Tip 13: Decoding Data Monetization 🕵️♂️
Now, I get it, we’d all rather avoid those tedious debates about definitions. 😓 But let’s be real, sooner or later, someone’s going to pop the question: What is data monetization? 💡 And if you’re thinking a definition like “data monetization is turning data assets into money” is about as helpful as turning lead into gold through alchemy, I’m with you. It’s pretty darn useless. 🪙
Even worse, some definitions just slap a new label on old concepts, like the idea of monetizing data through process efficiencies. It’s like saying folks have been optimizing business processes for decades without ever considering the data. Silly, right? 🚗
So here’s a thought: Car dealers don’t “monetize” the cars on their lot; they sell them. 🚙 Similarly, data monetization is all about selling data products. 💰 And yes, just like making cars involves getting them ready for the market, data monetization involves the process of preparing data products and making them available for sale. 📦 Some products are sold directly, while others are given away for free, only to be monetized differently. It’s a bit like how many apps offer a freemium model. 📱
Now, the key to mastering data monetization is understanding what your data product is and what job it does. 🚀 Once you’ve got that down, you’re on your way to having a data product worth its weight in gold! 🌟💰