by CodeFuel Staff | May 5, 2015 | Monetization
Data isn’t worth much by itself.
To make money from data, you need to put it into context, understand it, and then turn it into information.
This article explains how.
To Turn a Profit, First Turn Data into Information
Below, we’ll go over 3 key steps that will help you turn data into profit. But to do that, data must first be transformed into information.
So what’s the difference between data and information?
Data is simply numbers. Disconnected facts don’t offer actionable advice. An encyclopedia entry on monetization may tell you what monetization is, but that won’t give you much actionable information. A how-to blog article on monetization, on the other hand, will do just that.
The key difference is that encyclopedia articles present data. This data is often organized chronologically and topically. But to go deeper than surface facts, you need to turn that data into information.
Here’s how:
- Discern patterns. When we analyze data, we look for patterns and trends that present themselves.
- Look for stories. Patterns tell stories, and these form the essence of information – which is actionable.
- Focus on the big picture. Data is discrete, small-picture chunks. When we use visualization tools and analytics tools, we’re trying to extract information from that data in order to see the big picture.
The complex world of data analytics has already hit the marketing world in a big way. And to stay competitive in this world, we all need to stay current on analytics trends and best practices. Dimensions in data, for instance, will become a new standard in marketing analytics.
But whether you use next-level analytics tools or reporting tools from five years ago, you’ll follow the same essential analytics process…
Understand, Activate, Predict
To make the most of data, we need to first collect it. This isn’t a problem for most companies, who are on board at least one major analytics platform.
But understanding, activating, and using that data are different stories. As an industry and a science, big data and data science are still in the early stages.
Turning data into profit isn’t difficult.
These three stages form the essence of any good analysis:
1. Understanding the Past
First and foremost, data gives us insight into what worked and what didn’t. Reports are valuable tools that provide great details and insights into marketing efforts.
But immediately we run into a problem: information overload. Too much data – without the right tools to make sense of that data – will just overwhelm.
The data-savvy marketer will make use of several tools that actually make this data actionable:
- Visualizations are one of the best ways to make sense of data. The more “infographic” a visualization tool, the better. Bar charts and line graphs aren’t as valuable as tools that turn data into a story.
- Put the data into context…isolated data means nothing. To do this, for instance, use the time period to provide a framework. When you look at data against the background of holidays, local events, market conditions, and so on, the data will begin to have meaning.
- Turn the data’s story into a course of action. This is the real key skill of any good marketer…making the data tell a story. And stories support and drive organizational decisions.
2. Taking Action in the Present
Marketing is a series of experiments.
With the data you collected and analyzed in the first step, you can begin experimenting. Build on the data and change the course of the story in favor of your organizational goals.
Multivariate A/B testing, for instance, allows you to isolate elements of your previous data sets, then test and evolve your hypotheses about those elements. Perform simple tests that revolve around information architecture, design, copy, and so forth.
Other elements to test include personalization. Running multiple campaigns in parallel will give you the opportunity to try different approaches or isolate and examine specific variables.
3. Prediction with Data
When we turn data into stories and information, we can then use this information to make better decisions in the future.
These days, we have more data at our fingertips than ever before. Analyzing all that information can be difficult, especially if we aren’t devoted to data science day in and day out. But when making use of some of the techniques mentioned in this article, it’s possible to generate some very useful predictions.
For instance, data can be used to evaluate present customers and predict the value of future customers that share the same attributes.
With attribution and mix modeling, you can explore the positive or negative attributes of customer segments. And then those shared attributes can be used to discern patterns in customer behavior that can inform your experiments and even business decisions.
Turning data into information will give your marketing the edge it needs to stay competitive. The latest tools and techniques are always helpful. But the best way to make use of data is to learn from the past so you can experiment in the present – and predict the future.
by CodeFuel Staff | May 4, 2015 | Monetization
Tumblr monetization has its own rules and best practices.
Like any other platform, it has its own do’s and don’ts. For instance, as Pinterest users recently discovered, affiliate links are no longer a viable option for the popular image-based network.
So what are your monetization options on the popular micro-blogging network, Tumblr?
This article offers 11 of the top Tumblr monetization tips that you can start using today.
To begin with, you’ll need to cover your marketing bases:
1. Base #1: Traffic
Traffic is essential to making money. If no one visits your blog, you won’t be able to earn clicks, sales, or income. To generate traffic, you can focus on two sources: Tumblr itself and the outside world.
Tumblr itself is probably the best place to start. Here are a few ways to do that:
- Follow other bloggers who share your interests. Keep following more of them every week. They’ll follow you and – if you share good content – they’ll promote your content and your blog.
