Selling My Data: How to Monetize Data and Drive a Profit for Your Business

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Table Of Contents

Selling data now plays a significant role in the modern digital economy. A survey by NewVantage Partners revealed 91.6% of executives from big companies believe data selling and analytics continue to increase over the years. Licensing data is not just for the largest companies. Any organization collecting data has the opportunity to monetize (sell) their data.

This guide walks you through how to start selling data and the best methods. In addition, it covers six different ways to sell user data, whether as an enterprise or an individual.

How to Start Selling My Data

The value of data has only increased over time, thanks to the benefit it can offer businesses through insights and analytics. That’s made selling data a profitable business model for organizations and individuals alike. More and more businesses want to take advantage of selling their data as a result.

Several key steps need to be followed to start selling data, including organizing your data, determining your target audience, reviewing local laws and regulations, and choosing a sale method.

Let’s go over these steps in more detail and outline what needs to be done at each step of the data-selling process.

Map and Value Your Data

A data monetization strategy only works when you have mapped out, valued, and assessed your company’s data. There should be a comprehensive evaluation of the different types of data you offer to other organizations.

The first step to proper data valuation and mapping out is to establish a thorough appraisal and audit of the information gathered within your company. These include the following:

  1. Customers
  2. Processes
  3. Transactions
  4. Other types of data accumulated by your company

Additionally, it’s also essential to be transparent with the data you plan to sell and how you intend to sell it. This means you must be willing to share the following information:

  • Your data collection
  • Your dataset interface
  • The relevance of your data
  • How significant and valuable your data is to the company you’re selling it to

Moreover, data mapping is important because it ensures seamless data management processes. Without proper data mapping, your data may get corrupted while it moves toward the destined organization.

Mapping and valuing your data preserves quality for the following processes:

  1. Data migrations and integrations
  2. Data transformation
  3. Populating your data warehouse.

After reviewing your data and ensuring everything is transparent and valuable to the organization you’re eyeing to sell it to, it’s the only time you can proceed to the next step.

Determine Your Audience

When planning to sell your data, consider the external parties who will receive it. Your company must be keen on identifying who your targeted parties are. This makes establishing an effective strategy to monetize data easier, depending on your potential audience.

Consider essential questions when determining your audience:

  1. Do you know anyone or a company that will find your data valuable?
  2. Is anyone willing to pay for the data you sell?
  3. How is your data valuable?
  4. Is your data useful to streamline operations, gain customer insights, cut costs, or increase sales?

Always remember that your data must benefit your chosen industry. Plus, if you identify your audience as soon as possible, it’s easier to choose an efficient data monetization strategy for optimum data organization.

Review Policies, Laws, and Regulations

There are a variety of overarching laws and regulations surrounding data, such as GDPR and PIPEDA. Your organization’s data governance strategy must consider laws such as these and others that apply to the regions where you conduct business. This means that when you’re selling data, you have to take the necessary steps to help ensure that users are authorized to access the data you’re selling. This may mean that users can only access certain parts of a dataset or cannot access it at all.

With Revelate, you can automate your data governance policies in whole or in part, speeding up the transaction process while ensuring that your data governance policies are adhered to consistently. Through the self-service marketplace, users can view, understand, and request datasets anytime and anywhere, while you can manage the security and access of available data through a centralized system.

Unlock Your Data’s Potential with Revelate

Revelate provides a suite of capabilities for data sharing and data commercialization for our customers to fully realize the value of their data. Harness the power of your data today!

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Choose a Method for Selling Your Data

After a thorough data evaluation, identification of your desired audience, and compliance with your company’s rules and policies, it’s time to select the right method to sell your data. You must always consider who you’re targeting and your company’s available resources. How you map out and determine your data’s value is also critical in choosing how to sell your data.

Methods of Selling Your Data

After the previous steps, you are now ready to sell your data and make it accessible to your target audiences. Generally, there are three methods to choose from when selling my data: selling it privately, choosing a data aggregator, or joining a private marketplace where you can list your data.

The below table gives a broad breakdown of each of these methods of selling data, which is followed by a more in-depth discussion of them and how they work.

Direct Sales Data Aggregator Own Data Marketplace
Nature of Transaction One-on-one negotiation Public transaction in an aggregated data marketplace Private (brokered) sales and public (self-serve) transactions
Main Benefit Highly customizable offering, typically high price, to meet customer’s need Low overhead and cost of sale Complete control over the offering to meet the market need
Main Disadvantage Resource intensive to sell and deliver Minimal control, no direct relationship with a customer, and no guaranteed sales Need to develop your go-to-market strategy

Sell Your Data Directly

Directly selling data to another company requires one-on-one negotiations. These transactions are private and straightforward, allowing control and security between your organization and your target company where you will sell your data.

The main advantage of this method is security. Because negotiations are direct and one-on-one, you can oversee each transaction step. But that also means spending your resources hiring salespeople, data engineers, and legal and financial teams. All these members are critical to the success of your data transaction.

