“The art and science of asking questions is the source of all knowledge” – Thomas Berger
One of the critical times for startup is when it needs to define what will be the path to profitability. It’s a real challenge, and one of the ways to come up with the right plan is to ask the right questions.
A set of questions that could lead you in the right path:
- How do you define the relationship between ‘growth’ and monetization for your startup?
Do we need to focus on one first?
What is the mark to blend the two?
Can we do both?
- What do you think about ‘starting a business’ and not ‘starting a startup’?
The main point here is to get out of the ‘la-la land’ of startups that don’t need ‘revenue’ and look at the world of building a profitable business from the get-go.
- What other bold/good/recent startup(s) are executing a good monetization plan?
Can we do something similar? Which parts of their plan we wish to test first?
- Are there several platforms that we can leverage in our monetization paths?
In other words, if we are a startup that is building an application for iOS/Android.
Can we also create an amazing web experience and enjoy it as another platform for engagement?
- How your purchasing process (or billing) is working today?
What pitfalls other should learn from it?
How you optimize it?
- Where are the gaps (or opportunities) in the current state of your online commerce?
- What are the top 3 action items that you can take in order to monetize your work better at this stage?
This might be a great question to ask every 1-3 months.
Moreover, you might want to keep A/B testing your actions.
- Any interesting trends you see in the market around your startup?
What are the leaders doing?
What other direct competitors are doing?
What are indirect competitors are doing?
- Can we improve the usage of our analytics in order to gain more insights for our KPIs?
For more thoughts on the subject (with some tips from experience) – Join 4100+ students and check out my course on Udacity “App Monetization“.