 Hi, this is Pramod and today I'm talking about how to monetize a product as a product manager and This is really important in terms of product because if you want to Get the monetary benefit, we'll have to monetize it and before I start with this topic I just wanted to start with my career journey and I started my career with Newell as an engineer and I was doing the product development for one of the retail ERP product and This gave me a good exposure in terms of understanding the business need because it was a bidding system and It gave me an insight First of all to understand how the business works like they want to create some invicing system So I understood how they create invices what are the key fields and they capture In the invices so they need a backend system and a front-end system. So we created the system in SQL server and We were able to capture all the needs of the customer in terms of the invoice processing It was a great experience. Then I joined and still consulting and here I supported two US based clients for the product management perspective and product development perspective and Again, I started with Dell R&D labs In the product space. So here I was working on the package product Oracle ERP and the other Supporting the other processes around to ensure that the product development and the product management is done extensively and It was again a great experience because Dell is like a fortune 500 company and It really focuses on the customer experience. So a lot of learning in terms of that and understanding the product behavior in the manufacturing space and then I Joined to make an express Around 11 and a half years back and it's a great organization to work for and here I have played Multiple roles like I started with an engineer supporting the Oracle product and then Mostly working on the Different platform and product integration to achieve the business need and I was mainly focusing on the supply chain department and other Like the finance department To create the products which are solving the problems in the area of the supply chain and the finance department So again a great experience And I make an express being the fortune 500 company. They always live up to the Customer expectations and they focus on the brand and the quality of work. So As a person, I have learned a lot in terms of the leadership skills in terms of the Technology in terms of the product experiences building the scalable products and Doing the stakeholder management for them. So In nutshell overall I have around 15 experience in the field of the product management product development and Today I'll share my experience How to monetize a product but if you want to you know, check how we can Have the right strategy in terms of product monetization It has some key factors and I can highlight these one by one So I'll start with the Strategy like if you want to launch the product, you know, the How we will if you have a product and we want to launch it what could be the platform for that product? We need to ensure If it is a website or a mobile app or a combination of both Depending upon the need and the business Requirement we'll have to capture this piece and the alignment with the seniors stakeholders needs to be done To achieve this target and this is really important because if we only launch a Product in the website people will use it. So that's one way of People using a product And if we are able to monetize it, we will get You know some money out of it but at the same time if we have the other option where we can Access the application one of the mobiles or you know in the mobile side we have two options now and users will access the application in both the platforms and The user experience will increase and the monetization piece the revenue for the company will increase in that case because at times with my experiences I Found people prefer some people prefer to be in mobile Accessing any any any product and So I think that's a great experience if you are able to launch the product in both the platforms Be it mobile and website So that strategy we need to think through and at times it is difficult To say that You know in the initial phase the company wants to maybe Just check on one of the platforms see, you know, they see the response if the customer response is good And they go with the mobile app also at the latest age. So it's also upon on the budget and other factors you know the Stakeholders needs to be aligned and as a product manager we need to think through Like in the whatever budget is given. We are able to do justice in terms of the Selecting the platform strategy. So that needs to be in place. That is really important and If that is in place the customer experience, you know, that is in all place basically and the This is a higher chance that the monetization result for that product are pretty good so That's one factor Then I'll talk about the other important factor is Pricing model. So if our pricing model is very efficient then again The revenue generation for our product is very high and then as a product manager, we need to think through how Efficient we can make it because we need to, you know Feel the customer pain in terms of pricing because if the pricing is too high It is difficult. So we need to do competitive analysis in terms of pricing whatever Competitors are providing the market and this is that we can do a reasonable Pricing for a product you know in terms of pricing and Also, we should have easy access for the customers in terms of pricing. So basically giving different options in terms of pricing model and if it is a new product, maybe It can be, you know, free for first two to three months See and we you know with that we'll be able to see the customer response, you know register for us once we have good amount of customers and You know, this is the response we can then, you know, put up model place for the subscription and That too has to be very easy when it cannot be like a yearly subscription. So It is difficult. It will be costly. So for the customers to make them pretty easy We'll have to give them the option like monthly or quarterly and yearly all the three options needs to be in place so that People who are comfortable with yearly subscription, they'll go with that people who are comfortable with quarterly They'll go with that and people with monthly will go with that. So that's the trend in the you know market How people try to see and at times people use it for like a month if they found the product is giving a value They try to use it monthly and you know, once customer Spend a good amount of time in the platform like maybe a year and they