
2. Boost Your Audience
It’s crucial to grow your audiences since this will lead to more users or subscribers and more profit. Hence, marketing agencies use data to build lookalike audiences to expand their reach. To this end, take the available data about your audience and find new users with similar features.
Create a segment of your top customers, and use an audience optimizer tool to find similar people to target your ads. Since potential customers have similarities with the existing ones, they might convert. So, target users with commercials that urge them to visit the site or pay a subscription fee.
Last, enterprises use customer databases to boost sales and grow their customer portfolio. Niche audiences then get included in marketing strategies to upsell the existing customers.
3. Increase Average CPM
Data assists marketing and media companies in increasing the average CPM of ads. The more impressions, the higher the revenue streams. By segmenting and analyzing audience data, organizations can offer improved targets to advertisers.
Another useful strategy for data monetization is to look back at previous ad data. Reflection will help you determine what ad types earned the highest CPM. Next, you need to focus your efforts on similar commercials, boosting the total revenue. For instance, past data may show that ads about gardening tools give exceptional results.
4. Reduce Remnant Inventory
Cutting down on remnant inventory can further boost profit. In short, publishers offer two ad spaces on their websites, premium and remnant inventory. Premium ad spaces are of a higher quality and worth more.
Conversely, remnant inventory is what remains when the company has no premium space left. The value of this inventory type is lower than that of premium inventory. Naturally, it sells through ad exchanges or networks.
By using data sensibly, one can convert remnant inventory into premium inventory and earn more from ads. First, you’ll attract more visitors to your site and add value to it. Next, you will improve the audience by using databases to enlarge the commercial space. These changes increase ad space value in the eyes of advertisers. Thus, it becomes easier to sell and earn more per advert.
5. Customized Content
To drive results, organizations use customer data to improve content, messaging, and advertising. Through data analytics, they learn a lot about users and how best to engage with them. Plus, analytics techniques help define the ideal times to message, upsell, and cross-sell.
Besides, sales data on products and services help customize emails and ads for each user. Personalized product recommendations in emails and featured content can help, too. Even publishers use data sources to personalize what they show to each customer. This way, they encourage users to stay on the site longer and view more ads.
Here Are The Detailed Steps For Customer Data Monetization
Once you assess your information value, take time to monetize your data. The next step is to figure out how to create a sellable data product. The process can be challenging, so we’ve broken it down into five stages:
1. Identify Available Data Sources
Determine what data you intend to sell or allow access to and for what purposes. Make sure such details are valuable and marketable or find ways to enhance their value. This initial step involves taking stock of what you have and using it to relate to external data.
2. Prepare Your Data
Second, you must organize metrics in a usable form. Meaning, you should unify, connect, structure, attribute, and confirm data. Your ultimate goal is to make data look like products organizations find practical and wish to buy. A reliable data management platform and other services can prove handy at this point. Collect and organize all your info in one place and prepare it for analytics and transfer.]
3. Do Research And Analytics
It’s essential to analyze data and establish what insights organizations can get from it. When you try to sell data, inform potential buyers of such benefits to convey market uses. Such upsides may include insights into customer demographics, preferences, and online behaviors.
4. Define Terms And Prices
Next, determine how buyers will access customer data. Before anything, outline the conditions of any agreement and pricing policy. Here, consider all privacy issues and rights reserved you must tackle to allow access and create value.
When it comes to pricing, you need to determine your data’s value. On the one side, you may opt for cost-based pricing. This strategy takes into account the cost incurred to create the metrics plus a mark-up.
On the other side, there’s also value-based pricing. The approach refers to the value the customer will derive from the information. Pricing factors include the volume and completeness of the customer data set.
5. Wrap Up The Product
Once you understand what you have, pack it into sellable data products and services. Services can entail real-time customizable updates and analytics help. Sales data must be gradable with input based directly on buyers’ individual needs.
6. Get In Touch With LeadNetwork
The easiest way to sell your data and make cash is to become our affiliate partner. We will monetize your database, and you will earn a share of the commission without doing any of the work. Partnering with LeadNetwork is the simplest and hassle-free way of making the most of the customer data you have.
Get Data Ready For Monetization
You could be sitting on a sizeable goldmine if you have databases at hand. Yet, if those lack value, they may not be ready for data monetization. So, when you’re ready to start monetizing, you need to identify and evaluate what you own. Here are the critical aspects of any data and analytics worthwhile for buyers.
- Relevance. Databases must be relevant to buyers’ business needs. Hence, please make an effort to understand their goals and how your information can be of use. If it has an indirect impact, there will be no increase in sales, and potential clients could steer away.
- Dependability. For customer data to be dependable, it must be accurate and precise. You should be able to verify it comes from reliable sources and doesn’t compromise validity.
