How can companies with existing users benefit from a Data Union? If you are a telco operator, online platform or any company with an existing user base, your users are generating valuable data.
Most companies would like to monetise this data, but are facing several questions like
- Where to monetise this data?
- How to monetise?
- And especially – What will users do when they find out that their data is being sold?
Lets start with the last question – so how will users react when their data will be sold? There is only one way to ensure positive reaction – you need to do two things – absolutely clearly communicate what you want to do and ask your users for a consent – the UI has to say “I agree to my data being sold to 3rd party – yes”.
And then if you sell the data and get some revenue, share part of the money with your users to reward them – without them you wouldn´t have any data at all.
Now, where to monetise this data?
You can try one of the open data marketplaces like Streamr, or if you have really lots of data you can setup your own marketplace based on the open-source project.
And how to monetise?
Direct monetisation, which means selling directly your data in exchange for money is the most straight forward way of data monetisation. So give it a try and get some extra revenue for you and your users. If you´ll go for this approach, I can ensure you, that this will differentiate your brand on the market.
And that is what everyone wants. Let me know what are you thoughts on use data monetisation – down in the comments. Bye!
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