Product is monetizing

Suggested time: 2-3hrs.

CASE 1: When your product is already monetizing, conduct the litmus test to validate the same, then let's dive into two key areas to improve the product's monetization

Create at least 3 experiments for the following:

Double down on free to paid conversion

You can begin by implementing a freemium model - where basic features are free, but premium features that offer significant added value require payment. Setup a journey with milestones set for them to transition from a free to the paid version

(In-app prompts, email campaigns to highlight paid features, offer a limited time trial period/discounts)

Freemium business models of HubSpot and Spotify

Increase your average order value by cross-selling and up-selling

Create bundles that naturally complement each other, now AI-driven recommendations based on past purchases can increase the likelihood of cross-sell and up-sell success

(For example: If a customer is purchasing sunscreen, suggest a bundle that includes a blush or serum)

CASE 2: Your product has cleared the litmus test, and is now ready to monetize:

Define a GTM strategy that aligns with the user journey. Identify the right customer touchpoints and develop communications that clearly articulate these pointers.

For example: Cult-fit offers personalized workout and nutrition plans

Customer Touchpoints: In-app notifications, email newsletters, and social media to reach engaged users.
Key Messaging:

Product Value: “Unlock advanced tools to elevate your fitness journey.”
Trust Building: Showcase user testimonials and endorsements from certified trainers.
Differentiation: Highlight unique features like AI-driven customization and real-time coaching. Educational Content: Create video tutorials and webinars to demonstrate premium features, like real-time workout tracking and personalized meal plans, enhancing user understanding and encouraging upgrades.