Lessons Learned - Week 8
This week of classes we first spoke shortly about potential revenue sources for an entrepreneurial enterprise. Different revenue sources were presented. Following we discussed what is the best revenue source for fload. In this discussion it became clear that a subscription-based pricing model would be more suiting than our initial idea of a freemium pricing model. In a freemium context it can be quite hard to convince people to switch to the premium version to actually generate revenues. This task becomes simpler in a subscription context. Moreover, our survey results indicate that only around 20% of participants said they would not want to pay for fload. This means that around 80% of people are actually willing to pay for fload on a monthly basis. This result provides the fundament for the subscription based pricing model that we will utilize for fload.
More than 90 minutes of the class were then dedicated to developing a landing page as a minimum viable product for fload. On that landing page we display a video that shows what fload is about. Furthermore, we ask people to leave their email in case they want to be notified when fload´s development finalizes and they can download the app. Utilizing this “currency” of emails given, we have an indicator about how many people are interested in our project. The corresponding conversion rate of people actually signing up for the fload newsletter should be well above 10% to be considered good enough - otherwise we would make further changes to the landing page or the project itself. We will keep you updated about how well our landing page performs.
THE FLOAD LANDING PAGE:
(http://unbouncepages.com/fload/)
We had two further learnings related to classwork:
TASK DEVISION IS CRUCIAL FOR OUTCOMES!
When working on the landing page we divided our team up into sub-teams. One team for the landing page, one team for creating the video, and one team for the “currency” development. This division of work was suggested by the professors and proofed to be successful. We were one of the first groups finishing our tasks and were very happy with the final outcome of our work, which shows the importance of efficient task division for the final outcomes created. We will try to put more emphasis on this throughout future project work.
TIME PRESSURE CAN FASCILITATE WORK AND IMPROVE OUTCOMES!
We only had 90 minutes to finish our landing page. While this time pressure could have led to hectic, it in our case facilitated work and improved outcomes. We as a team were very much focused throughout the creation of the landing page. We had specific tasks that needed to be completed and do to the time pressure we completed them as time-efficient as possible while still achieving a high quality. We want to take this efficiency into our regular group work to facilitate the development of fload.
A/B TESTING HELPS IN DISCUSSION WITH WHAT TO IMPROVE ON THE LANDING PAGE
We have had lengthy discussions this week about what to improve on our landing page - from the page header to the video content. However, we quickly realized that discussions will not help us any further but that we will try to dig into A/B testing to gain clear knowledge about what suits our landing page best. We will start A/B testing soon and will let you know about results.
