Startup Funding Espresso – Internal Monetization of Data [Video]

Internal Monetization of Data

Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

In addition to selling your data to other companies, startups can monetize their own data internally.

This method uses data to lower costs and increase the revenue of your own startup.

Here’s a list of ways to monetize your data internally:

Reduce costs — use it to save time and money in your startup.

This could be reducing inventory for items that rarely sell or it could be increasing the utilization of equipment.

Increase revenue through new products — use data to make the product more valuable.

This could be taking a nutraceutical and adding software to capture the condition of the patient and then using the software to determine which product the user should take.

One can create premium products using data sets.

Enter new markets — your data may reveal new market segments and customer types that were previously overlooked.

This could be taking your medical device into other use cases.

Increase revenue to current customer targets — use data to help sell more products to known market segments.

This could be identifying the characteristics of the customer and where to find them.

Improve efficiency — use data to reduce the cost of building and delivering the product.

This could be identifying redundant steps that don’t add value.

Consider these steps in monetizing your data for internal use.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let’s go startup something today.

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