- Make sure you hashtag your posts. And include plenty of keywords in your post content so that they’ll show up in searches.
- Comment on other Tumblr blogs to draw attention back to your own.
2. Base #2: Turn Visitors into Customers
Convert visitors into customers. That is, develop relationships with people who visit your site. Use time-tested techniques such as distributing free content, acquiring email addresses, and so on.
Like WordPress, Tumblr has plugins of its own. MailChimp, for instance, has a plugin that allows you to subscribe people to your newsletter.
Which brings us to the next point…
3. Base #3: Supplement Your Tumblr Monetization
Other marketing efforts should always go with any blog you own, whether that blog is a Tumblr blog, a WordPress blog, or a self-hosted solution.
Your online content network should be a full-fledged brand – at least, if you want to make the most money from your efforts. The best way to build relationships with customers – and get money from them – is to build a brand that delivers valuable content across multiple channels.
4. Affiliate Marketing
Affiliate marketing is a staple of any marketing strategy. Unlike Pinterest, Tumblr hasn’t chosen to ban affiliate links. So you’re free to monetize your blog by posting relevant affiliate links throughout your content.
As long as you keep your content valuable and non-spammy, you shouldn’t run into any problems.
5. Advertising
There are plenty of ad networks to choose from. Google AdSense is one of the easiest go-to ad networks to try, but there are plenty of others that can earn you cash for every click.
6. Content Locking
Content locking networks – also called pay-per-download networks – are networks that allow you to place a file or other digital content behind a “locked” hyperlink.
To access the content, users complete an action, such as filling out a survey. Each time they do, you earn cash.
7. Sell Products and Services
If you sell your own products and services, then you know how lucrative this monetization strategy can be. In this case, the Tumblr blog would become more like a gateway to your business.
Using your Tumblr blog as the central hub for your brand, your products, and your services may be a good idea if you really like the platform. Or if your audience is made up mostly of millennials.
8. Meme-ify and Promote
And since Tumblr caters to the younger generation: meme-ify. Just take a look at how brands are using Tumblr to reach younger audiences.
Animate gifs, be creative, be fun, and develop blog posts that are likely to go viral.
9. Target Gamers
Gamers are another demographic that flock to Tumblr. If your content appeals to that audience, all the better. So develop content, memes, and blog posts that would appeal to that demographic.
10. Create the Right Content
Given the fact that most of the Tumblr audience is made up of millennials, gamers, geeks, and other meme-loving segments, don’t be too serious with your content.
As any marketer knows, targeting is critical to the success of any sales message. So if you try selling irrelevant content to the Tumblr demographic, your monetization efforts might not be very successful.
11. Expanding to Mobile
Like other social networks, Tumblr users are mobile-heavy. Over half create posts with mobile apps.
To monetize the mobile market, focus your monetization strategy on mobile users:
- For best results, make sure your affiliate links and ads lead to mobile-friendly content. Otherwise conversions and commissions will suffer.
- As mentioned above, don’t make content too detailed or serious. Short and concise is best. Viral, short-attention-span posts can go a long way.
- Tumblr is experimenting with new ad formats – from video to app install ads – that are geared towards mobile devices. If you have an advertising budget and appropriate content, test them out and see if they’ll work for you.
Like other social networks and blogging platforms, Tumblr offers up its own monetization opportunities. But it does require some effort. Start by building your audience, focusing on a niche, and experimenting to see what your customers want.
by CodeFuel Staff | Apr 20, 2015 | Marketing, Monetization
LinkedIn monetization is less about content monetization and more about smart networking.
Other forms of content monetization focus on affiliate marketing, advertising, information products, and so on. While LinkedIn does have a publishing platform, it’s more about professional networking. And though it’s more difficult to make money with affiliate links – and impossible with advertising – there are ways to monetize LinkedIn.
Understanding LinkedIn Channels
As you probably know, LinkedIn is a professional network. And there are several features that allow you to connect with others, promote yourself, promote products, publish content, and so forth.
Each “publication outlet” offers different possibilities in terms of monetization.
Here are the major features to be aware of:
LinkedIn Profiles – Profiles are the place to showcase yourself, your company, your products, and your services. You can link to websites and promote whatever you wish.
Long-Form Publishing – You can publish long-form blog posts on LinkedIn, just like you can on a blog. These posts are a great way to promote whatever you wish. And they can be a great tool to build your thought leadership.
