It's too expensive!
I call BS! The number one reason people (our users and our team members) bring up as an excuse for not upgrading is that the subscription is too expensive. I hear it, but I don't buy it. Cheap or costly is a perception of value. When they say the subscription is too expensive, the chances are that two things are happening:
I plan to resist a price-cut for a few more months, and instead, focus on addressing the above two hypotheses. Let's go through each one with a few details.
They are not the right target customer (Topic for a future post):
Finding the right target customer is hard. We'd like our customers to be younger people. And, we would also want them to old enough to be ready invest a few thousand per months, so our subscription price is worth it to them. They also have to be in the middle as far as investing experience goes. Not too early as an investor that they still don't know what Fair share price is, as an example, and not too advanced that they have their own Google sheet with formulas and plugins. There is this narrow and nice slice of the pie that works for us. If I say this sentence to a VC or an angel investor, they will walk away because they think the size of our target customer is too small. If I do not focus on these people, then I have to walk away because the product doesn't make money. I'm planning to focus on our target customer. However, this topic is more related to our traction strategy and needs more thinking. We have some thoughts, most importantly, we are thinking of our embedding and widget tools. However, more on that in a different post.
They don't understand the product yet:
One thing before I get to the this discussion is that I think customer feedback is BS (I know, blasphemy!). We can't just ask them do you understand how this product creates values for you. Customer feedback for UI and UX works, because people can show you what they see, and how they see it and how they interpret it. However, customer feedback related to product development is not good enough. People have a hard time verbalizing what they need and how they want it. But, the question is how do we plan to figure out whether the users understand our product?
Most people are reactionary creatures. You put a feature in front of them, and if they use it, you know that it's working. If they don't, you still don't know if they don't like it. Maybe they haven't seen it? Perhaps, they haven't understood it. So, let's peel the onion layer by layer (Elon Musk style) to figure out why the users don't understand the product:
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Photos used under Creative Commons from insider_monkey, jeffdjevdet