Observed Signal · Oct 5, 2023 · Publication · Source: CMSWire · Impact: 3/5 · Sentiment: Neutral
Data is Everybody's Business: A Guide to Data Monetization
This article reviews the book "Data is Everybody's Business" by Barbara Wixom, Cynthia Beath, and Leslie Owens, which provides a framework for data monetization strategies. The authors outline three approaches: improving (internal efficiency), wrapping (data-enhanced products), and selling (data as a product). They emphasize the need for a "data democracy" that blends domain and data expertise and identify five essential capabilities: data management, data platform, data science, customer understanding, and acceptable data use. The review highlights examples like Pampers using data to alert parents and GE selling jet engine services based on predictive analytics. The book offers practical guidance for CMOs and CDOs to convert data into revenue, stressing that data should be treated as a strategic asset across the enterprise.
Provides a framework for data monetization strategies that is relevant to marketing and advertising decision-makers, though it is not a breaking industry event.
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Key Takeaways & Evidence Grounding
- The book "Data is Everybody's Business" is published by MIT Press and authored by Barbara Wixom, Cynthia Beath, and Leslie Owens.
- It outlines three data monetization strategies: improving, wrapping, and selling.
- The authors propose five data capabilities: data management, data platform, data science, customer understanding, and acceptable data use.
- The concept of "data democracy" integrates domain and data expertise for maximum impact.
- Examples include P&G's Pampers using sensor data and GE selling jet engine services based on aggregated data.
Connected Companies & Entities
3 Entities mapped“P&G, the maker of Pampers, has always been a marketing pioneer....”
“Pioneers of this business model, say the authors, are Owens and Minor in Healthcare and Kroger with POS....”
“"Data Is Everybody's Business" is published by The MIT Press....”
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