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COURSE THREE OF THREE

Monetization Strategy Course

Hone specialized Product Management skills in monetization strategy by learning how to implement strategies to drive profitable growth for your business. Build and test pricing plans, target the right personas, and harness their full lifetime value.
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  • Estimated Time
    1 Month

    At 10 hours / week

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    Get access to classroom immediately on enrollment

  • Prerequisites
    Prior Product Management Experience Recommended

    See prerequisites in detail

Enroll today for 30% off this course and unlock 30% off the complete Growth Product Manager Nanodegree program!

Limited Time Only

What You Will Learn

SYLLABUS

Monetization Strategy

Build sustainable profit streams from products. Learn how to identify target markets, buyer personas, and outreach channels to optimize the path to purchase. Begin by synthesizing market and customer data to formulate key buyer personas and the relevant outreach channel mix build. Then, leverage buyer psychology to develop a path to purchase that is optimized for paid conversion. Finally, apply premium value and pricing tactics to create a monetization model that increases the customer lifetime value : customer acquisition cost (LTV : CAC) ratio.

Hone specialized Product Management skills in monetization strategy.

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1 month to complete

Prerequisite Knowledge

Some prior Product Management experience is recommended.See detailed requirements.

  • Fundamentals of Monetization

    Learn the parts of a balance sheet that are impacted by product strategy, and understand the goals and basic moves of a growth monetization strategy. Understand the basic blocks for building a monetization strategy, and how to evaluate one using scorecards.

  • Buyer Targeting

    Differentiate between different buyer personas, such as consumer versus professional. Examine how the nuances in motivations of different buyer personas informs the targeting strategy. Identify the right channel to acquire new customers for each persona and develop tactics suited to each persona and channel combination

  • Path to Purchase

    Identify the different stages in the “Path to Purchase” and how it is optimized for paid conversion. Understand the tradeoff between adoption, conversion, and revenue, to set optimal targets aligned with business goals. Learn the impact of UX design on the path to purchase and the leverage of buyer psychology on purchase conversion. Develop KPIs and scorecards for monetization to understand conversion efficiency.

  • Premium Value

    Learn methods to identify what constitutes premium value for a buyer persona and how that translates to business value and apply tactics to amplify premium value identified for each persona. Understand the economic efficiency of acquiring customers using the unit economics model, and calculate KPIs including Lifetime Value (LTV), LTV : CAC, and the importance of recovering the CAC as soon as possible to optimize the payback period.

  • Pricing

    Learn what a pricing metric is, how it maps to the customer’s premium value and its importance in aligning incentives between buyer and seller. Distinguish between the different pricing metrics and how to decide an optimal range for the price amount. Build a pricing plan that optimizes for market share, revenue, profit, retention, and upsell, and calculate those KPIs. Learn how to build a growth accounting model for both customers and revenue.

  • Project: Priceless Penny

    In this project, you will apply the skills you have developed in the course to build a monetization model for a post-revenue B2B SaaS business, and then come up with hypotheses about potential changes to the monetization strategy. Using a provided description about the company, its product, pricing scheme, and a dataset of recent customer transactions, you will build monetization models for this business. Based on these models, you will then come up with a couple of hypotheses about changing the pricing metric and pricing plans to optimize the business’ monetization strategy. Lastly, you will create an experimentation plan to test these hypotheses.

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According to Glassdoor, the U.S. national average base salary for a Growth Product Manager is $109,000.

Learn with the best

Rizwan Ansary
Rizwan Ansary

VP of Product & Design at Sendoso

Rizwan started as an engineer at Microsoft, which led to a transition into product management. He was previously a Product Lead at Credit Karma, and designed the pricing and subscription model as a Product Lead at Postmates. He has also been the Director of Product at StackShare and HackerRank.

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Limited Time Only: Enroll Early and Save 30%

The complete Growth Product Manager Nanodegree program will be available for enrollment in 2020, but we're offering early access to the third course within the Nanodegree program - Monetization Strategy.

If you enroll in Course 3, you will receive 30% off your monthly subscription. You'll also get 30% off if you enroll in the complete Growth Product Manager Nanodegree program when it becomes available.

Discounts are available for a limited time only. When the complete Nanodegree program is available, students will no longer be able to enroll in individual courses, nor will the 30% off discounts be available.
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What is a Course?

Udacity’s Nanodegree programs are comprised of a series of courses. Each course is a distinct unit of learning, typically ending in a project where students demonstrate mastery of the skills covered. The complete Growth Product Manager Nanodegree program consists of three courses.

Monetization Strategy is the third Course in the highly-anticipated Growth Product Manager Nanodegree program. For a limited time, you can get started in either of these courses before the complete Nanodegree program is available.

Receive the same personalized services and support as you would in any other Udacity Nanodegree program. Any progress you make in a course will transfer to your Nanodegree program when you enroll in the complete program.

