Udacity Monetization Strategy Course Review
Product Management is a powerful tool. It helps businesses grow by helping them analyze their online traffic. In order to give companies a look at what kinds of strategies they can use to increase their sales and overturn a profit, Growth Product Managers must know how to develop, organize, and execute a monetization strategy. Of course, you can’t just get hired right off the bat, you need some kind of skillset that shows you can give companies what they need and help them change directions completely.
That’s where the Monetization Strategy Course from Udacity could be of big help. It comes with all you need to start the journey and gain the skills you need to land a job in an exciting and profitable field. If that sounds like something that is up your alley, we’ve got all you need to decide if this course is right for you. In this Udacity review, we’ll take a look at the cost, the curriculum, and what other learners have to say. We have a look at the job market at the end too, giving you all you need to decide if this course is the one for you. So, let’s get to it by first introducing you to Udacity.
Udacity is an online academy that focuses on IT courses. Started by two Stanford University professors, the goal was to target those who were anxious to learn the skills necessary to break into the field of IT, starting out with just a few free courses. These were free course as an extension of the computer science courses given by professors at Stanford University. Fast forward 10 years and the academy has exploded with popularity, collaborating with some of the best academies in the business to create their courses. They have everything from the most basic of courses to really advanced courses. The main feature that attracts attention these days is the Udacity Nanodegree, and we’ll tell you why.
What’s a Nanodegree?
A Nanodegree from Udacity is a short course that is meant to hone in on a particular topic. These are usually created to take a few months to complete, even if you’re only dedicating about 10 to 15 hours per week. Using video lectures, professionals in the field lead the way, explaining concepts to you and letting you in on how you can use them when you start your career. Each lesson is followed up by a project that closely mirrors an issue in the industry and some are even developed with the help of top companies. This makes you an attractive candidate to recruiters that are hunting for new talent, giving you more of a chance to score a job right out of graduation! When you sign up for a Nanodegree from Udacity, you get:
- Access to a community of learners just like you
- A technical mentor- just in case!
- The ability to learn at your own pace- from anywhere in the world at any time
- Help with your resume – including cleanup and suggestions
- Opportunity for a mock interview with a professional
- Projects that mirror real industry issues – and feedback from industry leaders
- Instruction from some of the industry’s most sought-after professionals
Meet your Instructor
For this course, you’re taught by the one and only Rizwan Ansary. He is VP of Product & Design at Sendoso on top of teaching and creating content for Udacity. His career started as an Engineer for Microsoft, where he took it over to product management. After Microsoft, he would move to Credit Karma, developing their pricing, and Postmates. Other companies under his belt include StackShare and HackerRank, all of which he has worked with to enhance the design and efficiency of the way they do business.
This course is the third and final step in the Growth Product Management Course from Udacity. It goes into details about online markets, helping you to identify those that are the strongest and come with the most potential to find customers. You’ll learn how to spot key buyers in the market, learning about buyer personas to enhance your outreach to them, and turn them from potential customers into paying customers.
Udacity has a list of recommendations that every student should have before they start the course. They suggest that you have some experience with online marketing and product development beforehand. Apart from a bit of knowledge, learners should have other skills. These prerequisites include:
- Understanding KPIs- Including how to track them and measure them for their success
- Have experience with data analytics using Excel or other analysis software. Learners should have a good handle on probability and statistical methods
- Know how to work with mathematical functions that aid in the analysis
Lesson One: Monetization 101
The first part of the course focuses on understanding the overall concept and goals of monetization and growth. This also includes all of the foundations you’ll need to create a monetization strategy, using it to evaluate using a scorecard.
Lesson Two: Buyer Targeting
Here, it is all about the buyer. Find out what makes them click-learning what the difference is between a consumer and a professional. This part of the course focuses on how to identify different types of buyers, helping you to identify personas of those who are visiting your sites.
Lesson Three: Path to Purchase
The ‘path to purchase’ includes all of the different stages from tracking traffic to converting into buyers. There is a lot of information here about meeting company goals along the way, showing its importance when creating your target audience. There is also a lot of information about buyer psychology, getting to really understand customers and how and why they click on some ads and avoid others.
Lesson Four: Premium Value
Another important factor that goes into creating an effective growth strategy is the economic level of your potential clients. You won’t get anywhere marketing luxury items with huge price tags to a middle-class family of 4. This part focuses on the unit economics model, which you can use to calculate KPIs and increase your payback period.
