Beyond Giants: Unlocking the Power of Data Monetization for All
On-demand tools from license to monetization
The data licensing deals just keep coming.
Most recently it’s Google (again) and Stack Overflow. If you want to read about that in more detail, be my guest. I’m more concerned about making money for whoever is reading this. Because it’s not just Google, OpenAI, Microsoft, etc. (giants) buying and it’s not just Stack Overflow, Reddit, Tumblr, etc. (lesser giants) licensing user data.
Data licensing is the new en vogue method of data monetization. We’re betting on it to gain even more traction. Fortunately, we’ve spent the last 3+ years grinding away building badass products and sourcing a network of interested buyers to make data licensing possible for nearly any business.
In the grand scheme, we’re still early to the party. But if you’ve got your crystal ball, or if you just trust me, the writer of this blog, then you might come to this realization: the Google-Stack Overflow (and similar) deals illustrate a growing market trend: data licensing can create lucrative revenue streams as businesses recognize the inherent value of curated, specialized (legal!!!) data. Licensing data is a logical start to creating or enriching monetizable data products.
Can My Business License Data (Like Reddit and Stack Overflow Does)?
The answer is almost always yes. There is an opportunity for businesses of any size to monetize their data. Transaction data, customer insights, operational metrics, unique content…your data has a buyer. This isn’t just about generative AI. Quant funds, marketing leaders, and other industry leaders are interested in licensing data, specifically data about your users.
The hang-ups before getting the ball rolling seem to hit one of three buckets: legal uncertainties, data cleanliness issues, and the misconception that their datasets are too small to be of any real value.
We built mytiki’s data products to specifically tackle the Trepidation Trifecta, which is a name I just now made up for the reasons businesses aren’t monetizing their data.
The Trepidation Trifecta
Risky Business. Is This Legal?
Many businesses (namely some of the big-ass ones) are used to sourcing data in sketchy ways. These methods lacked transparency and accountability and raised concerns about privacy, security, and ethics. At the crux of these issues is user consent. The user needs to give you the OK to sell their data in some form.
We built a transparent and compliant framework that ensures rewarding, legal data exchanges. Our tech guarantees users’ legal ownership over their data, allowing them to willingly opt into programs to share or monetize their data legally and securely. In short, users say “yes” to licensing their data.
A data license, in mytiki terms, covers who the agreement is between, what assets are part of the exchange (which data, and what form of compensation/reward), how long the terms of the agreement are active, and for what purposes the data can be used.
After the agreement, every data transaction is tracked, creating reliable audit trails. Our system monitors how data is used, creating an immutable log that ensures compliance and strictly enforces the terms of the agreement.
And yes, PII is stripped to protect privacy while still preserving the value of the data.
My Data is a Mess. Who’d Buy This?
Let’s face it. Not everyone is great at keeping their data organized. You might have an intuitive way of organizing and analyzing data that works for your business, but buyers don’t want to sift through messy data. Unless they have great data cleaning on their end, messy data can be a dealbreaker. So, we built more ish to make this easy peasy.
With the mytiki way, you can send us your data in any format. We will make it clean, clear, and ready for immediate consumption. No duplicates, inconsistencies, or format mismatches. Among the many methods we take to meticulously clean data are deduplication, sanitization, standardization, and normalization. We can do this with any data you send us. It’d be cool if your data was organized, but with mytiki, it doesn’t need to be.
Is My Data Even Worth Anything?
Great question. Yes. Almost definitely. Even if ya got a small-ish dataset, there’s a good chance someone will want to buy it. Especially if it is pooled with other data to create a more robust dataset.
That’s right, we’ve got the tools for this too. It’s our data pooling service. We aggregate datasets across all our providers to create unified datasets of higher value. That means that the whole is definitively greater than the sum of its parts. We use the Tiki ID as an anchor point to tie everything together. Then we use a sophisticated matching network that blends deterministic, probabilistic, and machine-learning matching techniques to tie data back to specific users without the need for PII.
Nice! And if you want to potentially earn more, we know transaction data is valuable. So we built the tech that ingests, cleans, deidentifies, and pools receipt data directly from your users. Sweet.
Low Overhead Data Monetization
Ah yes, I have forgotten the Lords that look over the Trepidation Trifecta. Time and Resources. These noble characters are most valuable to your organization. Taking care of the Trepidation Trifecta internally is a gigantic commitment. So we take care of nearly all of it for you. We make data compliant and clean and seek out buyers from our network. All you have to do is drop in our tech, send us the data, and compensate your users for their data if it is part of the agreement (we very much recommend it…why would they consent to license their data without a reward?).
That’s it. We’ll take the ball for the rest, letting your business take advantage of the burgeoning data licensing trend.