“Data-Driven Thinking” is written by members of the media community and contains fresh ideas on the digital revolution in media.
Today’s column is written by Ari Paparo, CEO at Beeswax.
If you're like me, you get calls, introduction emails and LinkedIn messages all the time from companies trying to figure out how to get the most out of their data in the context of online advertising.
There's beacon data, latitude and longitude data, app data (there's lots of app data!), public records, geospatial information, shopping cart data, credit card data, SKU data and on and on. And while your data may be, without a doubt, useful and valuable, the strategy by which you monetize that data can vary wildly depending not only on its reach, but also, importantly, how your company is set up to execute against your chosen strategy.
For example, let's say you're in the mobile app business and collect reams of data about the apps users install and use. Probably the most valuable way you could monetize this data would be to drive installs on a CPI basis in an ad network model.
But what if you're at heart a technology company and don't want to spin up a media salesforce? Then you might choose data licensing instead.
To make the journey a bit easier to visualize and have a bit of fun, I've put together a flowchart. Just follow the arrows to your ultimate pot of data gold.
Click here for larger image.