Over the years, businesses have realized that digital data is more than random bits and pieces of customer information. As people browse websites and buy online, they share information intentionally or unintentionally with businesses. For example, they give personal details while buying products or services on e-commerce websites. At times, they only give away hints about their shopping preferences by accepting cookies on websites.
Either way, the information serves as valuable insights on consumers. It also enables marketers to design actionable selling strategies. Moreover, product development teams can use these insights to develop new products and enhance existing ones to match customer expectations. More than these evident benefits, it presents commercialization opportunities for businesses and individuals. There are several ways organizations can make money with customer data and even use it as an additional revenue stream. Let us explain the opportunities you can explore.
Marketing and advertising
Consumer data tells a lot about their interests, demographics, and shopping preferences. People enter their names, ages, genders, and locations while shopping. Alternatively, their shopping preferences indicate their preferences, habits, and even financial status. Businesses can analyze the information to create buyer personas and build targeted advertising strategies. They can even retarget potential buyers with online ads that match their browsing and buying history. It can bolster marketing plans and drive more revenues and profits in the long run. Optimal marketing and advertising through data analytics enable them to make more money.
Selling data to other businesses
When it comes to making money with consumer information, companies can think beyond internal sales and profits. They can go a step ahead by selling it to other businesses in the industry. Not surprisingly, even modern customers are getting smarter and learning more about data monetization to capitalize on this opportunity. They can use apps to sell their personal information, while businesses can buy it and resell it to other companies. It becomes a complete value chain where everyone wins by monetizing information. Companies can even sell outside their industry because modern businesses rely on insights rather than guesswork to learn more about consumer behavior. They can easily derive valuable inputs and correlate them with their products and offerings.
Sales team empowerment
The sales team of an organization is responsible for maximizing the sales for the business. The company can empower them with customer data, which enables them to tailor their interactions. Once they know the leads better, they can identify their challenges and concerns and provide relevant solutions. In the long run, the business gets more revenues and also builds stronger relationships with its customers. Moreover, the brand gains on the reputation front with happy buyers who are easier to retain for the long haul.
Monetizing consumer data is not a big deal for businesses these days. They only have to ensure they follow the regulatory guidelines to safeguard user privacy and data security. Likewise, consumers can also make money with their personal information. But everything boils down to selling it on a reliable platform that ensures safety and privacy.
