What is the good time to monetize your product?

My strategy is the following with EmbedQuiz.com: It let's you build quizzes, collect an unlimited number of results and email subscriptions for free. To provide free a service, EmbedQuiz stores response data on the users Google Drive in a Sheets file, so it's free for me and the user can easily import results into any software. My current goal is to get users and feedback as soon as possible. Later when the product is validated and many people use it, I'll add new features and more customization in a paid subscription. So in my case I'll only monetize the software if it's validated and I have a list of potentially interested users.

When it comes to monetizing your product, picking the right time can make all the difference. A great place to start is after you've conducted market research, set up an effective pricing strategy, and established visibility for your brand in the industry. That way, when people know who you are and what you offer, they'll be more prepared to spend money on your product. Additionally, make sure that you have enough data to decide which pricing model works best so that you're monetizing as effectively as possible. If you take the time to set the foundation beforehand, you'll have a much better chance of success in the long-term!

I guess it depends on what monetization strategy your using. I believe the most common way is displaying ads on your product. I think once you have stable rates of Returning Users and Core (subscribed) Users, your product is ready to be monetized. I think monetization's side effects will be the softest if you already have a good amount of loyal users who will stick through the inconveniences of ads, payment gateways and etc. To add on, even if your product has high DAU, and MAU rates, this may not be a signal that your product is ready for monetization, as seemingly-greedy features may throw new users off..

There is no one-size-fits-all answer to this question, as the ideal time to monetize will vary depending on a number of factors, including the nature of your product, your target audience, and your overall business strategy. But these can help guide your decision 1. Product-market fit 2. User engagement 3. Business model The right time to monetize will depend on your individual circumstances and goals.