Monetisation Readiness Checklist

The Monetisation Readiness Checklist is a step-by-step guide designed to help you determine if your product is ready to generate revenue.

‍

It assesses three crucial areas: retention, engagement, and willingness to pay. This checklist isn’t just about whether your product can make money but ensures your product delivers enough value for users to justify paying for it.

‍

By following this framework, you’ll gain clarity on whether your product is ready to enter the monetisation phase and what adjustments are needed to improve its potential. It takes you through actionable steps with checklists, user insights, and techniques to ensure your strategy aligns with user expectations and behaviours.

How does this template help?

‍

1. Structured decision making: The checklist provides a logical sequence to evaluate the core metrics of retention, engagement, and willingness to pay.

‍

2. Actionable insights: Each section offers specific actions and examples, enabling you to apply these learnings directly to your product.

‍

3. Simplified analysis: With built-in frameworks like retention curve analysis, feature ranking, and pricing preference tests, you can easily make data-driven decisions.

‍

4. Clear next steps: Whether your product passes or fails the readiness test, the template provides a clear roadmap for improvement or launching monetisation strategies.

‍

How to use this checklist in your workflow?

‍

Assess Retention: Start by analysing how many users stick with your product after their initial interaction. Plot your retention curve, and evaluate whether users are staying long enough to experience the core value.

‍

Measure Deeper Engagement: Use the engagement framework to identify if users are using your product frequently, exploring multiple features, or making high-value transactions. Highlight areas where engagement needs improvement.

‍

Test Willingness to Pay: Follow the steps to evaluate how much users value your product. Conduct feature ranking exercises and analyze user feedback to understand which features users are most willing to pay for.

‍

Iterate and Improve: If any area falls short, the checklist includes recommendations to fix those gaps. For instance, it suggests improving onboarding or enhancing the perceived value of features.

‍

Track Progress Over Time: Use the checklist to measure progress and optimize your monetisation strategy iteratively.

‍