Monetising Data by Andrea Ahlemeyer-Stubbe & Shirley Coleman

Author:Andrea Ahlemeyer-Stubbe & Shirley Coleman
Language: eng
Format: epub
ISBN: 9781119125150
Publisher: Wiley
Published: 2018-04-23T00:00:00+00:00

Improved technology has enabled satisfaction of a higher level of Maslow’s hierarchy: the aim for love, esteem and a sense of belonging. These aims present a strategic opportunity for many businesses and we find many that have exploited it successfully. These organisations have made good business and have also gained from using the data.

Dating agencies are a typical example: people give their details and hope to meet someone they like; they are happy to accept matching scores calculated by algorithms to find a suitable partner. From the business point of view the core business of the agency is collecting data, analysing it to find patterns and making predictions of potential matches. They are paid for this service by the participants. From the consumer point of view, these sites attempt to satisfy the desire for love. Note that the business must balance the value of a good reputation for making successful matches with the advantage of keeping people on their records for a long time while being paid for it!

There are many different business models for esteem, and all are based on data; payment can come from the participants, from targeted advertisements or from selling the data (information brokering) or a combination of these. For example, there could be a fixed up‐front fee, or different fee levels for more exclusivity, privacy and security. In most cases the fee is only part of the income; targeted advertising is also lucrative.

Another very common business model on the web is running a review portal, where people offer their services for free in return for having influence and feeling important – although there can also be benefits for frequent reviewers. Other people, looking at the site, gain valuable guidance. Interaction with the portal generates data and a population of people who can be targeted for selling products via adverts and banners. The site could also act as an information broker, for example by selling the email addresses of reviewers to interested parties. These will be used for predictive analytics, customer segmentation and rule‐based analysis. The main benefit for those writing the reviews is the esteem and sense of belonging. There are reduced risks and a sense of security for those reading them; for all these benefits all are willing to pay with their data.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.