TechLadder Corporation
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In the age of digital transformation, companies are generating more data than ever. But as vast amounts of this data lie dormant, its potential remains largely untapped. Data is only as valuable as the insights derived and actions spurred from it. At TechLadder, we champion the effective use of data, assisting companies to harness their power, make informed decisions and fuel growth. From our experience and expertise, we’ve identified three primary avenues through which companies can leverage data to their advantage.

1. Unearthing New Products And Services

Data could be your veritable goldmine of innovative ideas – you might be sitting on your next big venture and not know it! Unnoticed trends or unconventional product usage patterns can serve as inspiration for new product development. The key is to maintain an open mind and pay close attention to anomalies in data – emerging segments, unusual product usage spikes, or even peculiar, qualitative use cases. 

Consider global examples: Nike leveraged user data to launch Nike+, and several universities, like Harvard, capitalized on the online learning trend to launch platforms like EdX. B2B examples exist as well: Tableau, a data visualization software provider, has enriched its services by offering premium insights derived from user data, spawning a new revenue stream. Another example is LinkedIn, primarily a professional networking platform, but who has cleverly monetized its extensive data through B2B services such as LinkedIn Talent Insights and LinkedIn Sales Navigator. These data services offer businesses unique insights into talent availability, competitive intelligence, industry trends, and potential leads.

By discerning these trends, companies can also optimize costs. As just one single but powerful example, banks could reallocate resources from physical branches to virtual customer support as customers become increasingly comfortable dealing online.

2. Cultivating Bespoke Programs For Key Customer Cohorts

Whether you’re a B2B or B2C service business, it’s likely that a significant chunk of your revenue is generated by a few key customers. It makes strategic sense to isolate these high-value customers and provide them with differentiated experiences. This could be through an exclusive loyalty program, personalized event invites, or even creating a unique line of products just for them. 

While this doesn’t directly monetize data, it does lead to enhanced customer loyalty, yielding long-term financial and reputational benefits. A notable case in point is Spotify Wrapped, an annual campaign run by the audio streaming platform, in which a user’s listening data is aggregated and turned into personalized cards perfect for social media sharing. It is occasionally supplemented with country-wide data for an outdoor or digital campaign. Now a staple of Spotify’s marketing, it is essentially born out of customer data, and is a format now emulated by numerous other brands. American Express’ iconic Centurion Card is another example of a B2C offering for a specific cohort. Being invite-only, it is an example of how to action internal data analysis.

From a B2B perspective, one might view Zoom’s product evolution as a good example of developing features for different cohorts, driven by data. Today, it has unique tools pertinent to education, government, healthcare and retail.

3. Monetizing Data Through Sales And Advertising

Businesses sitting on valuable data can consider anonymizing and selling it to interested entities. Alternatively, customer data can be leveraged to drive targeted advertising. For instance, consumer e-commerce and delivery apps often possess robust customer profiles that brands find invaluable for targeted marketing efforts. 

The Imperative of Data Governance

However, all these opportunities come with an important caveat: the data must be well-governed and privacy norms rigorously adhered to. Strong data governance ensures consistent data quality across time and geography, thereby maximizing its potential use.

Our platform, Tharav, is designed to help companies become monetization-ready, ensuring data confidentiality and security while enabling seamless data monetization. 

Conclusion

We hope this post has ignited some ideas on how data can be leveraged within your company. If you’re ready to let your data work harder for you, explore Tharav here. 

 

Author

MicrosoftTeams image 22

Prem Kumar Reddy

Tech Lead - Product Engineering

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