Moreover, selling data directly is more labor-intensive because of the following critical processes:

  • Term negotiations
  • Writing contracts
  • Data preparation and transformation
  • Establishing connections between your data platforms and systems to make the purchase official

Because of these processes, one downside of selling your data directly is its time consumption. The entire transaction process can take several months to years before it can be completed. Additionally, you must repeat the entire procedure every time you plan to sell your data to another company.

Launch Your Own Data Marketplace

If you want hassle-free data exchange without forcing your customers to wait months or years to complete the transaction, launching your own data marketplace is a viable option.

Through Revelate, you can automate the data fulfillment process from start to finish, giving your customers and employees access to data on-demand. By automatically applying security and governance standards set by your organization, Revelate’s data marketplace platform enables transactions to take place without the involvement of IT teams. Access privileges are also automatically applied so that the data consumer is only able to see data products that are available to them. If they are only able to download certain portions of data based on their credentials, Revelate can automatically limit the download as needed.

Launching a data marketplace through Revelate also lets you gather information regarding data exchanges, purchases, and more. By utilizing the insights provided by this information, you can more effectively tailor your sales and marketing strategies to maximize the potential of your data sales.

List Your Data With a Data Aggregator

Listing your data with a reputable data aggregator is also possible. They are organizations that accomplish the following responsibilities:

  • Enable data collection from various sources
  • Allow value-adding processing
  • Reorganize big chunks of usable data to form summarized datasets

Choosing to list with data aggregators is a viable strategy that you can use to get more revenue from your data. By packaging data from various sources together and processing it, the data aggregator presents the insights gleaned from the variety of datasets in a summary view, increasing the perception of value for data consumers.

Listing your data products with a a data aggregator is just another way to get your data products in front of more eyes, and potentially increase your customer base. If consumers find your data useful, then they can visit your data marketplace to purchase additional products.

6 Ways for Selling User Data

After assessing and evaluating your data, you’ve finally decided to monetize it and increase your company’s revenue. Generally, this can be achieved in one of six ways, each with important implications for your business.

In general, selling user data refers to selling customer data. When selling customer data, it needs to aggregated, masked, and comply with regulations. That way, your organization can sell data without running into any legal issues that could hinder profitability or risk a negative impact to reputation.

Let’s look closer at the six methods of selling user data, their main purpose, and how to implement them.

Method  Main Purpose 
1. Build Better Audiences for Advertising Easier to target what your audiences want and what data value they want
2. Conduct Data Valuation Creates more informed decisions and uses your limited resources more efficiently
3. Decrease Average CPM Gives you more company leads to sell your data, increasing the conversion rate
4. Grow Your Audience Gives you more options on who and where to sell your data to 
5. Customize Content  Match the demands and interests of your target audience to catch their attention 

1. Build Better Audiences for Advertising

Data collection from your audiences allows you to make the data that you obtained more sellable, especially to advertisers. The more data received from proper data organization and collection from your audience, the more effective it is to sell your audience instead of your website.

To make it sound more manageable, here’s the deal. If you have an advertiser selling kitchenware, you’d want to place those ads on your site’s recipe section. This is because you’re positive the people who view that section love cooking.

However, a data management platform can change the name of your game. What happens is that the platform creates a group interested in kitchenware and cooking. This gives you more liberty to place kitchenware advertisements within your entire site.

Moreover, the data management platform allows you to sell advertisement spaces to kitchenware companies, regardless of whether your site is about cooking. The DMP ensures it gives you the information you need about what your audiences want.

2. Conduct Data Valuation

Conducting data valuation is critical to establishing better decisions with valuable insights. Remember that a successful data analytics strategy will only work if it prioritizes your company’s most valuable assets.

Subsequently, identifying your most valuable data assets can enable you to be more focused on utilizing your limited resources in the most efficient manner. Moreover, data valuation gives you a specific number of available data assets.

As a business leader, you must also keep in mind that monetary values are critical to driving the success of your business. Moreover, the monetary value convinces your audience that your data is high-quality, relevant, and valuable.

3. Decrease Average CPM

CPM, or cost per mile, is essential in social media, advertising, and digital marketing. Companies utilizing this key performance indicator learn about how much 1000 advertisement impressions cost for the ads placed on their websites.

Thanks to CPM, companies can target larger groups of audiences, even with just a single advertisement. It’s an effective strategy that has driven success in various organizations and professionals.

If you can effectively target the right audience that you’ve built through marketing and advertising campaigns, companies will be willing to pay more to continue placing their advertisements on your website.

4. Grow Your Audience

grow-your-audience

The only way you can earn more by selling data is by growing your audience. If you want multinational and successful advertisers, you must be able to fulfill extensive targeted campaigns. This is where third-party data can become useful when your company lacks the resources for the campaign’s success.

You might not agree with paying for more data to gain more revenue. But this seals the deal, especially when your data has several gaps. You must be willing to spend more to attract organic traffic to your site and gain new visitors. The more visitors you have, the more impressions your business develops. And this means your ads reach more people.

5. Customize Content

If you want your visitors to stay loyal to your website, you need to create content that will catch their attention. Establish information that matches their interests so they will want to keep returning to your site to view more content.

