The Bottom Line: Turn Your Data Into Dollars
It’s tough out there. Marketing budgets are limited and people are constantly pushed to do more with less. One of the creative ways to find a little breathing room is to make sure you are monetizing two valuable data assets: your email list and website traffic. Businesses are beginning to recognize that the insights locked in non personally-identifiable online data reflecting personal usage, location, profile and activity have a tangible market value. Monetizing this can generate a significant amount of revenue a year, which can either go directly to your bottom line or be used to fund marketing initiatives.
This concept of monetizing data through third parties isn’t new. For decades, companies have provided data about their customers to third parties who have a desire to communicate with that same audience. Take the example of an expectant mother that signs up for a baby registry. Before long, she is receiving direct mail advertising diapers from Pampers or cradles from Sears. This also happens when you file a Change of Address with USPS. Shortly after moving, Home Depot and the local grocer will send coupons inviting you to check out their stores. This direct mail monetization is the same concept as email and site monetization, just with slightly different mechanics. However, Gartner predicts that only 30% of businesses will monetize by 2016.
Understanding what is possible and putting the relevant strategies in place is one way of building a competitive advantage.
