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Turning Data into Dollars

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Juice's Data Monetization Workshop helps product managers and business leaders consider the opportunities and challenges of transforming their valuable data into customer-facing products.

Published in: Data & Analytics

Turning Data into Dollars

  1. 1. Turning Data into Dollars Juice Analytics October 2014 Copyright © 2014 by Juice Inc.
  2. 2. Copyright © 2014 by Juice Inc. 4 Steps to Data Monetization 3. Designing a data product 2. Data meets audience 1. Data as a product 4. Launching a data product
  3. 3. TOPIC 1 DATA as a PRODUCT Copyright © 2014 by Juice Inc.
  4. 4. Copyright © 2014 by Juice Inc. Competing on Analytics (Analytics 1.0)
  5. 5. Copyright © 2014 by Juice Inc. Turning data inside out 3.0 marketing operations finance sales suppliers partners customers Extended enterprise Enhanced solutions New data products Analytics 1.0 the organization
  6. 6. Not something new… In healthcare alone, there is an estimated $300B to $450B in annual cost savings that can be achieved through data applications (1) Copyright © 2014 by Juice Inc. The Data Product Market (1) The big-data revolution in US health care: Accelerating value and innovation, April 2013, McKinsey & Company
  7. 7. Feature-rich Copyright © 2014 by Juice Inc. Data products vs. traditional analytics Web based Research report Dashboards Internal External Delivered as... Interactive Static summary Target audience... Reporting Data products Interactive, web-based solutions sold independently or delivered as part of another solution. Solve specific problems
  8. 8. Copyright © 2014 by Juice Inc. Data Product Types New product Product enhancement Direct Revenue Indirect revenue Overt Covert Directed Exploratory
  9. 9. Copyright © 2014 by Juice Inc. US News: New revenue stream
  10. 10. Copyright © 2014 by Juice Inc. LinkedIn: User engagement Volume
  11. 11. Copyright © 2014 by Juice Inc. ADP: New revenue stream
  12. 12. Exercise 1: Data as a product Brainstorming data product concepts for you or your organization. For each one, describe the problem it solves. Data product concept What problem does it solve? Copyright © 2014 by Juice Inc.
  13. 13. TOPIC 2 DATA meets AUDIENCE Copyright © 2014 by Juice Inc.
  14. 14. Copyright © 2014 by Juice Inc. Many audience, unique needs
  15. 15. Raw materials Finished product Copyright © 2014 by Juice Inc.
  16. 16. Copyright © 2014 by Juice Inc. Make them a hero
  17. 17. Copyright © 2014 by Juice Inc. How do you make your customer a hero? How do they socialize data? How can they impress their boss? What can they do in their role? What can’t they do? How does data fit into their everyday work? How can data influence decisions in their part of the organization?
  18. 18. Copyright © 2014 by Juice Inc. Benchmarks, comparison, and context
  19. 19. Copyright © 2014 by Juice Inc. Making the data valuable 3rd party data sources Predictive modeling Calculated metrics What’s this calculated metric?
  20. 20. Copyright © 2014 by Juice Inc. Data Readiness Checklist Do you have rights to the data? Can the data be accessed in an automated fashion? Is there personal data that should be obscured? Can the data be presented at a level of summarization/granularity that the audience will find most useful? Does the data need to be transformed to make it useful?
  21. 21. Copyright © 2014 by Juice Inc. Example: Predikto
  22. 22. Exercise 2: Data meets audience Fill out the table for each of your favorite 2-3 data product concepts Copyright © 2014 by Juice Inc. Data product concept Who is it for? How can the data help? Is the data ready? How to add value to the data?
  23. 23. TOPIC 3 DESIGNING your data product Copyright © 2014 by Juice Inc.
  24. 24. purposeful design leading to action fit users workflow right-sized socialize-able Copyright © 2014 by Juice Inc. What goes into the design of a product? form follows function guidance and storytelling Self-serve, not self-solve
  25. 25. Interesting < Useful < Actionable Copyright © 2014 by Juice Inc. Designing for action “neat” “good to know” “I’ll get right on that”
