Your data could bring in an additional $1 to $5 per acre each sale, and some Farmobile users have sold the same information up to four times in a single year. The more detailed your data, the more it’s worth.
“Farmers use the Farmobile PUC (Passive Uplink Connection) to gather data they can share with other farmers and trusted advisors, with the option to create ROI through the Farmobile DataStore,” says Jason Tatge, CEO of Farmobile. “Our goal is for this to be a revenue stream if they so choose. If they just want to store data they can, but this is how they can monetize data.”
Data is worth more when there is more of it. For example, if you track planting and harvest only, you might receive closer to the $1 per acre value. But, if you track planting, spraying, fertilizer and harvest, you might see that dollar value grow. In addition, if several farmers in the same area are willing to sell their data, it increases the value for everyone.
“This gives farmers who collect good data a way to promote themselves,” Tatge says. If you sell data it could be going to marketing companies, input suppliers or new entries into the ag industry who want a broader understanding of farm operations and trends.
“We have data buyers calling us like crazy,” Tatge adds. “From reinsurance companies to technology giants to chemical and seed companies, buyers are hungry for a consistent stream of high-quality, layered, ground-truth farm data.”
Data is not shared with other farmers or retailers—unless you give them permission. And if you choose to sell your data, you can select what layers are sold—it’s not an all or nothing deal. Farmers always retain full ownership of their data.
“We allow farmers to see who the buyers is, what the intended use is and from there farmers can choose to sell or not to sell each instance,” Tatge says.
Farmobile recommends recording at least three years of data and including as many layers as possible to increase your data’s value. The company also says the demand for data is constant—and growing, so this should be a revenue source for years to come.