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MenuWhat are the key challenges / metrics in implementing an online subscription model targeting consumers?
Any views re: free trial period? Newbie entrepreneur looking for some guidance.
Answers
I think it would help us help you here if you mentioned to us the nature of your product :)
> How are you sourcing your traffic?
This is more likely than any other factor to be the determinant of your success or failure. If you get the right people looking at your offer, even if your offer is mediocre, it can do well. But the wrong people will never convert on your offer even if it's great.
> Are you solving a problem they themselves have acknowledged is significant and urgent?
Many SaaS and other products are invented by their creators in isolation. The creator thinks it's a good idea--but the smart thing to do is ensure the market agrees before you develop the idea into a product or service.
What I'm saying here is most people, newbies and experienced, fail to start off well when it comes to a product or service like yours.
They create something nobody wants, and they believe that just putting it out there on a website is going to lead to sales.
This is as far as I can go as you haven't provided any details of what you're doing or in what niche.
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Does anyone know any social media or blogs specialized in event organization? I am looking for experts in admissions and sponsoring revenue models.
I work closely with an events agency in the UK, and have helped them manage the digital side of some massive events for clients like Samsung and Oracle. I'm also an official TEDx organizer, so I know a bit about the non-digital side as well. I've not come across many social media accounts or blogs that are platform-agnostic - The vast majority out there are product related and are always seeking to push the agenda and worldview of that particular product, business, agency or organization. Considering that at this stage, I know nothing about the size of your event(s), the potential audience, your admissions/attendee model and ideal target income for your sponsorship budget - My advice to you would be to research events agencies in your local area, or in your audience space, that could help/advise you. Here is the approach I would use: 1) Start small. In the events space, even small agencies can pack a big punch, and they are usually friendlier and more flexible. 2) Ask them for advice. If you're serious about organizing an event, they should be biting your hand off to advise you on what to do, and what to charge. 3) Offer them whatever you can to get the to buy-in. They might halve or waive their fees entirely if you can offer them an opportunity to speak, present or sponsor themselves. 4) Do a beauty parade. No matter how much you like an agency, always talk to more than one when you are planning and researching. You need to compare like for like. 5) Seek independent guidance. If you're new to the events space, then you run the risk of being taken advantage of. Once you have some options on the table, and you are looking at making a decision, run it past an independent advisor (like me) to get validation of what is being discussed. I'd be happy to discuss this with you on a call, if that would be of benefit - I have a few more negotiating tactics up my sleeve that may prove useful.LG
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What can be the viable revenue model for a social learning app for the students?
1. commercials / Advertising / leads. 2. In-app purchases of things that they actually need. 3. Freemium model - they only pay for extra services (like maybe you can have a dating feature or a business feature). 4. Offering complimentary services such as loans, help submitting forms, help before interviews and many other ideas. There are many more options. Happy to explain them on a call. Good luck I've successfully helped over 380 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at my reviews: https://clarity.fm/assafben-davidAB
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What is the best way to figure out your revenue model for a mobile app that's service related?
To answer your question directly, the best way to figure our the optimal revenue model is by doing exactly what you're doing right now: evaluate the trends, challenges in the market and calculate how much it costs to build your user base relative to the revenue (potential) they bring in. Commonly if your CAC is out of alignment people start by focusing on the tactics through which they acquire (which to be fair is only natural.) I though like to start on the custom side and work my way backwards. Are you targeting the "right" customers relative to your opportunity in the market. Start by focusing on this question first and making sure you're targeting the right market for your app/service. Next, I would see if you can fractionalize that market further down into a more specific/narrow subset of potential customers. This should allow you to maximize what you are producing in terms of revenue potential and also cut down on the acquisition costs side since you can focus your nozzle more directly towards the target. The bottom line is dont overlook an opportunity to make sure your target market is clearly defined and confirmed/validated. And dont be afraid to question potential false-positives (i.e. just because someone will buy your service doesn't make them necessarily the ideal customer.) try to create multiple layers and variables of filtering that help you make sure you've got the right group of people in your sights.JG
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We need some out of the box ideas for revenue streams - a way to fund a service for the elderly that people are unlikely to pay for upfront.
Have you watched Jonathan Fields' Good Life Project http://www.goodlifeproject.com/ Maybe that'll get you some ideas and inspiration. I know Jonathan and could connect you. I may have some other ideas but would need more information to know if they'd be worth trying. Let's connectRC
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What is the right business/revenue model for a personalized online learning platform for business professionals?
There are merits to both options, but unless your economics dictate one over the other, the choice should be made by your consumers. I would suggest that you use landing pages to test both pricing models and let the relative click-through-rates tell you which is the right way to go. Validate the consumer preferred model before you commit to it. You may discover one as a clear winner overall, or that one wins out in a key market segment. You may also find that the distribution is fairly even. Keep in mind that it is possible to utilize both - think Amazon selling audio books, but also offering Audible Subscriptions. Ultimately, you'll want to make sure that the economics work for you - and focus on maximizing customer LTV (life time value - ie the total you'll earn per customer over the lifetime of that customer). I'm happy to explain the process of testing these (even before the product exists) in detail. Just shoot me a message.RR
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