Innovative Monetization Strategies
Hello IHers,
Personally as a consumer, if I had to choose between monthly payment plans and ads on the app, I would choose neither!
Innovative monetization strategies allow the business to earn money without charging users. Duolingo is a good example. With 'free language education for the world' they are able to give practice exercises to users which actually helps Duolingo provide translations for documents to businesses, cheaper than professional translators, and that's how the business made money for a long time. Affiliate commissions are also used for monetization at many places.
Some say that a user values an app if they've paid for it but I believe it depends on the product. The user can cancel the subscription if they don't like the app v/s use a free app everyday if it is suiting her needs. Of course charging for certain premium features is fine but making money becomes critical for many bootstrapped founders in the launch phase as well.
Have you considered an innovative form of monetization for your business?
Would love to hear your thoughts. Cheers! :)
In my experience most mobile ads are non contextual and completely useless, although there's some improvement happening, probably with Google's intelligence.
People should never think:
How can I monetize my audience?
It's the wrong question. Ask instead:
What's unique about my audience, and what problem do they want solved or what benefit do they want to gain, that they would be happy to buy, when engaged in my service.
She asked,"Have you considered an innovative form of monetization for your business?"
I'd agree with this. And back it up by testing. Not to take anything away from innovative strategies, as it would be hard for any customer to complain about "free" if you are able to achieve that.
Would really love to see what you think a great monetization plan for a product like https://creft.io should look like.
Hi! Would be very interesting to brainstorm on this.
Top of the mind I can think of partnerships with organizations which are looking for such a community to showcase their offerings, taking a commission from them to post on the platform about exclusive opportunities which would add to the experience of the members too.
Maybe if there is a job angle too working with certain recruitment partners to unlock the best opportunity for the members.
These are high quality folks and recruitment partners would be very interested in a partnership in exchange for discounts on their services for members. And you earn to refer them to members
Very valuable. I agree with you! However, we don't want the product to get really spammy if people have several recruitment agencies contacting them and reaching out constantly.