- Segmentation. Splitting generalized databases into relevant categories means higher value and usability for buyers. Once you make sense of your data, you can sell it for a specific purpose and not like raw meaningless data.
- Security. Keeping details protected helps to preserve its value. Insufficient privacy and security can lead to losing mutual trust and legal hardships. When information contains personally identifiable information, there are severe risks. Hence, it would be best if you struck the right balance between access and security. Every state has its own data protection laws and regulations.
- Anonymity. Encryption obscures data to avoid unauthorized reading and theft. Also, masking and tokenization help replace real values in the databases. This way, they preserve specific elements with a different process.
Why Monetize Your Data?
Data monetization entails various benefits. When companies monetize, they have the competitive advantage of increased revenue. Yet, they also obtain other, less obvious advantages. Below, we have identified the best market benefits of data monetization.
Data monetization benefits businesses by increasing their revenue. In short, instant boosting of the bottom line drives sales and marketing. Companies also generate cash from existing databases by selling it to other organizations. Selling insights derived from data analytics or other related products earns money, too.
Selling data enables companies to forge beneficial business relationships with organizations. When other organizations buy external data, communication begins, and so does the relationship. Once the bonding is strong, you could continue exchanging analytics back and forth. In this way, data helps you find long-lasting business partners.
Relevant databases discover market gaps and identify unaddressed customer problems. Use your insights in the decision-making process before launching a new product or service. Exploit sources even to develop or enter a new market. By understanding what and how customers buy, businesses can open up new opportunities.
With real-time databases at hand, you gain insight into where your time and money goes. Explore possibilities to save money by streamlining operations. You might realize that you’re spending too much on items that bring little value to the business.
Improve Productivity and Efficiency
Track how efficient, and thus how productive processes, operations, and employees are. Use data to identify problem areas and understand the sticking points. Then, eliminate the obstacles to become truly efficient. Optimizing resource allocations is yet another way to monetize your data.
How Much Can You Sell Data For?
Calculating the value of any user details is far from simple. Estimates on how much customer data is worth can vary. Evaluations range from less than a dollar for an average person’s data to $100 for a Facebook user. Also, the email address of any individual is worth $89 to most brands. A single user phone number, keystrokes, mouse movements, and screenshots are precious, too. Our affiliates get a customized partnership model and earn a percentage of any income LeadNetwork makes through their databases.
Monetize Your Data With LeadNetwork
We are the right buyers for your data with thanks to our purchasing data platform. LeadNetwork offers an established pipeline of buyers in a transparent and secure environment. The upside of our service is that you have complete control over the transactions. We only guide you through the data monetization process and deal with tracking, billing, and reporting. What you get is a fair share of the revenue!
Why Choose LeadNetwork?
Since we work with payday and personal loans, we purchase loan-related metrics. Moreover, we are buying other relevant customer databases. In a word, we monetize data and then share the earnings with our affiliate partners. Note that we accept SEO, PPC, email, display, banner, radio, and TV traffic.
LeadNetwork offers affiliate partners insight into behaviors that influence customers’ actions. We manage data and find ways to turn it into measurable targets. Whatever KPI you’re tracking, we got your back. We’ll also help you use relevant analytics to create custom user segments and upgrade marketing campaigns.
Our other data solutions allow you to make the most of your data internally. You can collect, organize and activate the needed data to achieve success. LeadNetwork helps you collect data both online and offline. By doing so, businesses can define the relationships between the various devices audiences use. Also, we provide API support and limitless activation channels for real data portability.
Moreover, our platform helps you create custom audiences using data to power customer acquisition. Dare to mix and match data segments to test which strategies work best. Our service can assist you in creating lookalike audiences to extend your reach. So, look no further as LeadNetwork is the perfect option to make the most out of your customer databases.
Benefits of Being a LeadNetwork Affiliate
Monetizing your databases through LeadNework comes with unique benefits for our affiliates. We have proprietary technology and a user-friendly dashboard. Moreover, we give our affiliates full control of the situation alongside timely payments. We also must mention the high conversion rates, which guarantee your precious database will generate a nice income for your business.
Another thing we must mention is the special and personalized relationship we have we our affiliates. We are open to customized partnerships, so every company can find a suitable way of working with us. Our primary goal is for our affiliates to be happy and successful. That's what makes us better than any other brand in the industry.
LeadNetwork Data Monetization Affiliate Platform Is the Way To Go
Ready to convert your data into increased revenue? Don’t waste available metrics, but start monetizing your data with LeadNetwork today. Before anything, data owners need to learn efficient methods to turn information into cash. LeadNetwork offers the right tools for this endeavor. We also optimize your data use to boost revenue and reduce costs.
This exhaustive guide will enlighten you about the importance of customer data monetization. To learn more about reliable solutions to monetize your data, use the form below. Alternatively, contact us today at the phone number given. Remember to follow us on social media for better insight into the matter.