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Monetizing Your Data by Kathy Williams Chiang, Andrew Roman Wells

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CHAPTER 5Monetization Strategy: Making Data Pay

The power of a good monetization strategy is the ability to take a good decision and make it a great one. A Monetization Strategy is a plan to achieve one or more business goals through several tactics (actions) that have a quantified benefit. The strategy will most likely be deployed under conditions of uncertainty and your Monetization Strategy will leverage Decision Theory and Data Science to reduce this risk and provide a greater level of confidence to the decision.

Monetization strategies are unique to your business and are not one-size-fits-all. These are your proprietary tools and methods that you can utilize to drive value from your data. Your company probably already has several monetization strategies within its walls that live in siloed functions, such as Marketing, Finance, Revenue Management, and Sales, to name a few. These groups have analyses they perform to assist them in making decisions which are, more than likely, one-off exercises performed only a few times a year. The challenge for your organization is to integrate existing strategies and the ongoing development of new strategies into analytical solutions that become scaled throughout the organization.

Let's take a look at a real-world example from Unilever that has a team called Consumer and Market Insights (CMI) that builds monetization strategies for various business units. In the following excerpt from Frank van den Driest, Stan Sthanunathan, and Keith ...

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