Your Data Monetization Checklist for Growing Media Network Success
A media network’s most valuable asset is its first-party data. Through monetization, your network’s data can be made accessible to brands in a privacy-centric way—leading to richer consumer insights for your partners and new revenue streams for you. Here’s how your media network can benefit from data monetization.
What is data monetization?
Data monetization allows companies with extensive amounts of first-party data to help brands that need more data to improve campaign targeting and performance. When companies tap into monetized data, they discover new audiences, unlock trends and insights, and deepen customer loyalty through personalization. As traditional digital signals disappear, more brands will be hungry for data that can drive higher sales and business impact.
There’s not one set path to data monetization. You could be at the beginning of your data monetization journey, or eager to start a new revenue stream for your media network. No matter when you decide to begin, data monetization will drive more value for your brand and media network partners. If you’re ready to explore how data monetization can help your business reach new potential, here’s a pathway that leads to success.
How to get started with data monetization
Here are three key development focus areas to launch a strong data monetization strategy with your team.
1. Build a strong data foundation
❑ Define your monetization vision and strategy: Plan your approach based on your business needs. Understand how your company can benefit from data monetization and why this is the next best step for your data strategy.
❑ Evaluate your team’s resources: Consider the resources you’ll need to execute on your data monetization strategy. Will you need to buy or build your monetization infrastructure and resources? Whether it’s hiring top talent or outsourcing, focus on reliable options for achieving your strategic vision.
❑ Validate company privacy policies and data ethics: Leave no room for error when validating your company’s privacy policies with the latest data regulations. You must confirm your policies are clear on how and when you have permission to collect and use consumer data.
❑ Choose a privacy-focused identity partner: Identity is the foundation to your first-party data strategy—from internal data connection to external monetization. Your identifier should connect and protect consumer information, helping your team and data partners create a fuller customer view with privacy in mind.
❑ Unite company data across teams and systems: By connecting data across team silos, platforms, and data systems, you’ll quickly begin unlocking new insights for a better customer experience that will be valuable for your partners and drive more revenue for you.
2. Find partners that create even more value from your data
❑ Make your data’s value discoverable: Start monetizing your data through the LiveRamp Data Marketplace for a privacy-minded data monetization experience.
❑ Position and price your data effectively: Attract a range of buyers by ensuring your data is priced and marketed based on buyers’ needs (i.e. what is included in the segment).
❑ Start small and grow: Test and optimize to see which segments are most valuable to the buying audience in the marketplace, and learn where there is demand. Discover which segments you can amplify to drive your revenue flywheel.
❑ Explore new monetization options in the marketplace: The more monetization options you have, your portfolio will have greater flexibility and revenue potential as well as more measurement, analytics, and collaboration use cases.
3. Discover new opportunities for your business and partners
❑ Unlock new, high-margin revenue: Continue to expand owned & operated properties to capitalize on high-margin revenue opportunities.
❑ Improve precision in off-site targeting: Include audience extension, custom audiences, look-a-like models, suppression, and A/B testing for stronger campaign targeting and a better customer experience.
❑ Take advantage of closed-loop reporting: Implement closed-loop reporting for clients to share campaign performance with transparency and uncover opportunities for improvement.
❑ Offer extensive client-focused reports: Provide top-tier clients comprehensive campaign reports, showcasing your brand’s value with tangible metrics.
❑ Shift dependence from third-party resources: Gradually diminish reliance on third-party resources for data monetization sales and execution.