Why Your Business Needs To Start Monetizing Its Data

/in , /by

Because of the digital age that we live in, most people know of and even understand what data is. They say that information is power. In the business world, that is quite right! Firms of all shapes and sizes have and deal with a lot of data on a daily basis.

Data examples include contact details and even the way customers pay for their goods and services. It’s a well-known fact that running a business is tougher than ever these days. But, the sad truth is that organizations aren’t using the data they have to make some money!

Data monetization is a lucrative market. The sector is large, but it could be bigger if more firms used the information they hold to increase their revenue.

If you’re still not convinced, keep reading to learn why your business needs to start monetizing its data today!

Why Your Business Needs To Start Monetizing Its DataPhoto courtesy of Sean Ellis

You learn more about your customer spending habits

Let’s face it, we all have uniquely personal spending habits. Some of us lead an extravagant lifestyle and are happy to pay for high-end products. Others prefer to count the pennies and only buy things we need rather than all those things we want.

Customer loyalty cards are one of the best ways of gaining insights into how people spend their money. It’s a classic way of fostering data monetization. Why? Because you can target specific promotions to individual customer groups.

Let’s say that you own a retail store. People will sign up for loyalty cards if they know they can enjoy special offers and deals that are applicable to them. Yes, you can offer targeted promotions to loyalty card holders.

But it’s also a good way of learning which products are best-sellers and which ones are nothing better than loss leaders.

Work with other firms to cross-promote products and services

If you run an ISP business, you could work with retailers that sell computers to offer your services to their customers. Likewise, you could offer discounted rates to people leaving particular competitors.

Sharing data is always a neat idea for two sets of organizations that can complement each other’s wares. There’s no point trying to go solo if there’s an opportunity to work with someone else. At least on an opportunity that is mutually beneficial of course!

Sell anonymous data to relevant organizations

No one likes the idea of companies selling their personal details to other people. But, did you know that you can sell anonymous data to third parties without it being controversial?

For instance, let’s say that you are a commercial property developer. And you own a shopping mall. Market research firms may wish to buy data from you like the following:

  • Number of shoppers per day, week, month or year;
  • Average store occupancy rates;
  • Shopper spending habits (e.g. Do they spend most of their cash on clothing, food, or electronics?).

As you can see from this example, anonymous data can be attractive to third party organizations. And because you aren’t selling any personal details, you won’t fall afoul of the law.

Return to the Tactical Execution Forum

How to Unleash Breakthrough Thinking in Business

/in /by

In today’s rapidly changing and exceedingly competitive business environment, it is imperative to continually uncover new and innovative ways to stay ahead of the curve and, most importantly, not get left behind. To outperform the competition, breakthrough thinking is mission critical—the kind of out-of-the-box ideation that expands horizons and provokes epiphanies. It is about the kind of thinking that can take a company from good to great, or from failing to wildly successful.

The rewards realized from developing even one breakthrough idea can be immense. Indeed, the most successful company is the one that works smarter, not necessarily harder.

Every single employee at an organization is a potential diamond in the rough – possibly possessing latent ideas and visions that lay dormant, which represents an immense potential opportunity. The key challenge is discerning how to tap into that diamond mine and unearth hidden gems – those game changing ideas that propel companies to reach their highest potential.

But, how exactly does an organization foster breakthrough thinking? The answer is surprisingly simple: Trivia! While most people consider such games to be hobbies or playful ways to pass idle time, trivia is far more than just fun and games. In fact, the use of trivia has been proven to unlock the potential of the human mind, thereby improving mental performance and enhancing creativity. One report cited “the engagement and excitement produced by trivia games is directly related to cognitive and brain development.”

Hi there! This article is available for free. Login or register as a StrategyDriven Personal Business Advisor Self-Guided Client by:

Subscribing to the Self Guided Program - It's Free!


 

About the Author

Gene Jones, one of America’s leading authorities on unlocking innovation through transformational play, has realized great success converting unique trivia game show formats into exercises in mindfulness training. His proprietary Triviation® corporate training program is based on the art, science, and educational aspects of transformational play that help individuals and companies unleash and capitalize on their full creative potential. Gene may be reached online at www.triviation.com.

Sources:

http://www.littleabout.com/Health/top-ten-benefits-trivia-games-brain/98891/
http://www.edudemic.com/2013/03/5-reasons-playing-trivia-will-keep-your-mind-sharp/

The New Economic Revolution

/in /by

There’s a revolution in full swing that is changing the way ordinary Americans make a living. From internet commerce technology has sprung forth the Bottom-Up Economic Revolution. It’s dramatically altered the way business is conducted by both the seller and consumer. Front and center in this shift is platform businesses – small business cloud-based companies, online marketplaces and crowdfunding sites. They bring buyers and sellers, as well as non-profits and donors together in new ways to interact and do business.

