Let's keep it going! Some suggestions: 1. If your team has a PM Slack channel, can you share the survey there? 2. If you're in Blind, consider posting a link 3. If you have PM friends at other companies, share the survey with them
Go team!
A peek at some early results
Where responders are mostly from so far
So many different titles
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Some things I've learned about the newsletter'ing life, so far π
1/ It's really easy to start a newsletter. It's very hard to keep it going.
The key to keeping it up, at least for me, is (1) being genuinly curious and energized about the topic, (2) having a broad enough topic to keep it novel, and (3) having consistent time to write.
2/ Optimize for a topic YOU'RE excited about, not what you think other people will be excited about.
This is so important. It's the reason I went against the classic advice of finding a single focused niche. I would have been so bored thinking all day about just one thing.
Every week, @KiyaniBba pulls together the best conversations from our subscriber Slack community into a weekly "Community Wisdom" email, synthesizing the best advice from the community. This week's email was SO good. Some highlights in the thread below π lennyrachitsky.com/p/-community-wβ¦
10 nuggets of wisdom about pricing strategy pulled from @Patticus's epic guest post last week, including how much to discount, when to consider freemium, the impact of design on price, whether to end your price with a 9 vs. 0, value props, and much more
Read on π
1/ You should localize your pricing to the currency and willingness to pay of the prospect's region
βοΈ Revenue per customer is 30% higher when you just use the proper currency symbol
βοΈ Having different price points in different regions increases revenue per customer further
2/ Freemium is an acquisition model, not a part of pricing
βοΈ Think of freemium as a premium ebook driving leads, not another pricing tier
βοΈ Don't do freemium until you truly understand how to convert leads to customers
βοΈ Paid users who convert from free tend to be better
Inside:
βοΈ The 2 foundational elements of pricing strategy
βοΈ Determining what axis to price on
βοΈ Plug-and-play templates
βοΈ Tons of examples
βοΈ Bonus advice
2/ Many suggestions came though but one name came up again and again: @Patticus
With the slightest of prods, Patrick agreed to write a guest post answering a question I've received almost more than any other: How do I price my SaaS product?
Early-stage bottom-up SaaS founders β this thread is for you
Below π
π¬ Most important metrics to track
π Tools to track these metrics
π¨ How to best visualize and share these metrics
1/ π¬ What metrics should early-stage bottom-up SaaS founders focus on?
β¨ Pre-revenue β¨
1. Retention:
β User: % of new users who are still active 3-6 months later
β Logo: % of new companies who are still active 3-6 months later
β L7/L30: # of days that users are active
2/ Virality within an organization:
β Invite rate: % of new users who sent at least one invite in the first X days
β Invite conversion rate: % of users who receive an invite that sign-up in the next X days
β Virality factor: % of new users who have come from an invite