  26. 26. Copyright © 2014 by Juice Inc. Guidance and storytelling
  27. 27. Copyright © 2014 by Juice Inc. Apply Context 284 +4.5% v. last month -2.8% v. goal in Q3 2009 the new “Vortex” marketing campaign drove new leads after a slow Q2 400 300 200 100 0 Goal Actual Q1 2009 Q2 2009 Q3 2009 Q4 2009
  28. 28. Copyright © 2014 by Juice Inc. Example: US Chamber of Commerce
  29. 29. Exercise 3: Designing your data product For your one or two of your favorite product concepts, answer the following questions: Concept 1 Concept 2 Copyright © 2014 by Juice Inc. In what form would the data product be delivered? How does the product fit into in the user’s workflow? What specific actions can it drive? How can you help users share the data/insights?
  30. 30. Copyright © 2014 by Juice Inc. TOPIC 4 Launching a data product
  31. 31. Copyright © 2014 by Juice Inc. Selling Volume How will it be sold/distributed? What’s needed to help sell it? How will you explain it?
  32. 32. Copyright © 2014 by Juice Inc. Delivering Volume How will user receive it? Who is delivering? How do we make delivery successful?
  33. 33. Copyright © 2014 by Juice Inc. Supporting Volume Who will answer questions, comments, etc.? How will the product be maintained?
  34. 34. “Data isn’t like kids you don’t have to pretend to love them equally.” Copyright © 2014 by Juice Inc. Amanda Cox, NY Times
  35. 35. Copyright © 2014 by Juice Inc. Think Lean Volume
  36. 36. Copyright © 2014 by Juice Inc. Lean Canvas Volume
  37. 37. Copyright © 2014 by Juice Inc. Volume
  38. 38. Copyright © 2014 by Juice Inc. Example: The Essential Economy
  39. 39. Exercise 4: Launching a data product Provide a brief description of the data product that is most promising and describe the key features that represent the minimum viable product. Copyright © 2014 by Juice Inc. Data product description Minimum viable product features
  40. 40. Data Product Examples DataSift - licenses data from Twitter to aggregate, process and deliver social data to enterprises about their brands. ADP - provides a monthly snapshot of U.S. nonfarm private sector employment based on actual transactional payroll data Payscale.com - links individuals and businesses to the largest salary profile database in the world. Glassdoor.com - Influence job seekers at the moment they are making the decision whether or not to work for you Indeed.com - Reports for economic forecasting or stock trading models. Compete.com - compare publishers to buy the most efficient traffic Alexa.com - compare publishers to buy the most efficient traffic Quancast.com - compare publishers to buy the most efficient traffic Zillow.com - Home values (real and estimated) for all houses in US ProjectHoneyPot.org - Black lists of IP addresses or email addresses used in fraud, Botnet activity or forum spam. FICO - Selling scores, such as click scores or any other scores. FICO was one of the first companies to do so. Skift - provide you with the latest intelligence on travel trends. SuperData Research - Data-driven market intelligence on online, mobile and digital games Factual - Data on over 600,000 consumer packaged goods in a UPC centric database with ingredients and nutrition information Copyright © 2014 by Juice Inc.
  41. 41. Copyright © 2014 by Juice Inc. Additional reading 1. Data Jujitsu by DJ Patil. 2. The evolution of data products by Mike Loukides. 3. John Foreman blog - MailChimp data scientist 4. Juice Analytics.com Product Manager’s Checklist
  42. 42. A decade of guiding businesses through the process of designing, creating and launching new data products Copyright © 2014 by Juice Inc. About Juice Analytics Design and launch data products Our B2B clients (from start-ups to Fortune 500) have launched profitable products with our design and technical guidance Fruition: Data Product Platform Data visualization components designed for non-technical end-users Features for sharing and collaborating on data insights and analysis Recognized thought leaders Available early November
  43. 43. Copyright © 2014 by Juice Inc. Thank you @juiceanalytics info@juiceanalytics.com

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