Lesson Five: Pricing
A powerful technique involves lining up pricing where it is profitable for the seller and economic for the buyer. Learn about these incentives and how to identify and tell the difference between different pricing metrics. When you’re in the field, you’ll be building pricing plans that optimize market share and profit. This is the key to gaining growth on a product, which you will learn to do easily after all is said and done.
Final Project! Priceless Penny
In this project, you’ll take on the role of a Growth Product Manager. Using the skills that you learned throughout the course, you’ll get to create your own monetization model. Before you begin, you’re given a description of a B2B SaaS business. You will use this description and your knowledge to come up with a hypothesis about how to change pricing to enhance sales. You won’t just stop there, you’re able to test your hypothesis, seeing how it pans out and if you were correct in your thinking.
How Long Does the Course Take?
You learn so much in the course that it might seem like it will take a lifetime. Well, we have a surprise for you! Udacity estimates that, at only 10 hours per week, you can finish this course in 1 month. Yep, that’s it. You can gain the knowledge you need to create your own monetization strategies and become a huge asset to companies in 1 month or less.
How Much Does the Course Cost?
Udacity normally charges per month for access. This is still true with this course but, taking 1 month or less, you’ll need just that. Udacity does offer a deal for this course if you enroll early, which could be worth it if you can. A normal month of access to Udacity-which comes with all the perks listed above, runs €359. For this course, if you sign up early, you score a 30% discount, which brings the total to €249. Just think, you could have a certification and the knowledge needed to break into the industry at a steal in 1 month or less. Need we say more?
What Have Learners Said?
This is still a fairly new course, one that you will be the first to review. Still, Udacity has a solid reputation that comes with a positive online rating from most of its reviewers. Here is what a few previous learners had to say about the course:
“I love Udacity because it is very useful to strengthen our knowledge and train us and learn new things daily, offering wonderful free courses, with really charming material, in a totally new and simple way for our learning, I am fascinated by the explanatory videos, with the opportunity offered by this platform to obtain a certificate signed by the instructors who accredit the training for free. Udacity is suitable for anyone who wants to learn since it admits middle-aged students regardless of age, allowing the young generation to train in different work fields for their performance in a safe, intelligent, and totally sophisticated way” Lautario M.
“I like Udacity because it is useful for all people, offering free high-quality courses with tools to facilitate learning in a completely new and simple way, offering explanatory videos, and most importantly that they obtain a certificate signed by instructors free of charge. It certifies the training they have received and that they have successfully passed it.” – Sebastian P.
“Udacity always provides quality and informative courses. Instructors on Udacity are really impressive and the audio quality of courses are also good.” – Kunai S.
“There are many things that I love about this course, the videos are done with at most thought and professionalism, you also get reasonably fast response from tutors. I can also see that a lot of care was put into double checking if the course doesn’t have errors.” -Elle B.
What’s the Job Market Like?
We go online a lot. So do potential customers. As a matter of fact, we are all turning to more online presence, and companies know that. Understanding how potential customers use their time online, including what makes them click and buy, is a huge skill. Large companies know that someone who understands how to analyze online activity is highly valuable, making it a good, profitable, and secure career to have.
Glassdoor reports that the average salary for Growth Product Managers to be over $157,000 per year. This is with top-tier companies like Airbnb and Facebook, so there is a lot of variance in the market. As far as the demand, the career path toward becoming a Growth Product Manager was referred to as “the golden age” by Product Board. The more that customers are turning to the world wide web to get their shopping done, the more companies are pushing to make the switch. Companies know that they have to evolve their strategies and cater to what web surfers want-turning toward experts that know how to find out.
Are you ready for A New Hot Career?
Udacity is a great academy, and we’re not the only ones that think so. There are so many learners out there that highly recommend the academy, praising it for its in-depth content and bonus features. With the Monetization Strategy Course, you’re getting to start on a journey that has a promising and profitable path. You could be the one that companies in all kinds of industries turn to, giving them the details on how they can increase productivity and make sales soar.
After course completion, you’ll have a ton of opportunities knocking on your door, setting sail to new exciting horizons. Jump in and sign up today, taking advantage of the 30% discount for early signup. Your future career is calling, and it’s a hot one-why not start today!