One of the key benefits that Align BI provides as a Fractional CDO service is that we help our clients sell their data. In a sense, this is the most straightforward way to generate revenue with your data. Indeed, roughly 1-in-5 startups find that the data exhaust of their activities provides more value to their company than the core business idea that got them started. That’s how powerful and valuable data can be.
So, why would anyone want to buy your data? What value do they get out of it? There are many answers to that question, but it can be distilled to several points:
- Knowing Customers: Your data on consumers in a specific industry can help businesses get to know their customers better. This includes getting a better understanding of demographics, preferences, behavior patterns, and a lot more.
- Informing Decisions: High-quality data helps executive-level decision-making. It provides a clearer picture of trends in the business and the industry. This is one of the most important reasons that companies purchase data.
- Judging Performance: Purchasing the right data allows companies to get a clearer view of the industry they’re in and gives a better baseline to judge their performance. This is critical when it comes to evaluating the success of different strategies, campaigns, and operations.
- Improving Efficiency: As data creates a clearer picture of a company’s performance, it inherently creates an opportunity to cut costs and create greater efficiencies.
The biggest question that clients have about selling their data is where they even find potential buyers. In general, there are 3 distinct avenues that we utilize to help our clients sell their data:
- Direct Sale: If you already know of an organization that is interested in purchasing your specific data and have direct contact with them, then the easiest and most effective way to sell your data is to sell it to them directly. Pretty straightforward.
- Private Marketplace: There is a multitude of private marketplaces where companies are able to sell their data to hopeful buyers. At Align BI, we have experience in navigating these different marketplaces and finding a steady flow of buyers.
- Data Aggregators: You don’t need to sell your data directly to a company that actually needs it. One common option of selling data is to sell it to a third-party data aggregator company that will turn around and sell your data for a profit. Doing this means you are usually selling your data at a lower price but can be a reliable method of selling lots of data over time.
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If you’d like to inquire more about our data organization warehouse services, or would like a consultation to see how we can utilize your data to be more efficient for your enterprise, please don’t hesitate to give the team at Align B.I. a call, today!