Now the average Joe and Jane can create income, and in many cases a livelihood, with relative ease compared to the offline brick and mortar approach to business. Thanks to websites designed to bring sellers and buyers together in new ways, the possibilities are virtually endless. You can find homeowners in need of your maintenance services sell your own custom made clothing, rent a room on Airbnb, to name just a few opportunities. Need capital? Funding opportunities are also available and could be just a few clicks away at crowdfunding sites for the everyday entrepreneur.

This new group of self-employed individuals who are making part or all of their income online are fueling the Bottom-Up Economic Revolution like never before. As traditional employment opportunities continue to be in flux, these proprietors are increasing at a fast pace. The numbers tell it like it is:

Hi there! This article is available for free. Login or register as a StrategyDriven Personal Business Advisor Self-Guided Client by:

Subscribing to the Self Guided Program - It's Free!


 

About the Author

Bill Clerico is CEO and co-founder of WePay, where he drives the company’s vision, strategy and growth. His goal is to make payments easy for the world’s small businesses and the platforms that serve them. Before founding WePay, Bill worked in technology investment banking at Jefferies & Company, where he advised enterprise software, digital media and financial technology companies on M&A and capital market transactions. In 2010, he was named one of Business Insider‘s Silicon Valley 100 and in 2011, as one of BusinessWeek’s 30 under 30 Best Tech Entrepreneurs.

The Myth of Virality and What Marketers Can Learn From Justin Bieber

/in , /by

The current social strategy of many Marketing and Ad Agencies goes something like: “It doesn’t matter if the content is good, as long as we get a celebrity to tweet it, the thing will go viral!”

The prevailing consensus is that if a Kim Kardashian or Justin Bieber tweets your content out to their followers, the inherent size of their audience will cause a viral loop, exploding the campaign into the news feeds and inboxes of everyone and their grandmother.

This fallacy is perpetuated by the ‘hip,’ ‘disruptive’ agencies as they focus on buzz words like ‘share-ability’ and ‘social’ (read in a loathing, sarcastic voice while I make air quotes). If a campaign has a presence on every social network in the known universe, with custom widgets that all connect to each other, then its success is just a matter of turning a key and watching the crowd swarm. Right?

Wrong.

This strategy is not only absurdly lazy, but is ineffective, irresponsible, and even a little offensive to the intelligence of your desired audience. And yet, campaign after campaign saturates the Internet, towing along promises of fame, virality and ubiquity.

Any producer or agency that has had an Internet hit will tell you that content?s value, not “share-ability,” is the most important key to virality.

Hi there! This article is available for free. Login or register as a StrategyDriven Personal Business Advisor Self-Guided Client by:

Subscribing to the Self Guided Program - It's Free!


 

About the Author

Christiano Covino is the CEO and Founder of Mischievious Studios, a digital entertainment studio based in Hollywood, California. Mischievious Studios works to blur the line between advertising and entertainment by creating entertaining online commercial content and engaging brand-sponsored entertainment (Branded WebSeries, Films, Sponsorships). Mischievious Studios also produces and programs content for MischiefTube their YouTube channel that receives over 30 million views annually. When not creating a splash online, Mischievious Studios develops and produces feature films. Passionate about innovation, Christiano helps Mischievious Studios stay on the cutting edge and develop new opportunities in the fast-changing entertainment landscape.

Recommended Resources – Look At More

/in , , /by

StrategyDriven Recommended ResourcesLook at More: A Proven Approach to Innovation, Growth, and Change
by Andy Stefanovich

About the Book

Look at More by Andy Stefanovich details a framework for unleashing an organization’s creativity to develop new products, build brands and audiences, and grow market share. Andy’s framework specifically targets the liberation of the ‘5Ms’ of innovation:

  • Mood: attitudes, feelings, and emotions creating the context for creativity and innovation
  • Mindset: intellectual foundation of creativity, the baseline capacity each of us has for getting inspired, staying excited, and thinking differently
  • Mechanisms: tools and processes of creativity; helping individuals incorporate inspiration into the way they work and fostering innovative behaviors
  • Measurement: qualitative and quantitative assessments providing employees with direction and feedback
  • Momentum: active reinforcement of the creative behaviors supporting innovation

Benefits of Using this Book

StrategyDriven Contributors like Look At More for its immediately actionable framework that encourages and reinforces the behaviors unleashing an organization’s innovative creativity. Additionally, we appreciate the detailed examples Andy provides from his experience implementing the framework at world renown corporations.

Besides driving innovation, we believe organization implementing Andy’s methods will also experience an increased level of employee engagement that, in our experience, significantly enhances productivity and the bottom line.

Look At More prescribes an immediately actionable method for unleashing employee creativity to support achievement of organizational goals; making it a StrategyDriven recommended read.