Data is a marketer’s most important asset. It can tell you what new products and services are needed, which new markets to enter — or help you create new markets for your business.
In a recent post on The Economist Group’s Lean back website, SAS CMO Jim Davis talks about what happens when organizations treat data like an asset. ”When they invested wisely into managing and analyzing that asset, they found ways to add revenue to the business with data,” says Davis.
Here are a few examples from the article:
- In the energy sector, smart meters are an obvious example. Combining usage data, weather forecasts and historical energy peaks, energy providers can offer new services for customers and businesses that want to better monitor and reduce their energy use.
- In the automotive sector, vehicle manufacturers are capturing data on vehicle use and driving patterns via telematics and making that information available to insurers and consumers for reduced insurance rates.
- In financial services, credit card providers are using transaction data not just to calculate risk and approve transactions – but to offer merchants valuable information about consumers in their area.
For more tips on using data to generate revenue, check out Davis’ full post.