basically monetize is about generating revenue from your asset, converting benefits into payment and become a cash. Few assessment would needed first to identify the step by step process such as type of your product, your own business model, identify the marketing channel, did you have your own community? if not, then building traffic is a must, etc etc, and each of the process required their own KPI (Key Performance Indicator).
To simplify the answer, perhaps this infographics below can help you "how to monetize"
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| Ways to Monetize |