5 Best Practices for Getting Rich with Data
The buzz around "rich data" has been going on for several years, with the definition of the phrase bantered about at industry events. A rich data product is one in which reference content from several sources is broken down into the smallest useful units, linked to other supporting content, and then included in productivity software. In more simple terms, it’s about turning vast amounts of existing, often archived content into new electronic products. Although nuances in the definition can vary, a growing consensus is that rich data products leverage content in new ways and become important tools in the user’s day-to-day work.
Many publishers today are looking to develop new revenue streams. Rich data products allow them to obtain additional advertising and/or subscription revenue as well as potential premium sponsorships. For many business-to-business publishers, rich data revenue can be icing on the cake, as it leverages existing content in new and different ways.
Jumping right into developing a rich data product can be daunting and expensive. Knowing what steps to take is helpful to minimize the learning curve and make the most of staff time. How one gets rich from data varies by industry, but for publishers, the following best practices provide a framework to help with the process:
1Know what you have. Traditional publishers who serve multiple markets often develop content and products along various vertical industries they serve. This is certainly understandable, but also a recipe for not knowing the relationships between content within the organization. Understanding what each product line (print, online, databases) has and how interesting relationships can be formulated is key to developing rich data products that people will want. Getting the right product managers into a room to discuss potential relationships can help identify content synergy and refine a potential strategy. Knowing what you have and how the content can relate to each other is an important aspect to any successful rich data product.