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Data Monetization

Data monetization refers to how data is turned into quantifiable financial gain. This process can happen in one of two ways. First, it can refer to how a business monetizes data via data analysis, which enables a business to get better insights into its customers. For example, a business could analyze its data to determine additional services and products for its customers. Data monetization also refers to selling data, such as email addresses, to marketing companies.

What Small and Midsize Businesses Need to Know About Data Monetization

The first example is common and encouraged. However, selling data is something that any business should do with extreme caution. Customers may view the sale of their personal information as a significant breach of trust by a small business. It may result in damaged customer relations.

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