are confident With the service and the other features of the product And they feel they have a value out of Definitely the customer will increase their monthly or a quarterly subscription to yearly based, you know after a year maybe this is the service which The the company is providing to the customer. So as a product manager, we need to ensure We need to understand the customer requirement at every phase at every phase of a strategy every aspect that is really important and so I Think this is really important to understand how to keep the pricing in such a way that Customers can you know happy to you know, go with that pricing to use that product that ways so this is kind of a You know pricing strategy where we say okay for the first few months We'll try to on both the customers by giving them free access once People are comfortable with the quality. They will definitely go for a subscription based model with us So that's the strategy we need to think through a balance of it. And if you are able to make a good amount of balance Definitely the revenue stream will be, you know, good in numbers. So that's the key focus area And it is really important In terms of pricing so our pricing model needs to be efficient That's the important point which I wanted to convey now. I'll highlight one more point which is Taking the customer feedback Now at times it is very simple That we take customer feedback But there has to be a robust mechanism that we are able to take the customer feedback regularly on our products because Customers are the people who are using our product day in and day out. They know You know All the features of the product because they are using it So they are in a better position to give the feedback if they are if the product is able to solve their problem If the quality of the product is good Any any aspect in terms of if the product is available 24 by 7 If the product performance is good you know We when we create a product and launch it we do The testing of it whether the product is able to meet the Technical requirements the performance and everything but when it comes to the production and the number of users increases Users can only tell the experience the real-time experience So that needs to be captured regularly if we are able to capture those feedbacks regularly we can You know definitely put them in our backlogs and we can try to make our product more efficient Over a period of time and anyways, we always maintain a product backlog in terms of You know just to ensure that we are able to capture all the Customer problems and we are able to solve them. You know quarter on quarter so uh in my view The customer feedback is really important because that gives the real picture about the product how the product is behaving and We have a scope to improve in that product. So definitely that needs to be prioritized Those problems needs to be solved otherwise After some time customer will not be happy to use such a product which is giving problems in some stages maybe the product is You know working very slow The quality of the product is not up to the mark So those things we should be able to solve as soon as we get the feedback we should prioritize that So that's the take which I wanted to highlight in terms of customer feedback because that will uh Ensure that the customer experience is good if you are able to you know improve our product over a period of time But if you are not able to improve our product in the next few months definitely the acceptance of this product will be low and The monetization will go down the revenue stream will go down because of this problem So we should you know focus on taking the customer feedback regularly and ensuring that we are able to capture it solve the problems And then the product monetization will be in you know pretty good shape And then just to highlight in terms of How we can focus on the customer retention because the other piece the other important pieces uh If we could focus focus on the customer retention and customer acquisition. So these are the two, you know big topics or the key points which needs to You know capture if you want the product monetization to be in place because if you are able to retain our customer with the The quality we are giving in the product with these services, which we are giving in the product if they are excellent We can easily retain our customer But if the quality of product and the services offered are not up to the mark Definitely the customer will you know move on with some other product So we need to ensure How we can retain our customers. So there has to be a strategy around identifying the customers Who are along with us even the new customers how we can retain them give them the relevant offers See, you know, we need to do analytics around, you know, what are the You know product features they are using maybe giving offers To them, you know, in a timely manner, which will Encourage them to use this product for long term and be with us. So We need to think through on that aspect How We want to, you know, focus on the retention of the customer That's very important from long term and short term perspective and Once this is in place definitely the revenue stream will grow Because as we are able to retain the customers There is always a word of mouth, you know happening between the Customers, you know, they refer This product to their friends and relatives. So that happens automatically if the product is good And if the product is not good, definitely they will not use our product in long run So we should have a strategy on how we can Uh retain our customer That's really important and now again How to improve our revenue stream, right? So the other thing is the same customers are giving us a good amount of revenue but If you want to really grow this product fast Then we should also have a strategy in place which would capture the needs Of customer acquisition. So we have to do, you know, we will have to do the analysis and analytics on Uh, you know, what kind of customers we need to acquire. So because we now have a customer base in place Maybe with that historical data, we can see what kind of people are using our product like millennials the younger generation The mid-age people or the older age people Maybe those segmentation we need to do and see What are the numbers, you know on the higher side on which category you're good for people And, you know, try to target those audiences in efficient manner Uh, because if you are able to target the right audience The conversion rate for those customers will be pretty high. So we should contact those customers who are you know, really in the