Hi Daniel, thanks for answering. Do you have the same opinion on projects that are unlikely to reach high levels of revenue anyway?
My current project is a Telegram bot to auto publish on Reddit using AI + Voice notes from Telegram. I'm modest in thinking that there won't be a huge audience for this kind of thing if it's paid. Of course, if it's free it will reach more people and be used more so I was thinking maybe the conversion rate ends up being roughly the same.
Do you have the same opinion on projects that are unlikely to reach high levels of revenue anyway?
Yes but that's a bit pessimistic 😅. Any project may or may not reach a high level of revenue IMO.
Here is my thought process:
I need to form a hypothesis on how much effort needed to generate certain amount of revenue
Then I work backwards and validate the hypothesis
To do that, I would start with paid only because if I cannot convince even a few people to pay, I won't be able to convince 100, 1000 more. And in the end, all my efforts are wasted. I'd rather work on a different thing
From my experience, if you can convince 1 person out of 100 users who tried your product, it's likely a good product to pursue.
If you show it to 1000 people but none would pay then it's not a good problem to solve.
You can test both strategies. Make it paid only, but allow a small number of visitors to try it for free in exchange for feedback. This would filter the non-serious users who are not really having the problem you're trying to solve.
Hi Daniel, thanks for answering. Do you have the same opinion on projects that are unlikely to reach high levels of revenue anyway?
My current project is a Telegram bot to auto publish on Reddit using AI + Voice notes from Telegram. I'm modest in thinking that there won't be a huge audience for this kind of thing if it's paid. Of course, if it's free it will reach more people and be used more so I was thinking maybe the conversion rate ends up being roughly the same.
Yes but that's a bit pessimistic 😅. Any project may or may not reach a high level of revenue IMO.
Here is my thought process:
From my experience, if you can convince 1 person out of 100 users who tried your product, it's likely a good product to pursue.
If you show it to 1000 people but none would pay then it's not a good problem to solve.
You can test both strategies. Make it paid only, but allow a small number of visitors to try it for free in exchange for feedback. This would filter the non-serious users who are not really having the problem you're trying to solve.