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What is the monetization strategy in your product?
We've been considering whether to offer a free trial or go for a freemium model. Which option do you support?
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Chirag
I think subscriptions work by offering ongoing value in exchange for ongoing payments.
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Is this for LeaksID?
Whether or not you should do Freemium really depends on several things:
1. Do you have a massive potential user base? If yes, then freemium can work.
2. Do you have potential network effects? Or, does more people using the product make the product better for everyone? If yes, freemium can work.
2.b (a bit of a subquestion) Do you expect free users to continue to use the product? If it doesn't become a habit, you're not gaining anything from them.
3. Cost vs margin: can you (financially) support tens of thousands of free accounts? Can you handle support operations that come with that scale? If yes, then freemium can work.
If the answer to most of these are "no", I would not opt for a freemium model.
Instead, I'd read these two articles:
- How about a "reverse trial"? : https://amplitude.com/blog/rever...
- Lessons from going freemium: https://www.lennysnewsletter.com...
@sjoerdhandgraaf This is a great answer. The only other idea I'd add is part of 2b. Is there a logical set of features that power users are going to be delighted to pay for? This is an old one to share, but I've gone back a few times to read Joel Spolsky talking about Trello in the early days as good context: https://www.joelonsoftware.com/2...
@john_robinson11 Excellent addition, and great link. I should really go through Joel's blog.
I've come across a few times in the past.
When it comes to monetization strategy, there are a few factors to consider. Offering a free trial can be a great way to attract new users and showcase the value of your product. On the other hand, a freemium model allows users to access basic features for free while offering premium features for a subscription fee.
We are offering our product for free for up to 5 meeting recordings.
After that it's 18 or 25$ per month.
We used to have a limit of 10 free recordings, but later realised that ppl who pay get the value after 3-5 recordings. Not 10.
I would recommend to experiment.
Our business model is subscription-based, with monthly or yearly payment options. Paying for a year offers a discount. Additionally, we have a Free version with limited features, but it can be used at no cost.
At https://mydevpa.ge/, we have a freemium model.
The reason for this is because we want to get users as soon as possible and get feedback so that we improve our product.
We have 3 plans:
1- Free
2- Yearly
3- Lifetime
I would go for a freemium, to be honest.
You keep your users warm, and ready to upgrade at any point. And they won't forget your product and spread the word
We are doing a low friction free subs version with a paywall but we're pretty generous with it as we love getting the feedback from engaged users Julia, please follow me for our AI launch on Monday, cheers, Mike
Charge a percentage or flat fee for each transaction conducted through your platform.
Mike mentioned that they are launching an AI on Monday and they have a low friction free subscription version with a paywall. They are generous with it as they love getting feedback from engaged users. If you’re interested in following their launch, you can follow Mike. Good luck with the launch!
our product lets you search across all your apps, at once. we provide search for free but AI-powered QnA on top of results is paid.
btw we're launching today. would love your support :)
https://www.producthunt.com/post...
We have a freemium model along with an outcome-as-a-service at the other end of it,