Questions to think about when monetizing your new product/service

During DC Startup Weekend, I asked one of the seasoned entrepenuers in the room if there were any tools in the market to help people develop a revenue model that exploits a product’s unique attributes. He said “no”. So, I am taking a crack at developing some tools which help business developer create a revenue model or monetization strategy. Here’s what I’ve come up with so far:

1) What specific added value does this product give to your customer (i.e. the end user)?

2) Would the customer be willing to pay for that added value? If yes, how much would the added value be worth? If no, why not (you may have a dud product)?

3) If the answer to question 2 is “no” or “not enough to turn a good profit”, what differentiating value could you provide to a third party (advertisiers, etc.) who wants to access that customer?

Based on these questions, would you add?


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