Ok hopefully you fastlaners can share your thoughts on this
I've been working with a marketer for a few months, he's been helping me improve my product and given great feedback, which I've implemented. One of the major breakthroughs has been a change in the pricing model, which has seen a massive improvement in conversions. It has gone from around £150 MRR to £560 MRR in the span of a couple of months. (I know this is still small, but it's a huge improvement which is what I'm trying to illustrate).
I'll point out however that before the marketer came along I already knew I had to change the pricing and the idea of the exact pricing model was mine, which I had got from reading various blogs on pricing. Why didn't I implement it sooner? I guess I was afraid to make such a drastic change, resorting to small tweaks in copy etc instead (facepalm).
The marketer is a freelancer and he has clients and can be quite busy, however he has said to focus on the results he can bring rather than hours put in. Some other points:
Some background:
Really interested to hear people's thoughts on this!
I've been working with a marketer for a few months, he's been helping me improve my product and given great feedback, which I've implemented. One of the major breakthroughs has been a change in the pricing model, which has seen a massive improvement in conversions. It has gone from around £150 MRR to £560 MRR in the span of a couple of months. (I know this is still small, but it's a huge improvement which is what I'm trying to illustrate).
I'll point out however that before the marketer came along I already knew I had to change the pricing and the idea of the exact pricing model was mine, which I had got from reading various blogs on pricing. Why didn't I implement it sooner? I guess I was afraid to make such a drastic change, resorting to small tweaks in copy etc instead (facepalm).
The marketer is a freelancer and he has clients and can be quite busy, however he has said to focus on the results he can bring rather than hours put in. Some other points:
- Why does he want to be involved? He wants to transition to more passive income rather than freelancing all the time and he thinks the business is capable of generating good passive income (I also want passive income, I'm more after a lifestyle business than anything else).
- He doesn't want to be working on it for 10 years or something (me neither), he said we could potentially sell it after 2 years and split the earnings.
- He is not interested in raising lots of money from investors (neither am I).
- He wants a large equity stake.
- He has said he isn't interested in taking any profits from the business until it reaches at least £3000/month profit - it should first go towards me and the business.
- He said we could do a thing where I give away equity to him as we hit certain milestones.
Some background:
- The business is quiz software for teachers. It has a unique spin on it which differentiates from the competition.
- I started it as a coursework project at school in 2017 (I'm 22), worked on it on the side until August 2019 where I dropped out of uni to work on it full time and also incorporated the company then.
- It has grown from word of mouth, I haven't done any marketing and at one point it had 20K users before I started deleting accounts which weren't active. Yes, 20K users but less than £200 MRR, it was freemium and hardly anyone upgraded. There's still a free element in the new pricing model, but users are forced into upgrading if they want to use it a lot.
Really interested to hear people's thoughts on this!
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