There is a start-up wave blowing across the world. There are even start-up incubators that are helping entrepreneurs start the process to achieving their dream. Launching a start-up company is the first step towards success; what follows is its monetization.
Nowadays, no matter what your start-up is about, you will need an online presence. It will help you reach out to your consumers. You can use a simple site maker to get things on the ground with your own website. Here are the top 3 ways in which you can monetize your start-up.
1. Use Space-Based Advertising
The best way to generate initial revenue is through space-based advertising. This strategy is best applied to content-driven blogs, mobile apps, and mobile games. Different ways to use this method are:
- Banner Ads – where each click makes you money.
- Affiliate Marketing – this technique revolves around referring users to buy services, products, and apps in exchange for rewards.
- Branding – you can allow other brands access to your audience by letting them create content on your site.
- Freedom from Ads – ask for payment from your users to give them an ad-free experience.
- Other similar strategies to these provoke content-driven start-ups to create click-bait content – which decreases their credibility among users.
2. Use an Agency-Based Strategy
This monetization strategy works best for start-ups that bring buyers and sellers to the same platform. Here are a few ways you can gain financial benefit from this strategy:
- Use a commission-based strategy where you charge a fee for bringing people together.
- Allow database access for a fee.
- Ask users to pay in order to get additional benefits.
- Other than this, you can use methods like listing fees and a cash-back advantage – where users get coupons. This strategy relies on the credibility and quality of service providers.
3. Licensed-Based Strategy
The licensed-based strategy is all about tying clients to you by getting them to purchase a license/subscription for a specified period. This will work great for SaaS and B2B services. Here are a few ways that you can make use of this strategy:
- Allow your users free access to some of your services. Then give them an option to upgrade to premium services to be able to use the entire package.
- Offer team-based users access for each additional team member for an additional payment.
- Allow free access for a specific period and then ask for payment once that period has ended.
- Through this strategy, your brand will gain steady cash flow as these subscriptions are usually purchased again after a specified interval of time. For this to work, your product needs to be really good in order to get repeat buyers.
Final Word
Getting your start-up to stand on its own feet takes more than advertising. You have to make your way through the market by gaining financial advantage. Following these monetization tips will help you move things in the right direction. But, if you already have an established start-up, then these tips can increase its earning potential. Either way, there is no harm in trying – good luck on your entrepreneurial journey!
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