Hotjar now integrates with Slack, Casey Winters on the different type of marketplaces, Elena Verna on monetization strategies, how to analyse a SaaS business when you’re thinking of investing, book recommendations for Product Managers. This is your weekly GrowthPulse.
Indirect monetization strategies
I have a business and when you want what I offer, you pay for that. Either by putting in all the money now or when you derive value from it month over month, you pay me a little bit every single month until you churn. If what I’m doing is in the cloud, I might have proper margins. If what I’m building/selling is physical my margin is a bit less.
This is how many business operate, but there is more to it. Say you have an online product and you only have paid tiers, meaning that people can only use your product if they start paying for it. You do have a 14 day trial on it. Do you think that the 14 day trial is enough for them to achieve that critical moment (aha, wow, 💯, 😍) after which they keep coming back?
Now for a brief moment, think of freemium instead of a x day trial. I know what you’re thinking, I’m not going to give away my product for free. Hold that thought for a moment.
Think about what freemium can bring to you.. Every retained freemium user is a warmed up lead for your account/sales team - that is, if they even need high touch sales to convert to paid. Think of the oceans of data that freemium gives you, which allows you to improve your product time after time.
If there’s only a slight chance that freemium is possible, then move on to the small, but spot on post by Elena down below. It lays out the five (if not more) strategies you can implement (on top of each other) to get the most out of your freemium strategy and built a premium business on top of that.
- Junior Strategic Digital Designer @ CLEVER°FRANKE (Utrecht)
- Marketing Specialist @ EazeGames (Amsterdam)
- Senior Product Growth Manager @ Dott (Paris)
Have a great weekend and see you next week!
PS. You’re not alone if you haven’t received your GrowthPulse last week. I completely missed out on that one. 🙈