While many successful data publishers obsess about continually adding new features and functionality to their data products, there are lots of good reasons to be regularly evaluating your data as well.
Don’t get me wrong: new features and functionality are critically important, particularly if you have a data product that offers a workflow solution.
But adding new, well-selected data elements can add significant value and appeal as well. Here’s a few examples:
Morningstar just enhanced its suite of investment analysis tools by introducing a single new data element: a Carbon Risk Score. This score assesses how vulnerable a company is financially to the transition away from a fossil-fuel-based economy to a lower-carbon economy. Not only does the score hold significant value in its own right, but as an individual and consistently presented data element, it can be used for discovery and filtering by investment analysts. Moreover, as a proprietary piece of information, it gives Morningstar additional differentiation and strengthens its competitive edge.
Data-driven real estate listings sites such as Realtor.com, Zillow and Trulia have moved away from tussling over who has the most complete listings to trying to outdo each other with deeper datasets. Various combinations of these three sites now give detailed information and ratings on local schools, crime data, traffic data, neighborhood data, walkability data … even data on whether or not a particular home is likely to be a good candidate for solar panels! And in a move I particularly admire, they have gotten major cable and companies to pay to indicate if a particular house is eligible for their services. In the hotly competitive world of real estate data sites, it’s a relentless battle at the data element level, all with the goal of providing the most attractive one-stop shop for prospective homebuyers.
Consider too the intensely competitive market of hotel booking databases. Think of services such as Expedia, TripAdvisor, Oyster and Hotels.com. Having exhausted themselves by all claiming to offer the lowest rates, they’re now seeking to differentiate themselves at the data element level. Using filters, site visitors can draw on specific data elements to locate hotels with free wi-fi, that accept pets, that have handicapped access, that are green or sustainable, that are LGBT-welcoming and even hotels that have a party atmosphere.
Features and functionality matter, but a single new and well-chosen data element can add tremendous value, while simultaneously providing competitive advantage and product differentiation. Keep your data fresh of course, but always be on the lookup for fresh new data elements as well.