How can I monetize an online database?
I'm a civil engineer in the construction industry and I've been wrestling with an idea for quite some time now, and I'm not sure on where to begin but I feel could be a great tool for construction professionals.
The platform is basically a database of different types of construction suppliers and service providers. You can filter based on the service you're looking for and/or material. There would be additional features available but what I would like to know is how I can monetize such platform, assuming that after testing an MVP we confirm that it's useful enough to pay.
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Either way you will have to grow the buyer/supplier base for any of this to work. Start free, and incorporate any (or all three) of the monetisation.
I think we are in needs of a decent platform for these things. Alibaba is full of junk it's very hard to identify decent products/suppliers
The goal is to add all 3 being that were in the very early stages of this that'll be a while.
As some pointed out, might start as a free platform and work our way up from there.
Sounds like you are off to a great start. Data services are in high demand and there are several ways to build/test an MVP.
Here are a couple thoughts:
a) Create a newsletter announcing total
b) Create a monthly research report highlighting known projects, suppliers, etc.
c) Build a data-driven Saas to to show/visualize data
d) Lead generation for companies selling to the vendor list
e) Combine your current list with other public data (e.g. credit scores, OSHA, or some health/safety/environment data)
f) Combine the current list with other researched data (heavy equipment, supplier relationships, surveys, etc)
Personally, if you see value in the information, then I'd focus on who the buyer would be and avoid a marketplace concept. Building a marketplace is a long arduous effort compared to monetizing with a newsletter, website, or saas/api product.
I'd recommend you check out this business information model: https://static1.squarespace.com/static/54ef88aae4b0fceb14058488/t/54fe0145e4b0d54370b8f94d/1425932613827/Business_Information_Framework.pdf
I was reluctant to post anything on IH but im happy I did. Im impressed at the amount of good input I've received in the little time this post has been up.
Much Obliged
Giancarlos,
Not quite up your street, but as an option - I am busy developing a Sales App, which at the basic level is a CRM app (Client Relationship Management), but at the differentiated level provides:
I am not that familiar with MVP, but it does sound like an interesting concept and could be a significant qualifier in such an app, via an API. I am of the opinion that you would like to be the 'middle man' in a transaction. I haven't thought this through, but my gut says that there is a connect. Let me know if this makes a bit of sense.
Regards, Bruckner.
Make website with access to your data.
Free access would show limited amount of suppliers.
Paid would show full.
Good point. Thanks
This sounds like the foundation for a pretty solid little business. The big question is what's the main benefit for potential customers?
It sounds like you already have the data set so the first customers would be construction companies looking for suppliers. Do they have limited access to this info already? Could you make it useful enough that not having it would be a major disadvantage? Usually that's done by just the sheer work involved in collecting the data, enriching it in some way, or putting it to use towards some other feature. I'd look for problems they already have that could be solved rather than the other way around (I have a data set, how can I make money off of it?).
Thanks for your input.
That was the reason for collecting the data, having first hand experience with trying to find what were looking for. The main benefit is that well be saving those who use it time by eliminating the need to search the web for whatever supplier or service your looking for. Secondly, were thinking of using the platform as a medium to contact the vendors directly to shop for quotes as a comparison tool. So like you said, were trying to enrich the data in some way.
The pain point lies in the amount of time it takes to search the internet or going through your rolodex to reach out to contacts. Right now most suppliers and vendors who have an online presence have very outdated websites that are cumbersome to navigate and alot of time dont even have product info.
My challenge is to now take all this info and actually turn it into something useful with novice coding experience :-D
That sounds like a great opportunity, using something in your expertise to create a profitable business. In my experience, huge datasets lend themselves very well to APIs that can be integrated into related products. Then you would charge a fee for consuming the API. Alternatively, building a filterable portal of sorts where people can, through filtration, find the service they are looking for. You could then make arrangements for a referral fee setup with the service providers. You could enrich the data set with reviews to help people choose.
I'd find out who is the likely customer first though