It’s been an exciting 3 weeks since launch, battling bugs, obvious features (e-mail sign up, duh…), user feedback. Here are our observations (yes, lots of methodological caveats, small sample size, small content pool etc)
Our main challenge is finding the equilibrium:
Product Market Fit - the technical definition is a flattening of the retention curves but this takes time and usage. The first signals one should look for are the subjective remarks and feedback from users directly. If users are not excited about your product then nothing you do matters.
Consumers are excited about our offer
We have been getting a lot of extremely excited users telling us how our service solves a real pain point for them and asking for it to be rolled out to other publishers
This is backed up by action - users are paying for the service (pre-paying $3). Around 4% of users have paid. While most still have the promotional balance so they have not even encountered the Recharge screen. Of users hitting 0 balance, 73% have Recharged!
Our best example (which I will save forever) is a user wanting the service but not wanting to pay with credit card, randomly Paypaling $5 to our support email ;-)
We have found that free Newsletter subscribers interact with our service up to 5X what Twitter users do (depending on content). Based on that, we rolled out a new Paywall model enabling distributing premium content (Paywalled) to free newsletter users with 2 CTA - Subscribe or pay with Micropayments.
This has performed very well and really surprised us that it drove subscriptions as well as Micropayments. Meaning that, on average, 35% of users clicked on the Subscribe button vs Micropayment button and drove real subscription signups.
The biggest variance in performance seems to be content. Dan Rather’s best performing article saw 3X the engagement from the worst performing article.
We are onboarding several new creators but really need a diverse set of content, creators and publishers. Please join our experiment and help make Journalism profitable again.
How can you help?
Creators - if your audience is on Social Media - try our platform directly and try and monetize some of your following (Twitter, Facebook, LinkedIn etc). If your audience is on a free Newsletter - try our new Paywall to help drive both Paid Subscriptions and Micropayments
Publishers (you run your own platform), come try Micropayments in to monetize your Social Media Channels, Free Newsletters or add a button to your paywall to monetize the "other 98%" who don't subscribe, starting with your poorly performing cohorts - AMP, Social Media clicks, out of DMA traffic etc.
Thank you for reading this far