Data monetization can do much more than solely help your profitability, it can also be used in various ways to better serve your customers, which in turn, ultimately bolsters your bottom line. Insights gained through data monetization can be used to make actionable predictions that serve both customer needs and requirements, while helping you to achieve your sales targets.
ReachMobi is a leader in data monetization and can help you improve your interactions with customers and profitability.
Data and Analytics are changing business operations
In a recent survey, industry-leading analytics firm McKinsey Global Institute has stated that companies who use data and analytics have seen the practice spring important changes to their core business functions. Over 50 percent state that data and analytics has significantly or fundamentally changed their company’s business practices, particularly in their sales and marketing functions. Over 30% say data has changed R&D as well.
Data and analytics are boosting performance
The companies performing highest in data monetization are significantly ahead of their peers. McKinsey added that while data monetization is still in its nascent form, companies are beginning to realize just how effectively data strategies and data analytics are helping their competitors. As a result, more companies are launching data-focused businesses.
What areas have insights through data monetization changed most?
High tech, media, telecom, consumer and retail companies are the industries who have made the strongest shifts towards data-driven and data-focused business models.
It’s a correct and obvious assumption that sales and marketing divisions have noticed the largest impact from data monetization.
And as the recent McKinsey study found, the primary objective of most businesses across all industries in the use of data and analytics for data monetization is primarily for the purpose of generating new revenue.
However, the insights gained through data monetization efforts have fed significant and fundamental changes through many other core business practices and divisions such as: R&D, supply chain/distribution, workplace management, as well as, other corporate functions and operations.
How data monetization can help with your customers
Effective data monetization analyzes your customers to better improve your sales and marketing functions. Much of that same information you garner during this process can also be multi-purposed to better identify your customers needs, aspirations and requirements.
As you glean data to create customer verticals and parameters in order to create targeting profiles, you can gain valuable insight, even through anonymous data, studying the movement of people throughout your web properties. Further, you can also analyze their movements off of and away from those properties.
By better understanding their real behaviors, you can siphon further insights that allow you to optimize your customer environment.
A thorough understanding of your customers will greatly improve the way you go about generating revenue with your data.
Using data to make actionable predictions
Your data can serve as an inexhaustible granary of customer and consumer information.
The data on your present customers can be used to create look-alike consumer profiles which can help you target new prospects who act and behave similarly to your best or ideal customers.
This information allows you to place significantly more stable bets on your advertising, with the ability to rely on more predictable outcomes.
These actionable predictions identify individual consumers who are prequalified as most likely to engage with your offers.
According to a report by Inc., this predictive data is 25 to 50 more valuable than simple aggregated data when it comes to data monetization.
Using data for accurate customer targeting
One of the most valuable things you can do with your customer data is to create individual profiles of your customers, which in turn will be used to target them with more personalized communications and advertising.
It starts by studying these customers. Look at their online behaviors, their journey on your website. Look at how much time they spend on particular pages, how often they revisit your site and what pages they exit from. Look at other sites they visit after leaving your site. With this information, you can build a clearer profile of this customer.
Once you have this data, you can use it to create individualized profiles that address the specific interests, needs, wants and preferences of that customer.
Such profiles may incorporate a number of their particular demographics, their online behavioral patterns, as well as, their purchase habits, their product interests and their location.
The power of personalization
Data and analytics can be used to create very specific and more accurate targeting for each individual customer. “Casting a wide net” is a thing of the past. Data-driven targeting methods allow you to personalize your advertising and communications to a specific individual – something that greatly improves the likelihood that the customer will find them helpful. This decreases user attrition and boost sales. It also bolsters the “word-of-mouth” effect, as these pleased customers are more likely to refer you to others and/or leave positive reviews.
Regulatory, security and other data concerns
With big data comes big responsibility in terms of regulatory compliance and security. ReachMobi takes a strong stance when it comes to legal and regulatory procedures. Our focus on legal and industry compliance is present in every step of how we manage data.
We focus on using data in targeted and relevant ways, while ensuring that data is used via legal and legitimate “white hat” methods, maintaining strict compliance with all regulations.
Likewise, ReachMobi expects its advertisers to warranty and abide by the same standards of legal compliance.
Next, data security is of foremost concern to anyone handling user data these days – even more so when it comes to the use of big data. ReachMobi utilizes the highest security measures, physical and procedural, as well as encryption to protect against the loss, misuse and alteration of the information under ReachMobi’s control.
Preventing user attrition
Lastly, while profit is always a goal, it is equally important to every company’s bottom line to utilize data in a manner that helps prevent user attrition, and that’s how we at ReachMobi handle your data.
If your use of data is leading to user attrition – there is something wrong with the process. You need to use the insights gained from data monetization to better serve your customers, which done right – should decrease attrition.
Ready to talk about how you can monetize your data?
Are you ready to reinvigorate your data monetization efforts to earn more revenue for your business online? ReachMobi can help you with data monetization, as well as, use data and analytics to help better serve your customers.
Contact ReachMobi today and let’s discuss how we can put you on the fast track to data monetization with your prospects and customers.