Data monetization is becoming an increasingly popular strategy for companies to generate additional revenue streams. By collecting and analyzing non-personal data generated by individuals through mobile apps, gameplay, shopping experiences, API integrations, and optical character recognition, companies can gain valuable insights into consumer behavior and preferences that can be used to improve products, services, and marketing strategies.
In this blog post, we'll explore 25 different use cases for data monetization that companies can consider when looking to monetize their data.
Use Cases for Data Monetization
Help real estate companies improve their marketing strategies and sales efforts by providing data on property listings and buyer behavior, helping them reach more potential buyers and increase revenue.
Provide ride-sharing companies with valuable insights on rider behavior and preferences, helping them optimize their pricing and promotions to increase customer loyalty.
Enable e-commerce companies to improve their product recommendations and personalize the customer experience by analyzing browsing and purchasing behavior.
Support media companies by providing data on content consumption and audience engagement, helping them create more engaging and profitable content.
Help food delivery services improve their delivery times and customer satisfaction by analyzing traffic and transportation data, helping them optimize their operations and increase revenue.
Enable fitness apps to create personalized workouts and training plans by analyzing user behavior and preferences, helping them increase user engagement and retention.
Provide non-profit organizations with valuable insights on donor behavior and preferences, helping them optimize their fundraising efforts and increase donations.
Support government agencies by providing data on public transportation usage and patterns, helping them improve transportation infrastructure and reduce congestion.
Help beauty and personal care companies improve their product development efforts by providing data on consumer preferences and usage patterns, helping them create products that better meet consumers' needs.
Enable event organizers to create more engaging and profitable events by analyzing attendee behavior and preferences, helping them optimize event logistics and marketing efforts.
Provide financial institutions with valuable insights on consumer spending and saving behavior, helping them improve financial literacy programs and develop better financial products.
Help weather forecasting services improve their accuracy by analyzing weather patterns and historical data, helping them provide more reliable and timely forecasts to customers.
Support educational institutions by providing data on student performance and engagement, helping them identify areas of improvement and create more effective teaching methods.
Enable pet care companies to create personalized product recommendations and services by analyzing pet owner behavior and preferences, helping them increase customer satisfaction and loyalty.
Provide transportation companies with valuable insights on driver behavior and performance, helping them improve safety and reduce accidents.
Help logistics companies optimize their supply chain management by analyzing transportation and inventory data, helping them reduce costs and improve delivery times.
Enable sports teams and coaches to improve player performance and reduce injuries by analyzing player behavior and performance data, helping them create more effective training and game plans.
Empower law enforcement agencies to improve public safety by providing data on crime statistics and trends, helping them allocate resources more effectively and prevent crime.
Provide museums and cultural institutions with valuable insights on visitor behavior and preferences, helping them optimize exhibit design and improve visitor experiences.
Support agricultural companies by providing data on crop yields and weather patterns, helping them optimize their farming operations and improve crop production.
Enable transportation planning agencies to improve traffic flow and reduce congestion by analyzing traffic data and transportation patterns, helping them create more efficient transportation infrastructure.
Help online retailers improve their search and recommendation algorithms by analyzing user behavior, helping them increase customer engagement and conversion rates.
Provide energy companies with valuable insights on energy consumption patterns, helping them optimize their energy production and reduce costs.
Support healthcare providers by providing data on patient behavior and preferences, helping them create more effective patient engagement strategies.
Help insurance companies improve their underwriting and risk assessment processes by analyzing consumer behavior and demographics, helping them reduce risk and increase profitability.
Examples of Apps that pay users for Data
Hivemapper: A company that allows you to get paid for providing fresh mapping coverage. You buy a dashcam for your car, connect it to your phone, and drive around. As you map "tiles", or small sections of the earth, you get paid. Hivemapper might value some tiles as higher than others, depending on how often they've been covered by other drivers.
Tartle: A global personal data marketplace that allows you to sell your personal data. You can earn up to $1000 a month by selling your data on Tartle. The platform ensures you remain anonymous with your transactions and only sell what you want and when you want to. Also, businesses can find the data they need with bespoke parameters from across the globe on Tartle.
Brave Browser: Brave Browser offers a different approach to data monetization. It blocks ads by default but gives users the option to turn on "acceptable ads". These ads do not track user behavior across sites or through cookies. Instead, they only work on the website that a user is on. By viewing these ads, users can earn BAT (Basic Attention Token) tokens, which can be sold on major crypto exchanges. A medium web user on Reddit reported earning $120 in BAT tokens while using Brave for over a year. Brave also has a search engine that can deliver ads and run affiliate partnerships to generate additional revenue.
As the importance of data continues to grow, companies that successfully monetize their data can gain a competitive edge in their respective industries.
More use cases can be found here.