As a senior product designer, I would describe monetization as the process of generating revenue from a product or service. Monetization strategies can take different forms, such as charging users for access to the product or service, displaying advertisements, or selling data or other assets generated by the product.
Monetization is an important consideration for any product or service, as it helps ensure the sustainability of the business and allows for continued development and improvement. However, it's also important to balance the need for revenue with the user experience and to avoid monetization strategies that may negatively impact user satisfaction or trust.
In practice, designing for monetization involves understanding the target audience, identifying appropriate revenue streams, and developing clear and transparent pricing or advertising models that align with the product's value proposition. It may also involve conducting user research and testing to ensure that the chosen monetization strategy does not negatively impact the user experience or undermine the product's core value.