Your startup’s monetization strategy is one of the most important elements of your business plan. Using the right monetization strategy can either set you up for streamlined success or result in a business that founders. But choosing a monetization strategy can be tricky, since a strategy that’s perfect for one founder or team may be a bad choice for another. Ideally, you’ll choose a strategy that matches your particular abilities and experience as a founder or startup team. Let’s look at how to match your app monetization strategy to your skills.
1. Brainstorm Your Strengths
Start by brainstorming a list of your strengths and the strengths of your startup team. Are you detailed and analytical? Good at organizing? Able to see connections between ideas? Full of fresh ideas? Are you good with people, able to convey empathy and make them feel understood? Are you able to develop people to reach their highest potential? Can you activate people to work together? Do you have focused discipline, able to finish what you start? Write down as many strengths as come to mind.
2. Explore Unrecognized Strengths
Most of us don’t fully recognize or understand all of our strengths. Certain traits or abilities may come so naturally that we don’t even think of them as especially valuable. It can be beneficial to take an assessment that helps you see each of your strengths in clearer detail. The CliftonStrengths assessment is one we recommend, and it includes strategies for how you can more fully put your strengths into action.
3. Evaluate Your Skills
The skills you’ve learned along the way can prove to be a goldmine when it comes to monetization. Do you know how to design ads? Have you set up commission structures? Think about the skills you’ve gathered in each of your prior places of employment or through your hobbies.
4. Consider Your Experience
Past experience is an invaluable asset for monetization. Do you have experience arranging sponsorships? Have you worked in B2B sales? Do you know how to approach large corporations? Do you have specific industry experience? You may have experience that is an ideal fit for selling to a particular market segment.
Match Your App Monetization Strategy to Your Skills
If you match your app monetization strategy to your skills, strengths, and experience, you can generate momentum that will take you through the first phase of growth. At that point, you can expand your strategy. And as you bring on new team members with additional strengths, you’ll be able to build on your foundation of success.
Want to learn how we help you hone your app idea, including monetization strategy? Get in touch, and we’ll schedule a call.