Big Data’s incredible economic and social influences are evidenced in the variety of industries it’s revolutionizing. For example, healthcare providers can better 'predict epidemics, cure disease, improve quality of life and avoid preventable deaths.' Brands can better serve their existing customers while attracting new ones, and retailers can predict what trends will resonate with their shoppers.
However, those new to the data monetization side of the Big Data industry may feel a little overwhelmed since there are thousands of companies ready and willing to utilize their data. Before you take the plunge and decide where and how you should sell your data, consider these important data factors: location, price, and privacy.
Where You Sell Your Data Matters
You’re probably wondering, 'Where do I sell my data?' After all, the 'personal data economy is fairly new.' While you can sell data to a variety of websites, the process can be time-consuming, as tech blogger Chris Hoffman points out. And if you’re selling a limited amount of information, weighing the amount of time spent selling versus the value of the actual data is important.
But as the data monetization industry grows, more and more options become available. Data marketplaces, or online stores where people can buy and/or sell data, are alternatives to the traditional DMP. Data marketplaces allow a wider range of businesses to take advantage of data monetization. Some marketplaces, like BDEX’s, don’t even require revenue sharing.
The Price Must Be Right
Determining the value of your data is perhaps the most difficult part of monetizing data. If you set the price too high, buyers will choose other providers, but if the price is too low, your chances of creating a decent margin are squashed. In a marketplace environment, data sellers can determine the price of their data based on that of the competition.
Customer Privacy is Essential
Sharing data should be a mutually beneficial experience for all involved, including the consumers. To ensure that your consumers’ information is protected, you should encrypt the data or hire a third party to do it for you. You should also be sure that the website or marketplace that buys your data is doing their part to protect the data as well.