Trey Stephens is the Director of Audience Monetization at Acxiom, where he specializes in connecting offline with online data and audiences, marketing technology and creating and growing strategic partnerships across industry verticals. Previously, he held several roles at Walmart, including Senior Manager, Strategic Partnerships for Global Customer Insights and Analytics, in addition to Senior Finance Manager for the company’s Information Systems Division.
Harnessing the power of data-driven insights continues to top the wish list for many executives seeking to build a competitive advantage. Does your brand have the mindset, resourcesandstrategy to succeed? Here’s what you need to know according to, Trey Stephens, Director, Audience Monetization, Acxiom
Marketers aren’t alone in recognizing the value of data. If, as has been widely asserted, data has taken the place of oil as the most significant untapped global asset, then it’s no wonder brands today are increasingly seeking ways to monetize this ever-expanding asset. The objective may be clear, but the path to get there is less obvious. For those thinking about data monetization, there are five critical factors to consider when determining whether your business is ready.
1. Does your company value data as an asset on the balance sheet?
While current accounting practice doesn’t recognize data as an asset, in recent years some companies have begun using asset valuation methodologies for applying a value to the Information they collect and manage. Doing so can help brands set expectations, assess governance approaches and determine the strategic importance of this data. Appropriately prioritizing management decisions around the capture, use and applications of various data segments has led to fundamental changes within these emerging data-centric organizations. In fact, how data is managed and applied to business objectives at a tactical level increasingly differentiates how an organization performs at a strategic level.
Today, those in the C-suite who “get it” increasingly speak to the value of customer data, understand the benefit of omnichannel identity resolution to enhance customer engagement, and allocate additional resources and budget to capture data from new sources. These executives are likely asking themselves and their colleagues a number of tough questions:
If not, data monetization can accelerate these capabilities when applied thoughtfully and in a privacy-compliant manner.
2. How much does your company spend annually to manage and capture data?
If your organization has identified data monetization as a potential new revenue source, then it should determine the current annual investment in capturing and managing existing data. In partnership with the financial arm of your organization, there should be an annual review of data sources.
