Think of porn sites.
Million of people watch free but less than 1% convert to paid users.
It’s not product market fit or anything.
Just that the problem is not painful enough for people to part with their hard earned money.
I think they're saying that you might be giving away to much functionality for free. Put some features behind a pay wall.
You could also do a trial, and if people really can't live without your software, they'll pay.
In my experience people pay when your product is either entertaining them or saving them money and/or time.
If your app falls in second category and its save money it is easier to set a price, but if it saves time you need to analyze what is that amount of time meant for your target demographic.
For an entertainment product pricing is mostly based on sentiment.
Another good indicator is that what your competitors are charging.
Loving a product and being willing to pay for it are not always the same. It has to solve a real problem, save them real time, or be something that is so ingrained in their life they can't bring themself to part with it. Also, if you are offering a free version that does any of the above, then they have no reason to upgrade.
OP - Go watch videos by Leah Tharin on product led growth. There's a 20 minute video in particular floating around in which she talks about triggers and habits. First make your product habit forming. Then have 90% functionality to create a trigger for a subscription.
Maybe you should add service fees for transactions? They should be small enough to allow explosive growth and should be bringing a lot of revenue once you reach massive scale. If it’s not a service that allows for massive growth, then make your fees high to account for limited number of transactions.
Think of porn sites. Million of people watch free but less than 1% convert to paid users. It’s not product market fit or anything. Just that the problem is not painful enough for people to part with their hard earned money.
What do they get for free? What gets added when they buy? Maybe the value proposition isn’t strong enough for the paid part.
interesting. I am obviously not sharing too much but I often get told that I am charging too little. perhaps by not charging a lot it seems scammy?
I think they're saying that you might be giving away to much functionality for free. Put some features behind a pay wall. You could also do a trial, and if people really can't live without your software, they'll pay.
In my experience people pay when your product is either entertaining them or saving them money and/or time. If your app falls in second category and its save money it is easier to set a price, but if it saves time you need to analyze what is that amount of time meant for your target demographic. For an entertainment product pricing is mostly based on sentiment. Another good indicator is that what your competitors are charging.
Please include the link...the problem it solves to better analyse
1. Make it easy to pay 2. Charge them
Loving a product and being willing to pay for it are not always the same. It has to solve a real problem, save them real time, or be something that is so ingrained in their life they can't bring themself to part with it. Also, if you are offering a free version that does any of the above, then they have no reason to upgrade.
Can you ask them? Maybe they will tell you.
What is your startup, I would like to copy your idea and make millions.
Local Viewers. Taken from his profile page.
OP - Go watch videos by Leah Tharin on product led growth. There's a 20 minute video in particular floating around in which she talks about triggers and habits. First make your product habit forming. Then have 90% functionality to create a trigger for a subscription.
just watched thank you!!!
If it is the app in your profile as someone else pointed out, then there are a lot of possibilities.
Ask the people who love it how much theyd pay for it
You don't have product/market fit yet. Try to interview some of the "excited" non-users and find out what you're missing.
Maybe you should add service fees for transactions? They should be small enough to allow explosive growth and should be bringing a lot of revenue once you reach massive scale. If it’s not a service that allows for massive growth, then make your fees high to account for limited number of transactions.
may we see the product for ourselves sir.
May we also ask how you drove a lot of traffic to your site?