All Our Programs Include

Real-world projects from industry experts

Real-world projects from industry experts

With real world projects and immersive content built in partnership with top tier companies, you’ll master the tech skills companies want.
Technical mentor support

Technical mentor support

Our knowledgeable mentors guide your learning and are focused on answering your questions, motivating you and keeping you on track.
Personal career coach and career services

Personal career coach and career services

You’ll have access to career coaching sessions, interview prep advice, and resume and online professional profile reviews to help you grow in your career.
Flexible learning program

Flexible learning program

Get a custom learning plan tailored to fit your busy life. Learn at your own pace and reach your personal goals on the schedule that works best for you.
Program OfferingsFull list of offerings included:
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Become a Growth Product Manager

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Get started with the third course in the Growth Product Manager Nanodegree Program to hone specialized skills in monetization strategy.
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Enroll in this course at 30% off and unlock 30% off the Growth Product Manager Nanodegree program when it's available.
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Benefits include
  • Real-world projects from industry experts
  • Technical mentor support
  • Personal career coach & career services

30% OFF

EARLY ACCESS
 per month

Enroll today for 30% off this course and unlock 30% off the complete Nanodegree program!

Program Details

PROGRAM OVERVIEW - WHY SHOULD I TAKE THIS PROGRAM?
  • Why should I enroll?
    Product Manager is a top 5 job on LinkedIn's Most Promising Jobs for 2019, and one of the most coveted roles in large tech enterprises, as well as entrepreneurial startups. While Product Management roles have been growing rapidly for a while, a recent analysis of Google Trends revealed an increase of 425% in average monthly interest about Growth Product Management over the last 5 years.

    This program is designed for students who want to assume key leadership roles in product growth in their company. You will learn to build acquisition funnels, identify core customers, and optimize growth loop models. Then, you will learn how to analyze your results and make improvements to your strategies. Next, you will learn activation theories on how to decrease time-to-value and friction for both B2C and B2B product users, as well as retention theories, for creating audiences and increasing engagement. Finally, you will learn the ins and outs of monetization, from designing pricing plans to determining optimal price points using pricing metrics.
  • How do I know if this program is right for me?
    This Nanodegree program is perfect for existing Product Managers, Marketing professionals, and Engineers who are already in growth-focused roles and want to further their skillset, as well as those who wish to break into the growth domain and help propel their company and product forward.

    Growth Product Managers are essential for growing the user base of an established product, increasing customer engagement, and improving the profitability of the business. With a average base salary of $109,000, it's an in-demand role in companies like Google, Facebook, Amazon, and more.
  • What jobs will this program prepare me for?
    This program will equip you with the skills to assume growth product manager roles. You’ll learn directly from experienced Product Managers and Growth Product Managers at Microsoft, FunnelGuard, and Sendoso, who have constructed this Nanodegree program to equip you with the most in-demand and relevant industry skills.
  • What is the difference between a Growth Product Manager and a Product Manager?
    Growth Product Managers are a further specialization of Product Managers, but while Product Managers tend to focus on the success of the customer, Growth Product Managers focus on the success of the business. While Product Management roles have been growing rapidly for a while, a recent analysis of Google Trends revealed an increase of 425% in average monthly interest about Growth Product Management over the last 5 years.

    Even if a company has a great product, they won’t be successful if they don’t have users. While many companies have been hiring Product Managers over the last decade to focus on delighting customers, nobody has been hired to focus solely on the success and growth of the business. This gap created a vacuum that has been filled by Growth Product Managers.

    Like Product Managers, Growth Product Managers love analyzing data in order to develop and improve their strategies. Unlike regular Product Managers, Growth Product Managers are solely focused on growing the company by achieving short-term business goals and driving revenue.

    According to the Harvard Business Review, the three main responsibilities for a Growth Product Manager include:
    • Define the company’s growth plan
    • Coordinate and execute growth programs
    • Optimize the revenue funnel.
    Most companies will often have both Product Managers and Growth Product Managers. Even though Growth Product Managers are mainly focused on the business, and core Product Managers are focused on the customer, the two often work together to drive more value. Core Product Managers think in the long-term about delivering sustained value to the customers. Growth Product Managers think in the short-term by trying to achieve clearly-defined and quantifiable business goals. While these two mindsets can sometimes be at odds, the two often can work together to build long-term success for the company.
  • What is a course? How is it different from a Nanodegree program?
    Udacity's Nanodegree programs are comprised of a series of courses. Each course is a distinct unit of learning, typically ending in a project where students demonstrate mastery of the skills covered. The Growth Product Manager Nanodegree Program consists of three courses, outlined in the above syllabus. With the Monetization Strategy course, you are getting early access to the third courses of the Growth Product Manager Nanodegree program.

    Students who enroll in a paid course will receive all the same support and services as students in Udacity’s Nanodegree programs. The main difference is that a course is a smaller unit of material - a typical Nanodegree program is comprised of 3 or 4 courses.

    Every course includes career services including a personal career coach, project reviews from industry professionals, technical mentor support so you can get help when you need it, and a flexible learning plan so you can learn at your own pace.
  • How do I get 30% off the Growth Product Manager Nanodegree program?
    The Growth Product Manager Nanodegree program is the first time Udacity has ever offered early access to a Nanodegree program by way of access to individual courses, so get a headstart on your Product Management toolkit today! The options for enrollment are:

    • Enroll today in Course 3, Monetization Strategy at 30% off, AND unlock 30% off the Growth Product Manager Nanodegree program when it’s available. Any progress you make in the course will transfer over into the Nanodegree program!

