Monetization strategies exercise

Monetization strategies exercise

Lesson Details:
February 28, 2020

Video Transcription – In this video let's go over some more ideas for how you can make more money from the same customers then we're going to go over a few examples of businesses and how they extend a customer spending and then we're going to focus on your business and the exercise for you so just to give you some more ideas here I've collected a few ways for how different businesses collect more money from the same people and essentially they might not all apply to you in your case but just start thinking about it start kind of you know putting it in the back of your head and maybe it will occur to you how you'll get more money from the same customers okay so people collect tips that from taxi drivers to even Fiverr sellers to cleaners to who knows tips okay very common you can also of course additional products additional services you can sell to people and this is like you know how when you go to a store and you have ice cream and you have oh there's a chocolate flavor and a strawberry flavor and the vanilla flavor you want to try multiple flavors every new flavor a person tries that's another purchase so if they bought one flavor that's great if you devote a second flavor that's a whole hundred percent increase on your initial revenue imagine that it's so easy so of course customer happiness is tremendous because not only does it get people to come back but it also gets people to recommend and in the vein of recommendations you can give new customers discounts so you might never have earned the new customer but if you incentivize a new customer with a discount then boom you've got a new customer and now instead of one customer you've got two customers so those are some of the ways you increase revenues now let's go over common businesses ok mobile apps as apps love to charge subscriptions if that type of usability pattern applies because they get to build you this month next month next month next month as opposed to just one time in over a 12 month cycle that's 12 times more purchases that's 1,200 percent more revenue restaurants they are amazing at upselling you come there to eat right if you just took a dinner for take-out you maybe spend a certain amount but if you sit there you'll give them a tip in the end you'll maybe take a look at the dessert menu maybe you'll get drinks with friends maybe you'll start some appetizers okay those are all things you wouldn't have gotten probably if you're just getting takeout so these are all amazing things they upsell to you and quality is incredibly important for them because they want you to come back they want you to love it and come back and bring friends that's how they extend revenue and in case of a moving company now a moving company is basically somebody you hire once and you hope to never have to hire them again in many cases so how do they extend monetization it's hard for them so tips extra distance they charge for the extra distance for extra weight and sometimes extra time because very often consumers miss calculate how long is gonna take them and as long as they're getting paid by time by the hours they're totally fine when you make a under when you underestimate how long it's going to take them so that's how they make money from you in just additional ways so for your exercise I'd like you to for your business I'd like you to list how before the section of monetization in this course how you were planning to monetize your customers honestly with that and now I'd like you to list the new way of how you gonna make it more effective and if it hasn't changed for you why don't you post in the course discussion or privately you can send me you know you're explaining your business in a sentence and should post how you plan to monetize and then maybe also post how you meet maybe if you don't have new ideas let me know I'll try to do my best to make some suggestions to see if hey maybe there's better ways to monetize so that's my exercise for you to at least come up with new ways to monetize more effective ways based on this in previous lecture.

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