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How to Monetize Your Customer Data and Maximize ROI

Blog Our online journal Ritelo

A quick look at Data Monetization

Data Monetization in simpler words means using your data to earn revenues. However, unlike traditional business, monetization here doesn’t mean selling. It is a lot different and a lot more. Customer Data when analyzed and put to efficient use, can bring in many benefits and avenues to earn better revenues.

Customer data can be effectively used by marketers to upsell. When brands know their customers well, they also know what they like and what exactly their customers are more likely to buy. So data analytics and consumer behavior can be effectively used to predict customer behavior and pitch them for higher value products or entice them to buy more products or services. Upselling is traditionally the best skill known to the best performing salesmen to instantly increase their ROIs.

Intelligently analyzed consumer data can also give valuable insights to brands to improve their customer experience. We have seen most successful online companies paying a lot of attention to consumer behavior on their properties and turning around places where most consumers have shown difficulties in conversions. Better customer experience in itself is a sure shot way of having repeat customers thus effectively increasing ROI. Many brands have reduced their operational costs to a large extent by studying their own data and trying to figure out time loss for operations and processes. Logistics hiccups and supply chain goof ups can be effectively figured out by use of intelligent data analytics. It can be used to look for improvements which in turn brings in cost effectiveness and can be used in reducing costs.

Driving Growth by way of Customer Monetization

Surveys have indicated that most high performing Companies are using their Customer data to fuel growth. It is all about using your data in the right way and also knowing how to monetize the same.

Certain points that make your data more effective and can ensure better revenues can be:

  1. Value of Business Data

Deriving value of your data is the first crucial step towards Customer Monetization or Customer Data monetization to be precise. Brands need to know exactly how to utilize the data to make better informed decisions and support business strategies. This is efficiently achieved when all the brand data is collated at one place and is effectively analyzed into information that can be used even in external markets

  1. Analyzing Data to make Business sense

Most companies ending up having massive dumps of data, but the same is not segmented into meaningful or insightful data. It is crucial for Companies to know what their data holds and how it can benefit other companies. Data that holds maximum monetary value will be that lets a brand make decisions that can bring down operational costs, can smoothen working hiccups and can also improve revenues.

  1. Use data monetization as a business strategy

It is equally crucial to align your business strategy with data monetization strategies. The entire business strategy should be aligned to allow data analytics to be leveraged to achieve key business goals.

Once a brand knows the quality of its data, the same can be used to monetize on it.

Effective and efficient way to handle data and monetize it too is successfully done through platforms like Ritelo and the likes. Such platforms allow you to collect data, process it to make it insightful and also monetize it. Such platforms allow you to target, buy and optimize display and video across channels. With such services Brands can even run Social Media campaigns and also have better control over list of apps or sites to target.

Checklist for picking the best Monetization Platform

  1. Brands need to pick up platforms that offer good ad serving speed. Unless good speed is offered, desired customer experience cannot be achieved. Platforms offering server-to-server integration can effectively achieve optimal speeds
  2. In order to achieve desired ROI, the platforms should offer personalization too. Category level mapping and SKU level integration is crucial to get optimal results in Marketplace Advertising
  3. Platforms offering multiple options of creative to be used in Marketplace Advertising also bring out effectiveness in communication and increase chances of conversions
  4. For effectiveness and successful Marketplace Advertising campaigns, one needs efficient Intelligence reporting too. Informed decisions and good marketing campaigns can be designed only if data is insightful and well structured which is available today in form of various AI driven platforms