    • Wait until Fall 2020 and enroll in the complete Growth Product Manager Nanodegree Program at full price.

    Please note that the following terms apply: Students who enroll in the Monetization Strategy Course will be eligible for 30% off each month of a monthly subscription to the Growth Product Manager Nanodegree Program. Eligible students will automatically receive this offer via email when the Growth Product Manager Nanodegree program is available. This discount may not be transferred to a different Nanodegree program or to another student, and may not be combined with other offers or redeemed for cash. Limitations apply. These terms are subject to change without notice.
  • What is the difference between the Product Manager, the Growth Product Manager, the Data Product Manager, and the AI Product Manager Nanodegree programs?
    The Product Manager Nanodegree program will equip you with the foundational skills to assume entry-level product manager roles. You’ll learn directly from experienced Product Managers at Uber and Google, who have constructed this Nanodegree program to equip you with the most in-demand and relevant industry skills. This Nanodegree program teaches the core skill set required in all Product Manager roles, which is the foundation for more specialized roles like Growth Product Manager, Data Product Manager, AI Product Manager, and more.

    The AI Product Manager Nanodegree program is meant for product managers that are responsible for building and deploying AI products. The AI PM Nanodegree program is focused on the hands-on tasks of scoping a data set, training a model, and evaluating the performance of the model.

    The Growth Product Manager Nanodegree program is meant for experienced Product Managers who are looking to specialize their skills in product management and be equipped to fill growth-focused roles. You’ll learn how to grow the user base of your product, get customers engaged and activated as quickly as possible, and monetize your product to have it generate revenue.

    The Data Product Manager Nanodegree program is meant for experienced Product Managers who are looking to specialize their skills in product management and be equipped to fill data-focused roles in the development and strategy behind data products. You'll learn how to build an MVP launch strategy for a new service product that utilizes market insights extracted from extensive data analyses and visualizations, develop a data model with corresponding data pipelines and transformations to evaluate user activity of a product, and identify key behavioral and descriptive attributes of users to construct hypotheses for new product features and experiments to validate these hypotheses.
ENROLLMENT AND ADMISSION
  • Do I need to apply? What are the admission criteria?
    No. This Nanodegree program accepts all applicants regardless of experience and specific background.
  • What are the prerequisites for enrollment?
    To optimize for success in this program, you should have:
    • Previous experience as a Product Manager
    • Experience scoping business requirements and defining basic KPIs to track progress/measure success.
    • Experience performing arithmetic and data analytics using Excel or any other tool of choice (i.e. creating pivot tables, performing statistical analysis such as identifying average values, standard deviation, etc.).
  • If I do not meet the requirements to enroll, what should I do?
    For aspiring Growth Product Managers who currently have a limited background in product management, the Product Manager Nanodegree program will prepare you to excel in the Growth Product Manager Nanodegree program.
TUITION AND TERM OF PROGRAM
  • How is this Nanodegree program structured?
    The Growth Product Manager Nanodegree program is comprised of content and curriculum to support three projects. Once you subscribe to a Nanodegree program, you will have access to the content and services for the length of time specified by your subscription. We estimate that students can complete the program in three months, working 10 hours per week.

    Each project will be reviewed by the Udacity reviewer network. Feedback will be provided and if you do not pass the project, you will be asked to resubmit the project until it passes.
  • How long is this Nanodegree program?
    Access to this Nanodegree program runs for the length of time specified in the payment card above. If you do not graduate within that time period, you will continue learning with month to month payments. See the Terms of Use and FAQs for other policies regarding the terms of access to our Nanodegree programs.
  • How long is each Course?
    The Monetization Strategy Course, the third course in the Growth Product Manager Nanodegree program, is comprised of content and curriculum to support one project. Once you subscribe to a course, you will have access to the content and services for the length of time specified by your subscription. We estimate that students can complete each course in one (1) month, working 10 hours per week.

    Each project will be reviewed by the Udacity reviewer network. Feedback will be provided and if you do not pass the project, you will be asked to resubmit the project until it passes.
  • Can I switch my start date? Can I get a refund?
    Please see the Udacity Program Terms of Use and FAQs for policies on enrollment in our programs.
SOFTWARE AND HARDWARE - WHAT DO I NEED FOR THIS PROGRAM?
  • What software and versions will I need in this program?
    You will need to use Google Sheets or Microsoft Excel, as well as access to the internet and a 64-bit computer. You will also need access to a computer for which the requirements are:
    Minimum browser requirements are:
    • Chrome 49+
    • Firefox 57+
    • Safari 10.1+ (Apple - macOS)
    • Edge 14+ (Windows)

    Minimum operating system (OS) requirements are:
    • Windows 8.1 or later
    • Apple MacOS 10.10 (Yosemite) and later
    • Any Linux OS that supports the browsers mentioned above
    • Any Chrome OS that supports the browsers mentioned above