Direct API Monetization: Charging for API Use to Create More Value
In a recent webinar on how a digital products tier adds value to an API monetization strategy, Brian Otten, Chief Catalyst and North America VP at Axway, describes direct API monetization and the contexts where it makes sense to use it. “The direct kind [of monetization] is where I would say… search for things where you've got valuable data, or you've got valuable services. Some of the prime ones are where customers have to call a call center, for example. There's one example I have from a regional bank that we're working with where they realized, ‘we can actually package this up and charge commercial clients for doing a thing that they could probably do themselves if we opened up the capability in the system to them, whereas now they have to call our call center, we have people that we have to put in place to field those requests, and the whole thing takes a long time and it's expensive.’ Look for those kinds of things where you can create APIs that work together to allow your customers, your subscribers, to self-subscribe, access, and pay for it directly. And then because you've got the API digital product tier and its capabilities, you can integrate that with a billing and payment system. So, if you're using Plaid or something like that, we can track it and bill it and automate that even further. So, you've taken something that used to be a pain and a drag on the business both for you and for your customers, but now you're opening that up to something that's directly monetizable, which is better for you because you've got a new revenue channel, but it's better for your customers too because it's faster, and it's easier, and they can build that into their own workflows and their own workstations.” Register here to see the full webinar on demand and learn to drive revenue faster with your APIs: https://go2.axway.com/NA-WBN-2024-02-20APITalksAddAPIdigitalproductsforfasterdevelopment_LP-AX-Registration.html?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_lob_gc&utm_content=teaser_api_products_tier Further reading on API monetization: https://blog.axway.com/learning-center/apis/enterprise-api-strategy/api-monetization-models?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_lob_gc&utm_content=teaser_api_products_tier #APImonetization #developerslife #apimanagement #apimarketplace
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