space And where they can utilize our product or they can consume our product or use our product So that's a really key aspect in terms of customer acquisition because if the strategy in place month on month our customers will increase And that will increase our revenue and the monetization for that product will be in place So I think, uh, if we are able to capture, you know, all these Uh, specifics in terms of the strategy like the efficient pricing model or the customer feedback the product platform Uh, selection And able to focus on customer retention and new customer acquisition. I think the product monetization Uh, will be a success story for that product and with that I just want to highlight A very important factor, which is kind of indirect factor in terms of, you know, contributing to the monetization of a product Uh, like the technology aspect Technology why I'm highlighting because Uh, when we build a product there has to be a tech platform to support it And that platform has to be efficient. So the as a product manager, we need to align with the engineering team uh, whether You know, which is the tech, you know, tech product, which will Be better to support the product needs. So beta cloud based product or You know, some other, you know database And it has to be in such a way that If we have You know, known data and an instructor data, then whether we need to capture that product in a big data ecosystem or A cloud approach will be much better. So those things we need to think through Affront only with the technology team If that is in place Our product will be like available 24 by 7 because The infrastructure of a product And product platform needs to be in place If that is strong and efficient The product will be available 24 by 7 to the customers Or close to that Otherwise The downtime they could be downtime in the product availability And that will lead to the Experience to the customers, which is not good and In long run that will damage the the product branding and It may happen if this if the product goes down, you know twice or Maybe four times a month Every month for next six months or one year then this is not a You know, good sign for the for the for that product and definitely The customers will not Or the acceptance of this product will go down Month on month because of that issue. So how to solve that problem, right? So upfront only we need to you know engage with the technology team and ensure that We are able to You know, we just technology requirement and we are able to think through and discuss and then put the Tech stack in place, which will support our product needs in any of the platforms be it a mobile app or the website And then The key point in terms of technology also is whatever Tech stack we are choosing that has to be You know that product should be the tech stack should be scalable enough. You know, so let's suppose Initially, we have maybe thousand customers. We have a prediction of We may have between a 1000 to 2000 customers in the next six months And if the product is a huge hit and a success then Maybe in a year it could go up to maybe 60,000 to 80,000 customers So maybe after two years, it will be maybe close to three three four lakhs So year on year the number of customers will increase which means the impact of You know, when so many customers log in to one of the products, you know in a single time The technology platform may go down if it is not up to the mark It's not meeting the requirements of you know, the hardware of that You know the server configuration And the other technology requirements are not up to the mark supporting because every in hardware infrastructure of technology has a cap on Maybe that tech stack and support maybe 10 lakh customers maximum So we need to think through from long-term perspective if How like for the next five years, you know, what could be the number of customers who could you know, join us in the product and The tech stack needs to be in place for that so that thinking needs to be done upfront with the technology So that after one year our product doesn't go down For like six hours or a day And creating such a you know, what's the experience for the users So that should not happen. So if you are able to capture this uh You know the point of scalability in the tech stack The product will be in good shape if the product will be in good shape and able to perform able to meet the needs of the customer it is Not going down and it is you know, 24 by 7 online In that case The definitely the customer will will love this product which is all the time on and somehow the customer base will increase and that will lead to the You know, uh monetization of this product. So we'll get more revenue because of this And if that is not in place the product will lose the customers. So the monetization will have an impact So that so this is a really important aspect the technology which people at times ignore And just put the product into the production and they don't think through Whether the tech stack chosen is you know scalable enough or not and after six months they struggle with the product and we can avoid that very easily by thinking through how we can Choose the right technology product Right technology stack and how we can And whether that tech stack is scalable enough. So if you are able to think through we can Uh, you know, we are in good shape and definitely We will be in a healthy stream of monetization of our particular product And then uh, finally I just wanted to highlight, you know in terms of what are the key points You should focus on when we are You know when we are thinking of you know monetizing the product like choosing the right product platform in terms of the product launch that is really important like It can be a mobile app or a website right so that ways and then the pricing needs to be Very efficient. Uh, that's really important again because It hits the customer Definitely hard if that is not in place and then uh As I said earlier also that the customer feedback is really important. We need to take the feedback and improve the products Then it will have a you know, definitely it will create a difference in terms of customer experience and uh, again customer attention and acquiring customers is really important to increase the revenue stream and One of the hidden aspect is the technology That needs to be in place. We should be you know We should consider this point in terms of how the tech stack can be chosen and how Uh, you know, whether that tech stack is scalable or not. So that's really really important Uh Thank you so much Again, uh, just wanted to thank you for your time. Take care. Bye. Bye