Tired of Your Free Users Not Converting? 🦾
Did you build a solution with lots of free users but can't seem to convert them into paying customers? Here are three things you shouldn't do:
1) Building More Features Won't Seal the Deal
Many professionals tend to add more features to their products to make them more attractive, but simply having more features won't make them more appealing to potential buyers. Instead, it's crucial that you understand the changes your customers will experience once they use your product or service. Typically, this change can be achieved with just 3 to 5 features.
2) Spending More Money on Another Ad Campaign
If your ads didn't perform well, increasing your advertising budget won't necessarily bring you more paying customers. Ads and landing pages won't reveal why people did not buy or upgrade your product or service. Instead of launching another ad campaign, talk to your users to understand what would motivate them to buy.
3) Changing Your Price to Be Competitive with Your Competitors
Your competitors won't have the solution to your sales problem. Instead, focus on getting the answer to the two most important questions:
- How are your potential customers currently addressing their issues?
- What are the costs of their current alternatives in terms of price and resources?
The answers to these questions will provide valuable insight to help you develop a pricing model that suits your customers.
"Don't create unicorns, Let's breed blue whales." 🐋
#innovation #businessdevelopment #productmanagement #businessmodel