Groups – LinkedIn Groups are forums. People can create, moderate, join, and participate in groups as they wish. Some are open to the public, others are private, but all are excellent opportunities to connect with others.
Advertising – LinkedIn allows targeted advertising to anyone within the network. You can target your ads based on a number of factors, including job title, company title, industry, and so on.
Using LinkedIn Channels for Monetization
There are several standard types of ways to monetize content online:
- Placing ads in your content that earn you money
- Using affiliate links to earn commissions
- Selling your own products and services
There are plenty of other derivations of these models, but these three are the most common.
Generally speaking, “monetizing content” simply means using that content as a sales vehicle. You may be selling someone else’s products or services or your own. But to make money, you need to sell something.
Here’s how to use LinkedIn’s publication channels to make money:
Promote yourself, your business, your own products, or your own services. This is by far the most common way to monetize LinkedIn. After all, that’s what the site is designed for – professional networking. So this should become the core of your LinkedIn monetization strategy.
Everything you promote and publish on the site should help build your brand and your authority. And it should all help promote your business, your products, and your services.
Promote affiliate products through your profile page, through groups, and in long-form posts. Affiliate links can be placed in most places throughout the site. Some groups, however, may prohibit affiliate links – or any links at all. But you are allowed to place links in long-form posts, in your profile, and in groups that allow links.
Bear in mind, however, that many people may find affiliate links distasteful if used improperly…or too often. Another drawback to using affiliate links is the fact that your posts won’t get that much traffic.
A website can generate thousands of visitors per month, week, or day. But it is highly unlikely your affiliate links will see that much traffic on this network.
Use LinkedIn advertising to grow your brand or your business. You can’t really make money by placing ads on LinkedIn, like you can with a website. But you can use the network’s built-in ad service to focus on highly targeted audiences.
The best way to use LinkedIn advertising – and the network in general – is as part of a larger marketing and monetization plan. Develop a strategy that focuses on a standalone brand with a standalone website, then use LinkedIn as a tool to build that brand and website.
If, for instance, you are creating a website that caters to a crowd of targeted professionals, then LinkedIn is the perfect tool to help you build a following.
Create email lists from your contacts and market to those prospects. It’s possible to download your email list from LinkedIn, import those contacts into an email marketing program, and market directly to those prospects. Be careful with this technique, however, because misuse of this tactic can irritate people and cost you some connections.
But when used properly, you can generate an email list directly from your LinkedIn contacts. And you can then market to them via email, which offers more direct monetization potential in terms of advertising, affiliate marketing, product sales, and so on.
Summary
LinkedIn is best used as a tool to support your business, which should have its own core profit structure. Monetizing content on LinkedIn publication channels – groups, long-form publishing, profiles, etc. – just doesn’t earn as much traffic as a website might.
However, when you use LinkedIn as a professional networking platform – which is what it was designed for – then you can build an audience, a reputation, an email list, and enhance your existing monetization efforts.
by CodeFuel Staff | Mar 24, 2015 | Monetization
Monetization platforms monetize your software for you, so you can spend your time focusing on what you love: writing great code. These platforms, such as the industry-leading CodeFuel product suite, serve the dual functions of monetization and promotion.
If you haven’t heard of these toolboxes, it’s not very surprising. Monetization platforms are a relatively recent development in the marketing world. But, given their solid rate of growth and the amount of value they add to the marketing industry, they are clearly on their way to becoming global standards.
Pick a Platform
There aren’t many high-quality platforms to choose from. Most of those that do exist are only following in the footsteps of CodeFuel.
When you evaluate potential contenders, however, examine these factors to find out which one leads the pack:
Features and Benefits – The first thing you’ll want to check is certainly the features and benefits that the product suite offers…if it even is a product suite. In many cases, monetization platforms aren’t actually platforms at all: they’re simple advertising tools.
A full-service platform should include:
- Monetization Solutions
- Promotion Solutions
- Multiple Advertising Options
- Analytics
- Fast Integration
- Advanced API
- Cross-Platform Compatibility
- And So On
Company History – Take a look at the company’s track record, size, valuation, and so on. Some companies have just started up, while others have a history of growth and expansion. Visit third-party websites to view the company’s reputation.
Quality Partners and Users – High-quality users are the kind that converts, and high-quality partners are those whose judgment you would trust. Do they develop apps that you would feel comfortable advertising? If so, great, because these are the types of apps you can use to help monetize your installs.
Choose the Right Tools for the Job
Naturally, you won’t need every tool in the monetization chest, but you may be able to use more than one. Examine what the platform has to offer and see if it fits your needs.
