?? Product Tips #4: 50% for Marketing, Pay-What-You-Can Option, and New Features as Paid?Add-Ons
Wrote some product tips that will help you to realize that product development it’s only 50% of all your efforts, offer a pay-what-you-can option with a minimum price for your services and try to sell new features for a specific group of users as paid add-ons.
Building a great product it’s only 50% of all?efforts
What is the secret? Marketing. Building a great product it’s only 50% of all efforts. The other 50% should be spent on marketing ??
Marketing is very important for the success of your app or website. Without a product that can stand on its own without marketing (a product people want to use), you will never succeed.
Make sure to work on something that people love. And to figure that out, ship early and often.
Offer a pay-what-you-can option with a?minimum
Do you have bad sales? Why not try to increase them by offering a pay-what-you-can option with a minimum? Try to apply this approach to your basic product. But, pay attention, you also have to have the premium version of your product.
A real case example: make the basic version of your e-course available with a pay-what-you-can option with a minimum payment of $20. You could sell the same e-course for $80 in the past for example but the sales were not so good. Set a higher price for the premium version of your e-course.
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Then try gradually raising the minimum price based on what people are willing to pay. To understand this pricing model in detail, read this article.
Sell new features as paid?add-ons
If you develop new features only for a certain group of your users, try to sell them as paid add-ons.
A feature may be needed only for certain users, but not for all your users. In this case, it’s a great chance to (try) sell the feature as a paid add-on on your product. It can significantly increase your revenue ??