Ideas to monetize your side projects.
March 04, 2021
After launching TweetPik a month ago, I’m trying to find ways to monetize this and I’m going to share with you some of my learnings so far.
Nowadays, this is the most common way to sell a service: you charge the user for the time he uses. Typically, services offer a variety of plans and good discounts for longer plans, such as annual plans. The idea is to make the annual plan much better than the monthly one so that it is an obvious choice for the user, such as buying three hamburgers for $15 or one for $7. This type of strategy provides a more “predictable” entry.
2. Lifetime licenses
Instead of paying for the service every month, the user can pay only once and have access to the service forever. This can be a good option if your subscriptions are not performing well, generally, the lifetime price is something close to the annual price but you have to make the advantage obvious to the user. Always try to make the decision as easy as possible so that the user is not undecided and is able to take action soon.
Marketplaces can be a good alternative to help you increase your sales and get help promoting your product. Usually, they do not charge for the promotion, but you will pay some fees on each sale and you will probably have an exclusive contract for a while, it will depend on the marketplace and the degree of maturity of your product. Recently, the people at PitchGround talked to me to see if we can make this work for TweetPik.
Showing ads in your app can be a good alternative if you want to keep your product free, don’t have “premmium” features, or if it’s still unclear how to charge users. Here, you need to be careful, as many users don’t like ads because they are generally not relevant and detract from the user experience. I tried to use ads, but it didn’t work well, most of the ads displayed were not relevant and some were very strange. Of course, I decided to take a step back and find other alternatives. Unfortunately, Carbon Ads only allows pages with more than 20,000 views / month, but there is a new project that can help you get more traffic, which is Tiny Ads.
5. Fund websites
Another good alternative is to use fund sites to offer your users a way to sponsor and help your project. A good site for this could be Buy Me a Coffee. If you have more things to offer, like exclusive content or gifts, take a look at Patreon.
6. Combine the strategies
One strategy does not exclude the other. You can combine the strategies and use more than one to get good results, such as using Ads + Funding, Subscriptions + Lifetime Licenses, Ads + Subscriptions, etc. There are many possibilities and you will probably need to test them out until you find one that works.
I hope you enjoyed the content and that these strategies can help you monetize your project. These are just some of the possibilities that I had time to explore a little over the past month, if any of them don’t work for you, try to do more research and of course, share the results with me/us, I would love to learn new things from you.