Here are a few examples of the types of tools that will help you monetize your app, browser extension, or website:
Smart Installer – A pay-per-install program advertises third-party offers during the installation process, and each time someone converts on an offer, you earn money. The installation can be customized to fit your brand and optimized to boost conversions.
Search Monetization – Search monetization is an innovative monetization method that includes both a search function and a monetization function. This ingenious strategy adds value to the app and the user, without overtly marketing to them. Each search earns you money.
Targeted Advertising – The most effective ad networks are often the most specialized. CodeFuel’s DisplayFuel, for instance, cultivates a select inventory that is specifically designed for software developers.
Analytics – The analytics hub will be your window into your monetization campaign. You will want analytics data that is both easy to understand and easy to customize if the need arises.
This set of tools offers something for just about every developer. You may only use one tool or you may use them all. But once you’ve started, it’s time to track your campaign.
Analyze and Improve
After you’ve chosen your network, picked your tools, and started your campaign, you’ll need to analyze and improve your marketing funnel.
Don’t worry, monetization platforms make this a piece of cake.
Pay attention to the most important information first, such as the number of conversions, downloads, and abandonment rates. As time goes on, you’ll be able to make use of more advanced analytics features, real-time reporting, and custom functions.
Monetization Platforms and Conversion Funnels
Don’t be scared by marketing terminology. “Conversion funnel” is the only one you should be concerned about. The conversion funnel is simply another name for the sales funnel.
The sales funnel is the old idea that customers go through four stages on their way to the final purchase: awareness, interest, desire, and conversion.
Monetization platforms allow you to develop the entire funnel simultaneously, from conversion to promotion.
Promote
The final step to monetizing your software with monetization platforms is promotion. After all, without growth, you won’t be able to get the traffic you need to earn money.
Fortunately, you’ll find that monetization solutions, such as specialized ad networks and pay-per-install networks, are ideal solutions for software promotion. The very same monetization platform can also serve you as a promotion platform.
As you can probably see, monetization platforms are complete solutions for developers, software publishers, and advertisers. From ad-powered monetization to search monetization and analytics, the right monetization platform will take you from zero to 60 in the amount of time it takes you to insert some code.
by CodeFuel Staff | Mar 18, 2015 | Monetization
Data is the new currency of the information age, which means that if you’re a developer, you can use data monetization to earn more from your app. Advertisers, marketers, and data analytics companies are prime customers for any developer who has data to offer.
And if you don’t have any to offer, simply integrate some tracking tools into your app or add some code to monitor and collect data.
Data Monetization: What to Collect and Monetize
For best results, collect as much as you can: the more connections you can make between data and customers, the better.
Here are just a few types of data you can collect and then sell to third parties.
Demographic Data – Age, economic status, educational background, ethnic background, gender, and location are some examples of demographic data that is critical to effective marketing and advertising. The more you can collect, the more valuable it will be for your marketing efforts.
Interests – With the rise of social networks such as Facebook, it has become easier and easier to find out what interests individuals and groups of people. Previously, much of this information was gleaned through controlled studies, surveys, and indirect inferences. Today, “likes,” search behavior, surfing behavior, and app usage behavior can provide detailed information that is very useful to marketers.
Geo-Location Data – While a person’s address, region, and city of residence may be considered demographic data, smartphones and GPS allow apps to track specific movements. Apps such as Foursquare, for instance, can provide detailed information about people’s movements and physical locations, which can also be used to inform advertising and marketing programs.
Health Data – Smartwatches such as the Apple Watch are invaluable tools for advertisers, because many are being designed with the capability to track physical movement, such as the amount of time spent sitting, walking, or working out. Fitness apps, therefore, can potentially earn a steady stream of income by providing this data to marketers and advertisers.
App Usage Data – How people use your app can also be useful for marketers. The type of data, how useful it is, and who you sell it to, though, would depend greatly on the nature of the app.
Turning Data into Information
What’s the difference between data and information?
Data is discrete, disconnected numbers or facts, while information forms the connections between those numbers that allows us to act.
For instance, we can receive data that tells us individual test scores for a group of students. We can turn that data into information by averaging test results to find out how well the class does as a whole. And we can take that further and generate actionable results from that information, by evaluating the students’ progress, the study materials, or the teacher’s methods.
When you look at it this way, you should be able to figure out which data your potential customers would find useful.
Figure out what your customers are looking for in order to provide them with the right data. Data, by itself, is useless. By finding out the information and results that you target customers want to glean from their data, you’ll know what data you should be gathering and providing.