You can use your data to reveal content that resonate best with your targeted audience. Moreover, your data can also show your readers’ interests, making creating content that matches their hobbies easier.

Utilizing Data Marketplaces For Selling Data to Third Parties

Big data marketplaces allow data exchange and buy-and-sell between data providers and data consumers. It’s where you can buy or sell various data streams and data sets from several sources.

One of the primary advantages of data marketplaces is that they allow self-service data access while guaranteeing consistency and security. They are safe spaces where data providers can manage, sell, and market their data to data buyers. On the other hand, data consumers can compare, browse, and purchase data they need from different sources.

Additionally, data marketplaces are straightforward and easy to navigate. And if your company is seeking ways to monetize your data, data marketplaces can become your all-in-one solution.

For starters, a marketplace for data provides an extensive network of potential buyers you can access. It attracts several data buyers, regardless of their location, especially those working for valuable global companies.

The network of potential buyers can become your avenue to generate new leads, including brands, large corporates, and financial institutions.

Moreover, data marketplaces are also beneficial to data providers. They can continuously sell their data without complex integrations. This means data providers don’t need to follow any strict setup to sell their data.

Selling Data as a Service

While gaining insights from the data that your organization produces and gathers from outside sources is important, not every company has the time, infrastructure, and talent to glean effective insights from data to share or sell. That’s where data as a service (DaaS) comes in.

Just like software as a service, platform as a service, and other “as a service” offerings, analysts developed effective strategies to sell data as a service. This involves data management, delivering data storage, integration, processing, and analytics through the cloud using a network connection.

Part of selling data as a service is selling insights, which involves doing the work to identify insights and selling those instead of raw data. Let’s go over both of these concepts in a bit more detail and look at how data-as-a-service providers perform those actions.

How Data-as-a-Service Providers Simplify Data Sales

Leveraging data as service providers mean utilizing the following key elements:

  1. Data collection – determining the best methodology for data-gathering and insight collection
  2. Data aggregation – a compilation of data points to meet specific purposes for further analysis and summary
  3. Data correlation – creating a statistical analysis to compare how two separate entities relate to one another

Data-as-a-service providers combine art and science, creating an efficient approach to simplify complex integrations and data points. These platforms can also use your complex data to generate straightforward solutions with intelligent analytics.

DaaS providers mainly gather information for assumption validation regarding the current market trends and reactions. Together with a vision, DaaS providers create a simplified approach for organizations to decide on actionable steps on how they can sell their data.

Moreover, the main goal of these service providers is to transform data sets into intelligent and profit-building initiatives.

The Benefits of Data as a Service in Business

The primary benefit of DaaS providers is improving overall customer experience. DaaS providers improve the capabilities of organizations in data analysis, which develops a better understanding of the datasets. This also means you can attract more customers and utilize better pricing strategies.

Additionally, DaaS providers in organizations can provide the following advantages:

  • Higher profit margins
  • Increased customer loyalty and retention
  • Improved customer lifetime value
  • The ability to experiment with various creative formats

Data as a Service Provider Delivers a Framework for Monetizing Big Data

DaaS providers also establish a reliable framework for big data monetization. Remember that monetizing data does not only mean converting and selling your datasets for monetary values – it’s way deeper.

Big data monetization entails the right packaging and collection of valuable insights to deliver the most efficient outcomes. And DaaS providers can help you with those.

Data as a Service Affects Business Practices

Moreover, DaaS providers can substantially affect various business practices. They allow the most significant changes in sales and marketing, research and development, supply chain, and workforce management.

Monetize Your Data With Revelate

Revelate is a leader in the data monetization industry, enabling internal sharing, data discovery, and cross-listing. It provides efficient data distribution to solve business problems. Revelate features high-end expertise and technology that can make data monetization easier from start to finish. This helps the full extraction of your data value.

Simply put, revelate provides a data fulfillment platform with a suite of capabilities for data commercialization. This allows them to maximize data revenue and fully realize the value of their data.

A few of the benefits of using Revelate include that it takes care of the following tasks for your team:

  • Distribution of data according to customer needs
  • Data organization for both internal and external needs
  • Integrations into any data ecosystem
  • The ability to prepare, package, and distribute data from any location
  • Customized data sharing options among users

All of these features reduce the burden on your internal teams, making it more cost-effective for your business to monetize data. Additionally, they take care of all the additional administrative services you may need to monetize your data successfully.

Unlock Your Data’s Potential with Revelate

Revelate provides a suite of capabilities for data sharing and data commercialization for our customers to fully realize the value of their data. Harness the power of your data today!

Get Started

Conclusion

Conclusion-of-Data

There are various ways to sell your data, but it’s crucial to map out and determine its value. This allows you to identify your target audiences and meet their demands, giving them the liberty to resonate with your content and purchase more of your data.

One way to start selling your data is by using Revelate. Revelate is a data fulfillment platform that helps you package, sell, and distribute data and insights. This platform helps you start monetizing your data and seamlessly realize the full value of your data from any location.

Get started with Revelate today to learn more about monetizing your data and improving your business’s bottom line.