March 13, 2023
When it comes to monetizing your data QuickSight is a game changer. QuickSight allows organizations accelerated speed to market through their SDKs and APIs made by the world's best engineers at AWS. Financially, QuickSight provides an economical entry point to fully embedded analytics directly into existing products and client portals.
How do you create a great data product? In today's market it is becoming harder to stand out. The best data products allow users to make informed business decisions to increase revenue and decrease operational expenses. Expectations are high and the risks of showing incorrect data are even higher. Partnerships can be ruined and loyalty can be erased with one incorrect dashboard. So how do you build something that will make your customers happy and keep them coming back for more?
The first step is to have a unified vision across your organization. Where do you as a company fit into the competitive landscape? What makes your product better than anyone else's? Getting alignment from senior management down to the newest associate is extremely important. It is essential to debate issues out in the open and to take in feedback from all angles. You must understand what your capabilities are now and where you are trying to go. Once everyone is on the same page with the high-level direction, you can start to get into the details. At this point you can start to define what the product is, what problems it solves, and whose business it would improve the most.
Once a high-level strategy is decided, you then must start to focus on the people who will be using your product. What benefits will your product bring them? How can you make things easier or more intuitive for them? To do this you must research what the users' goals are and how they fit the strategy of their organization. Using surveys and interviews, try to understand exactly what the end user is trying to get out of your product and what their priorities are.
When you feel confident that you understand what the end users' goals and motivations are, it is time to figure out what success is for you. What are the goals of making your data product? How do you get your customers to upgrade their services from you? You also need to set a price point for entry level services and then upgraded offerings. To get anyone interested you must know what the market offers and why your product is superior at that price point.
Now that you have all these component parts together, you must turn your attention to the launching of the product. Someone must be responsible for planning and executing the launch, but everyone must be made aware. This is not to be taken lightly because the new product will affect everyone in your organization one way or another. Make sure to over communicate rather than have people in the dark about what is happening. After launch you must be sure to take on feedback from customers, and be prepared to make changes to the offering to best suit your customers’ needs.
If you're looking for opportunities within your organization to monetize data contact the West Loop Strategy team we can help!