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Monetizing Your Data by Kathy Williams Chiang, Andrew Roman Wells

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CHAPTER 6Monetization Guiding Principles: Making It Solid

Guiding principles can serve a variety of functions for corporations. Some companies leverage them as strict guidelines by which their organization operates and their culture is driven. Other organizations use them as guideposts that evolve as the organization grows. In our case, we use our Monetization Guiding Principles as guideposts to monitor over time as you integrate and refine your strategies.

Our principles are general rules of engagement that act as guidelines for your Monetization Strategy. Understanding what makes a good monetization strategy is specific to each organization. It will be your job to apply the Guiding Principles to fit your situation. You may develop your own set based on your organization and lessons learned from implementing your strategies. Our intention is to give you a strong starting point.

In this chapter, we cover 12 guiding principles (see Figure 6.1):

  1. Quality Data
  2. Be Specific
  3. Be Holistic
  4. Actionable
  5. Decision Matrix
  6. Grounded in Data Science
  7. Monetary Value
  8. Confidence Factor
  9. Measurable
  10. Motivation
  11. Organizational Culture
  12. Drives Innovation

Figure 6.1 Monetization Guiding Principles

These principles are ...

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