Your Data Could Be Making You Millions—Here’s the Strategy You Need

Data is the most valuable resource your company has, yet most companies barely scratch the surface of what’s possible.

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Without a solid plan, its potential wasted. Everyone gathers mountains of data but fails to turn it into a legitimate asset. Why? No clear strategy on the how, all that’s left is a passive asset which might as well be an immovable object, digital clutter, or in other words—trash. So, let’s not mince words, if your data is not an unstoppable revenue generating force, its trash.

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In this guide I’ll take you from envisioning your data’s potential to executing a strategy that transforms it into your company’s most powerful asset.

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Vision

Vision is the cornerstone of your strategy; we need to ask ourselves questions to dial in our approach.

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1. What are the primary objectives of your data monetization efforts?

Are you aiming to generate new revenue streams, enhance existing products or services, improve operational efficiency, or gain a competitive edge? Define these goals upfront, so you have a direction to aim for.

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2. Who is the target?

Understanding who is going to benefit from your data is the next critical step. Is it internal stakeholders, customers, or partners? This determines how you will package the data and deliver it as a product or service.

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3. What is the scope?

This can be either direct monetization, indirect monetization, or both. Sky’s the limit. I discuss the different types and how they’re applied by different companies in my previous article here.

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If you’re not thinking big here, you’re not thinking right. The vision should be aspirational but grounded in the realities of your industry and market.

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Goals

Goals should be SMART: Specific, Measurable, Achievable, Relevant, Time-bound. We aren’t checking boxes here, goals are arguably the most important piece and should take extensive consideration.

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Example: Generate $10 million in revenue through data licensing within the next 2 years.

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Considerations: Revenue goals should be ambitious but also realistic. Take some time to consider the market demand, data quality and competitive landscape.

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2. Efficiency

Example: Reduce operational costs by 15% through data-powered process optimization within 18 months.

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Considerations: Focus on areas where data can directly impact cost savings. Think supply chain management or customer service operations.

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3. Innovation

Example: Develop and launch two new data-powered products in the next 12 months.

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Considerations: Innovation goals should encourage exploration in new ways to leverage data. This can be executed through product development, customer engagement or market expansion.

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4. Customers

Example: Increase customer retention by 20% through personalized data-powered marketing campaigns within one year.

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Considerations: Focus on how data can enhance customer experience driving loyalty and lifetime value.

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Set the bar high, and within reach. These should align with your company’s future. If they don’t push the envelope however, they aren’t worth setting.

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Roadmap

The roadmap will be the blueprint for success and should outline specific actions required. It will serve as both a strategic plan and operational guide.

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1. Key Milestones

Break goals down into key milestones. If your goal is to generate $10 million in licensing revenue, milestones may include: identifying potential data products, conducting market research, and the initial securing of licensing deals.

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2. Assign Responsibilities

Clearly define who is responsible for each milestone. Accountability is essential to ensuring you stay on track.

3. Resource Allocation

Determine resources required to achieve each milestone. These can be budget, technology, or personnel. Allocate them efficiently to remain flexible.

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4. Set Timelines

Establish realistic timelines for each milestone and consider potential challenges and dependencies. As I said before they should be ambitious but grounded in reality. These should also be regularly reviewed to ensure progress.

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5. Risk Mitigation

Identify potential risks that could derail your plan. These are issues such as data quality, market shifts, or even technological barriers. Develop contingency plans to address these should they arise.

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6. Continual Improvement

A roadmap is not set in stone. Regularly monitor progress against the milestones and be prepared to adjust when circumstances change. Be adaptable. If you’re not ready to pivot, someone who is will take your lunch money.

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Every milestone is a step closer to market domination. A roadmap is great and now you have a plan, but what about execution?

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Execution

Time for vision to meet reality. How successful you are is directly correlated to how well you implement your strategy. Here’s how to flawlessly execute your plan:

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1. Collaboration

Data monetization requires cross-functional collaboration, which is not an issue with a data-powered infrastructure. Everyone is involved from IT to Sales. Ensure everyone can work together and is working toward the common goals outlined in the roadmap

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2. Technology

The right stack. If you don’t know what that means check out my article here, where we dive into what makes the right tech stack, and why you need to be data-powered.

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3. Data Quality

High-quality data is the foundation of any successful data monetization strategy. Accurate, complete, and compliant data is what we’re after. All these factors are measurable and discussed in a previous article, where I also discuss how to value your data.

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4. Measure and Improve

Regularly measure the performance of your data monetization efforts against your goals. Adjust depending on your progress and be ready to change what isn’t working.

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5. Celebrate

Keep all your stakeholders informed of progress and celebrate milestones as they are achieved. This not only builds momentum but reinforces the value of data monetization amongst the organization.

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Collaboration isn’t optional, in ANY business.

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Your stack? Seamless.

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Your data quality? Impeccable.

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Your execution? Relentless.

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Eyes on the prize, and measure EVERYTHING. Optimize constantly. If you don’t begin executing with precision at this point, you’re wasting your time, and your strategy isn’t even worth the hard drive it sits in.

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Ready to Race?

Your strategy IS your competitive edge.

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It’s not different from 52 lap Formula 1 race. You all have a car (technology stack), a driver (product/service), a team (employees), and racing strategy (roadmap). When I say optimize, I mean a pit stop, where you recalibrate or update the strategy, tech, or teams to stay competitive.

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What do the most dominant teams have in common these days? Data-powered infrastructure in addition to what they have been doing for 60+ years.

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They use AWS (Amazon Web Services). The key is a 3rd party coming in and leveraging data as their specialty, while they focus on the actual race.

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You can do this too, and it’s what CoreIntel does best. Our job is to come in and give you the tools you need to win your race, a system built on top of what you already do, to help you DOMINATE. Stop racing without a strategy to win, contact us today to find out how you can make your data work for you.