Taking control of your monetization stack gives you an invaluable insight into tweaking the monetization strategy for your live services group. This helps you to generate revenue, and can also accelerate new user acquisition.
Whether you’re in the early stages of developing LiveSG , or you’re ready to launch it, you need a winning monetization strategy. The best strategies start with customer value at the core.
The key to monetization is finding a flexible strategy that will work with your budget and cash balance. Depending on how your product is designed, you might want to focus on selling platform access, ad space, in-app purchases, or subscriptions. You might also consider sponsoring other companies, or offering in-app products to your users.
To keep costs down, you might want to pre-approve credit cards or debit cards. This will save you time and money and can also help reduce billing errors. Similarly, you might want to offer a free trial or a “try before you buy” option. This can also boost conversion rates.
Another option is to use open source code, which is a free and uncomplicated way to add features to your product. For example, you might want to offer a print on demand service for travel books. You can also use an app marketplace to list your products for sale. This will take a small percentage of each purchase, and will give you new revenue opportunities.
Key performance indicators (KPIs) for a live service game
Using a dedicated team of developers to create and curate a thriving community is a laudable feat in itself, but that’s not the only challenge to overcome. Fortunately, there are a few tools of the trade.
The key is to identify which players are most likely to become your biggest fans. You can use a third-party tool such as Newzoo’s Expert for this purpose. You’ll also want to keep tabs on your top performers by tracking their metrics. These include their average revenue per user, how often they play your game, and how much time they spend in your world. This can help inform your monetization strategies, and ultimately your success.
A thriving community is the lynchpin of successful live service games. This requires a full-time, dedicated team, and a willingness to listen to their feedback. This is not to mention the need for a fun and engaging experience at launch. The best way to do this is to make sure you provide a product that is fun to play. The most effective ways to do this are to have a game mechanic that’s fun to play, but also one that’s fun to learn and share. This may mean tweaking your game’s UI or a redesign of your marketing campaign. It’s worth the effort, though.
Lastly, a baffling number of live service games fail to deliver. That’s why it’s so important to be smart about it.