18 Buckets of Money: Data Mining
For many people, once they launch a website, they do so thinking that “Ok, now the money will just come rolling in.” Depending upon the business, they may just do very well. But, having spent the best part of the last 20 years working with websites, I can tell you that more often than not, it takes a bit of time. Unfortunately, for many businesses (web or otherwise) the number one reason for failure is under-capitalization. Thus, making money right off the bat serves the long term vision of the business best of all. Because I wanted my customers to do well (and therefore be able to pay their bill), I looked for ways to create alternative revenue streams, while the core business would grow in the time they needed. Over a period of time, I was able to discover eighteen of what became known as the “Buckets of Money”. This is column fifteen in an eighteen column series… so with that said, on with the show.
This is one of the columns that I must open with a caution notice. Remember that you need to balance money making methods with the relationship you have with your audience. I will merely point out the ways that I have seen used, successfully and with this warning already now given, not fret over what choices you make.
Searches – Your website is collecting data, 24 hours a day, 7 days a week. Your web host has the data, and you have rights to that data. That data, can be VERY valuable, if you know what to do with that data. For example, the ability to search the data, and glean information about your audience and what moves them, as well as where they came from.
Content Packaging – In exchange for signing an agreement with your entity you could also package the ability to not just get the word out to your audience (advertising) you could also allow for select data exchanges to help this same partner.
Specific Data Pulls – You could allow selected entities to make specific requests of your data. Such as, who are your clients? Where do they live? What is their preferred sizes of tee shirts? What state do they live in? The city? The address?
As you no doubt can see, the range of where you can go with this is broad. The money can be, huge. BUT… oh yeah, I promised no more warnings. Sorry, sometimes I just can’t help myself. Go forth and scoop up the cash!
Wanting to increase your company revenues? Jim has the bucket overflowing for others, join them by clicking here! Perhaps you just want to learn more about Jim, just click on this photo of him!