monetization

Vocabulary Word

Definition

Monetization is the strategy of generating income from an existing product or service. It could be through sales, subscriptions, or ads.

Examples in Different Contexts

In business development, effective 'monetization' strategies are pivotal for driving revenue growth. A business development manager might advise, 'Exploring diverse monetization avenues is fundamental to leverage our assets and maximize profitability in competitive markets.'

Practice Scenarios

Impact

Scenario:

Our fundraising goals for this year are ambitious. It's crucial we ascertain effective ways to utilize funds.

Response:

Monetization of volunteers' skills could be an efficient way to meet our fundraising targets.

Creative

Scenario:

The art market has shifted remarkably over the past decade. How could we capitalize on this?

Response:

Monetization of digital art is a growing trend we should consider for capitalizing on the market shift.