High-quality data is valuable to businesses, marketing professionals, and agencies to understand their target customers, improve their performance, and boost revenue.
Companies analyse the data they have gathered or bought from individuals or apps selling users’ data. They know that it can improve their operations and businesses.
Therefore, if you own an app and need some extra cash, you can start gather and sell data to agencies or use them to boost your revenue and reduce costs. Practising data monetization using your apps can help your business in many ways.
What is Data Monetization?
Companies utilize data monetization as part of their strategy to help them increase their revenue. There are multiple ways a business can use the data they have. They could directly or indirectly practice data monetization.
For direct monetization, you allow direct access to your data. You provide raw data or interpreted data to third parties. Meanwhile, indirect monetisation involves two ways. You can use the data to improve your business, or it is used by embedding it on products and services to benefit you and the customers.
Organizations are hungry for data. So, providing them with it helps them in many ways. Here are the reasons why data are valuable to all businesses.
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Importance of Data
Organizations are hungry for data. So, providing them with it helps them in many ways.
Helps Understand Customers Better
The reason why companies need data is that it helps them get to know their customers better.
Understanding your customers can help you provide or create products and services that will add value to their lives.
With the data bought or collected, organizations can have access to various information of their customers. They can track their buying behaviour, interests, demographics, and more.
Evaluate Performance of Campaigns and Strategies
Data is also used to determine if a campaign is working or you need to change your strategies. Marketing professionals or businesses use data to evaluate the performance of their content, product, plans, and more.
Also, with data, you can determine what products you can continue to sell, what techniques are not working and find better ways to improve sales.
Learning about your company’s insights can help improve your marketing strategies for better revenues.
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Reduce Time and Effort
Companies that know how to analyze and interpret their data save money and time. Instead of creating content that drives less traffic or selling products that your customers won’t buy, data can cut unnecessary decisions.
You can determine who your audiences are, what they want, and provide them with it. There is no need to spend more time and money on products or content that won’t sell. Therefore, you reduce the cost and focus on the things that only matters.
Helps in Decision Making
Instead of creating random content that won’t even work, data helps cut back from unnecessary expenditure by narrowing the choices of businesses. Therefore, they come up with better decisions for campaigns and products.
Gathering information about your customers and analyzing them can help in making decisions related to them. All your advertising strategies, product development, and more are based on the data you have.
Furthermore, data is not only used for creating campaigns and boosting business revenues. It is also for hiring new employees and working on new and effective policies.
Knowing that data is crucial to all businesses gives you a clear picture of how you can monetize users’ data in your apps.
How to Sell Data From Your Apps or Business
App monetization is not new. Plenty of businesses and app developers collect their users’ data with permission and sell them to companies, agencies, and marketers.
If you are wondering how you can sell your data, here are ways you can do so.
You can sell your users’ data to companies and third parties requiring a large number of data for their companies or studies.
Here are some organizations or companies that buy user data:
- Marketing/ advertising companies: Advertising companies buy data to better understand practising their target audience. It helps them with providing the interest of the users. It will help them create effective advertising strategies.
- Insurance companies: They use the data to help them determine the insurance package they can offer to their users. Furthermore, it assists insurance companies in determining the price of their products.
- Government: They require to access their citizens’ information. That’s why they usually purchase data from companies that collect and sell data from their apps.
- Research firms: They use numerous data to conduct studies on products, competitor and customer analysis, and more. They try to understand the demand of the market with the data collected.
- Individual companies: They buy various data to help them with their target audience by creating campaigns and products that will sell.
You can collect data from your app in multiple ways. It also depends on the mobile apps, the device used, the unique identifier, and how the app is being used.
You can let your users fill out forms containing information like name, gender, email add, and more. Another way is to allow users to subscribe to your email list, coupons, and webinars. Once a user subscribes, they give away important information, like contact number and email add.
Social media platforms can also gather their users’ data by making them sign in to their accounts. You can also do this and collect other details from your users, like contacts or calendars.
Furthermore, you can use the unique device identifiers (UDIDs) and location data of the users to sell to advertisers.
Now that you have gathered the information you need, here’s how to sell data from your application.
Sell Data Directly
You can reach out to companies you have already known or research for companies that will buy your data. It’s a straightforward way of selling your data to organizations. Transactions are often conducted in a private manner where you or the organization will set up. You can sell your data from thousands to millions of dollars if they are valuable to a company.
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Sell to a Data Aggregator
A data aggregator processes the gathered data and summarizes them in a format for data analysis. The data summarized should contain relevant information and accurate to create better results that companies can use for their decision-making process.
However, when you hire a company to sell your data, you don’t have any control over the transaction, and the price may not be what you expect. In this sense, hiring a third party to sell your data can make it easy for you.
Research companies that are reputable to sell your data. Make sure that they will secure and keep your data safe.
Learn more about monetising your data 👇
Join a Data Marketplace
You can find a private marketplace where you can sell data. You can communicate with companies and connect with buyers to sell data at a high price.
You can also choose to create insights from the data and sell them to potential buyers. Instead of giving them the data, you can have complete control over the data.
If you are confident enough with the data you have collected and know that they are of value to companies, you can go ahead and sell them. You can also choose to keep the data and use them to create insights for your business. Utilize the data you have to earn extra money or to generate more sales for your business by creating appealing campaigns and a better customer experience.
In Yeeply, our experts have a long experience in app monetisation activities. If you want to know more, tell us about your project. We will be happy to help you!
AUTHOR BIO: VANESSA VENUGOPAL: Vanessa Venugopal is a passionate content writer. With four years of experience, she mastered the art of writing in various styles and topics. She is currently writing for Softvire Australia and Softvire New Zealand.