Research from Forrester found that in 2019, 51 per cent of global data and analytic business decision makers reported selling or sharing their data, up from 32 per cent in 2016. This figure looks set to increase again as companies search for ways to leverage the ever increasing stack of data they hold.
At its core, data commercialisation is exactly what it sounds like – the process of taking data and using it for commercial purposes. This might involve simply using data internally to create better solutions for customers, improving business productivity and customer insight or it could be taking existing data and using it to create new revenue streams via products created internally or via a third party specialist.
However, while the name ‘data commercialisation’ might suggest monetising data is a simple process, the reality is, data commercialisation is a complex, multifaceted process that requires a level of expertise and knowledge of the regulatory landscape.
In the white paper Your Complete Guide To Data Commercialisation, smrtr GM, Partnerships Dave Palin runs through the various challenges associated with data commercialisation and provides expert commentary on how to overcome these hurdles.
In this complete guide, you will learn:
– how your company can succeed in the data economy and monetise your data
– the importance of clean and structured data and the steps to achieve this
– how to navigate the complex regulatory landscape and understand what you can and can’t do with your data
– how to ensure you meet customer’s expectations when handling their data
“Everyone wants their slice of the data economy,” said Palin. “But not everyone understands the many nuances that come with data commercialisation.”
“Businesses know that their data tells an inward-looking story, but they might be struggling for ways to understand how they can use data to better understand the wider market.
“In this piece, I discuss how different data sources can be combined to tell a far bigger story and how to prepare your data so it is usable. I also shed light on the shift in regulation and consumer expectations when it comes to privacy and explain how to get the most from your data in a compliant manner.”
smrtr is an Australian data and analytics provider that connects supply side data partners with demand side data customers, while always adhering to consumer privacy. Using Identity Graph technology they combine first party data transactions with their data universe of 16 million Australians to create aggregated insights and audience segments that are made available for programmatic buying and database enrichment.
With third-party cookies set to be deprecated by Google Chrome in the coming years, smrtr is also future-proofed for a world without cookies and works with its partners to help them navigate the various regulatory challenges that come with handling consumer data.
smrtr’s solutions have proven effective in helping its partners improve targeting – thus leading to more effective advertising expenditure. In its work with automotive data segments, for example, smrtr improves targeting by 3.5x on average, while for certain car models, this figure jumps to 18x.
To learn more about data commercialisation click here to download your free copy of Your Complete Guide To Data Commercialisation for FREE today.
