This may not actually be your favorite part, but it's likely to be your favorite result! The fact is that the monetization phase is probably the most difficult and is as much an art as it is a discipline.

In this phase we get to do things like:

Determine the ideal price. It needs to be profitable for us but within reach for our buyers. There really is no right answer here because it depends on your product and what the triggers are that get your specific audience to give up their money.

How to get the word out about your product and get people to buy. Marketing, advertising (know the difference), word-of-mouth? Online, radio, tv, trade show?

Once we have interested buyers, are there way's to upsell? A customer you already have is much easier to sell to again and much expensive to acquire.

What data do we need to capture and how will we capitalize on that? Is it traditional demographics or some other analytics? Figuring that will make all the difference in our ability to sustain sales into the future and keep making money.

Be careful during this time not to anticipate your profits. Have a plan but give your system time to work. If you run out and start spending money on marketing, advertising, pr, schwag, ... and the sales don't come in as expected you might find yourself in-the-red very fast. Remember that it's a lot easier to get into a hole than to get out of one so be cautious. You might also find yourself missing good opportunities if you cant' capitalize on them because you spent your funds elsewhere.

Also, a word to the wise, make it easy for people to pay you and they will. Take credit cards (of all sorts), paypal, google checkout...

With a little luck and a good plan the outcome should be $$$$! Of course there are no certainties. Even if you don't make it big at first tweak all of the above and try different things. If it still doesn't work don't get married to one idea. Find the balance of knowing when not to give up too soon but not holding on too long. Above all automate, automate, automate and make your life as easy as possible!


(Idea Lifecycle Frameowrk, Phase 6. click to enlarge)




















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Labels: framewoeks, ideas