Provide information instead of raw data. If you do your customer’s job for them, you can make yourself that much more valuable. For instance, let’s say that you have designed a diet app: if your customer is a marketing company that wants to find out how many people over a certain age are eating certain types of popular diets, you could provide them with raw data about the foods they eat, or you could do the legwork for them and provide them with information about eating habits.
Design your product around a data monetization strategy. If you decide to use data monetization as your primary monetization strategy for a product, you may benefit from designing your product with this strategy in mind. In other words, take a look at your niche industry, your target customers, and the target audience, then design an app that collects data and solves the end user’s problem.
We live in an information economy. And despite all the hype around big data, it’s really the information that’s important. Data technology and big data are simply tools we use to help us generate that information.
While advertising is certainly one of the most popular monetization strategies – because it works – data monetization is also a good way to add another income stream. With a little creativity and research, you’ll be able to find the right customers for your data.
by CodeFuel Staff | Feb 18, 2015 | Monetization
Bundled software – software packages that contain several individual programs – are a great way for developers to increase their exposure, improve their portfolio, and earn more money.
So how exactly does bundled software appeal to consumer psychology? And how can you use bundles to get more from your customers?
Use Bundles to Control Supply and Demand
Supply and demand, the age-old economics terms, refer to the volume of available product versus the consumer’s desire for that product. Generally, supply and demand work together with the marketplace’s competition to set a product’s price – in this case, a software bundle.
But, for quite a while, marketers have been manipulating the perception of supply and demand to alter the price of a product. If you artificially limit supply, then you can increase the demand and the price. And if you are able to generate demand, you can increase the price.
Software bundles are mechanisms that automatically make use of certain marketing concepts to manipulate both supply and demand. But by setting artificial limitations and by taking advantage of the benefits that bundling offers, you can affect both factors.
At first glance, supply may not seem to have anything to do with software bundles, since digital goods can be reproduced on-demand, ad infinitum.
And though physical supply, manufacturing, and the supply chain have no effect on the price of a product, demand – along with the production costs – do have an effect on the price.
Using Scarcity to Increase the Perceived Value
To get around this, marketers and advertisers have long been using artificial scarcity to affect the pricing and order volume of products. By placing a limitation on your product, you increase its perceived value, with the goal of increasing the demand for the product.
Short-term bundling is a tactic frequently used by companies such as Envato, a marketplace for digital goods. By discounting prices and only offering bundled content for a limited time, they increase conversions and revenue.
Here are a couple examples of limitations you can use to enhance the value of your bundle in the customer’s eyes:
Use deadlines. A limited time offer works, because customers know that the price tag will go up after a certain period of time. If you drop the price of your bundle for a limited time, or only offer the bundle for a fixed time frame, you’re automatically creating scarcity and demand.
Only offer your product in a specific bundle. Even if a smaller piece of software, such as a plugin or extension, can’t stand on its own, it may look more valuable if it is only available as part of another software bundle.
Only offer a set quantity. If you advertise a limited edition bundle to a set number of customers, then they are guaranteed something unique. The artificial limitation of supply and the principle of scarcity drives up demand, and can also drive up the price.
Play Up the Social Proof
In addition to scarcity, social proof is another marketing concept that affects consumer demand. Social proof refers to the idea that the reputation of a product, service, or company can be improved by the quality of the companies associated with it.
In the same way that a man is judged by the company he keeps, a company is also judged by the company it keeps. When you bundle your software, your software, your work, and your company gain the social proof associated with your partner companies.
Even if your company is completely new, you will gain a measure of authority, not to mention market exposure, simply by including your software in a bundle.
For instance, a lone plugin on a basic website doesn’t have as much social proof as a plugin that is part of a complete suite of products being offered by ten different partner developers.
The perceived increase in value, then, will warrant a price increase.
Exclusivity
Closely tied to the idea of social proof and artificial scarcity is exclusivity. By placing quantity limitations or limited time frames on your bundle, you will also promote the idea that your bundle is “exclusive.”
With this concept, consider the VIP table at a fancy restaurant or club. The VIP table or the scarce software bundle appeals to the self-esteem of the user, who wants to be part of the in-crowd. Limited editions, baseball cards, and so forth are all examples of exclusivity in action.
By creating a unique software bundle, in one sense you are automatically creating an exclusive product, simply by packaging together a handful of other products that already exist.
Bundling is a staple marketing and monetization tactic that every developer should test. With a little artificial scarcity and a bit of marketing finesse, you can use software bundles to work “supply” to your benefit, generate demand, and earn more money.
