A Look at Two Popular Monetization Strategies

Top patent litigation and licensing attorney William Bryan Farney has worked as a partner with Texas-based firm Farney PC since 2011. With upwards of 30 years of experience in his field, William Bryan Farney is particularly skilled in patent and intellectual property litigation, even counseling other investors on issues like patent licensing and monetization strategies.

The term “monetization” can have different meanings, and can include monetization of a business idea, or related intellectual property, including trademarks, copyrights, trade secrets, or patents. Broadly speaking, the term refers quite simply to the process of achieving revenue through a product or service, or its related intellectual property. Two broad categories of monetization strategies that can be used are the following:

1. Subscriptions - Offering a subscription for your products can be an excellent way to generate consistent revenue. Be cautious when introducing this model, however, as many users may be unwilling to pay if your product or service has previously been offered for free. Consider the value, your audience, and what aspects of your particular product or service differentiate it from other similar products on the market.

2. Adding Services - If your business primarily sells a product, consider adding a service that you can sell as well, which could be complementary to your product. Adding a service can offer added value to your current and future customer base and give you an additional way to generate revenue.