26 Jan Keboola Data Monetisation Series – Part 1
When a company thinks about monetising data, the things that come to mind are:
- Increasing revenue
- Identifying operational inefficiencies
- Creating a new revenue stream. It’s important to keep in mind that these are the results of an effective strategy but can’t be the only goal of the project. In this blog series, we will exam these avenues with a focus on the added value that ultimately leads to monetisation. Let’s look at it from the perspective of creating executive level dashboards at a B2B software company.
Areas we need to identify first.
1) Who will be consuming the data and what do they care about?
Before we jump into the data itself, take a step back and understand who the analytics will be surfaced to and what their challenges are.
Make profiles with their top priorities, pain points and the questions they will be asking. One way to get started is to make a persona priority matrix listing the top three to five challenges for each (ex. below.)
Once the matrix is laid out, you can begin mapping specific questions to each priority. What answers might help a VP of Sales increase the effectiveness of the sales team and ultimately revenue?
- What do our highest velocity deals look like (vertical, company size, who’s involved)?
- What do our largest deals look like?
- Where do our deals typically get stuck in the sales process?
- What activities and actions are our best reps performing?
We can develop specific reports and metrics to answer our business critical questions. It’s a good idea to whiteboard out your dashboard tabs and group reports appropriately. As a best practice, start at the highest level and work into the more granular insights as you move through the analytics experience. Solicit feedback from the primary consumers to better understand what makes the most sense. Keep a definition list for all metrics created , what they contain and what they are supposed to measure.
2) What data do we need to include and where can we find it?
After getting a fairly firm grasp on what answers we’re looking for and we are going to measure, we can determine which data sources it makes sense to include. As our executive dashboard project involves multiple personas and a very broad set of priorities, each area will have their relevant data sets and specific focus.
Let’s say our company uses Salesforce CRM as the primary data source for our VP of Sales dashboard. We will also need to ensure that our CRM is enriched with firmographic data from somewhere like NetProspex so we can identify company sizes, verticals, etc. It would also be helpful to include data from HubSpot Sidekick which has information on email opens and responses rates from prospects, as well as Marketo data which will include each individual customer’s browsing and search activity on our site.
3) How often do we need to update the data and at what level of detail?
After determining where we are going to be pulling data from, we need to identify what frequency and level of detail we need to capture. Does it it need to be “real-time” and if so, what does real time mean for this project? While something like stock trading might need data to be as close to real time as possible, a B2B sales use case will probably not suffer too much if we only update the data once a day. Based on the questions we are going to ask, which fields do we need to include? Keep in mind each specific data source has different limitations regarding what you can extract and how often. For example, one API may only allow you to pull out certain pieces/amounts of data once daily while another may let you do so every 15 minutes.
Now that we’ve identified what we want to measure, in the next blog in this series we will take a look in the toolbox to see how we are going to build our project to measure it.