53. The hidden cost of cat videos
Storing stuff costs money, this is why it’s good to look in the back of the cupboard and decide whether you really need all those spices you bought 5 years ago. This is the same with data stored by tech companies. Companies have to pay to store data on servers. Google pays to keep all of those cat videos on YouTube. Learning notes from this episode: Storing data costs money and most companies rent server storage space from Amazon AWS or Microsoft Azure. If you’re going to store data, you need to know how you’re going to make money out of it. Advertising isn’t the only way to make money out of data. You could aggregate the data into reports and sell them as industry insights. Storing data on how people use your product can help you improve your product. If you don’t have a plan for how to use the data you pay to store, you’re a hoarder and that’s not a good strategy. To get Sophia’s monthly business update sign up here. You’ll get a monthly update on how TFNT is growing, insights on eLearning, innovation and podcasting. ... Do you have a brilliant app idea and no tech knowledge to build it? Get your FREE guide here. To go deeper, join the Tech for Non-Techies membership community. As a community member, you'll get: Weekly live masterclasses with global experts Mini-course on how to go from idea to live app Supportive Online Community Library of masterclasses Monthly live coaching with Sophia Matveeva, tech entrepreneur & Chicago Booth MBA Exclusive Resources & Perks Learn more and sign up at https://www.techfornontechies.co/membership Say hi to Sophia on Twitter. Following us on Facebook and Instagram will make you smarter.