Let's talk about defining a price for one-time payment products.

When I saw that @gumroad supported Pay What You Want, I had no doubt that this would be the pricing strategy for CSS Scan.

I'd always recommend PWYW with a minimum price instead of a fixed pricing. Why? [...]

It turns out that some people just value your product more than others!

👉 With PWYW you're not only receiving the value that you expected but also donations for a good work.

Plus, with a minimum price, you'll at least earn the same amount you were supposed to if it was fixed.
💡 You only need 1 person paying more to already make it worth.

It's not easy, though. CSS Scan started at $1.99. It was selling like water, so I raised the price to $2.99, and after that, $3.99 - in about 3 days.

❗️ What I didn't expect was that 30% of people were paying more!
I realized that the price could still be higher by looking at the average of the sales prices. E.g., when it was $3.99, the average price of it was actually at $4.69!

I left it at $3.99 for 3 months. Based on the $4.69 average, 1 week ago I decided to raise it again to $4.99.
🧐 Now let's look at the data!

📈 Previous conversion rate: 6,5%
📉 Current conversion rate: 5,7%

It received 1403 views this month. Doing math:
(1403*6,5%)*3,99 = $363
(1403*5,7%)*4,99 = $399

🤔 So there's actually a growth in revenue
⬆️ $363 to $399
🎉 +$36 or +10% per month
About 30% of the people pay more for CSS Scan.

😀 76 paid more than $5
😮 63 of it paid $10 or more
😱 5 of it paid more than 5x the price ($20)

👼 And there's 1 person that was a true angel and paid $25 when the price was at $3.99 - that's ~630% more!
Based on the pricing at $3.99, the countries that PWYW worked more, by average price paid were:

1. 🇿🇦 South Africa: $5,09
2. 🇦🇺 Australia: $5,05
3. 🇺🇸 USA: $4.91
4. 🇫🇷 France: $4,52
5. 🇩🇪 Germany: $4.51
6. 🇮🇪 Ireland and 🇧🇬 Bulgaria: $4,49
Nowadays, it's $4.99 and the average price is at $5.69 so there may be still space for raising it, but anyway I think it has achieved a fair price. What do you think? Should I raise it? Let me know by replying this thread!
🙌 Lessons learned:

- PWYW can be a great pricing strategy for one-time payments

- A lot of people are willing to pay more for your work

- I think initially underpricing could work more than overpricing it bc lowering the price after people already paid more it's unfair IMHO
- If you're using PWYW, take a look at the averages to know if you can still raise the price 👀

💫 That's all for today!

🇧🇷 I'm a Brazilian indie maker and If you want to stay updated on my journey, follow me here, I'll launch a new product next month: Beachguide! 🚀
👉 CSS Scan is a browser extension to instantly check or copy the computed CSS of any particular element you hover over.

🙋‍♀️ More than 1288 developers are already using it!

🌟 Check it at:
https://t.co/qmNzkkHSIk

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Below are the top 10 RT'd tweets from the latest 1000 tweets made by @Hustle_Smarterr.

THREAD:

https://t.co/8EmLYHHbLo


https://t.co/aMyO7K3IbM


https://t.co/xv7QK5mdvD


https://t.co/Ww2s97Kw5x

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"I really want to break into Product Management"

make products.

"If only someone would tell me how I can get a startup to notice me."

Make Products.

"I guess it's impossible and I'll never break into the industry."

MAKE PRODUCTS.

Courtesy of @edbrisson's wonderful thread on breaking into comics –
https://t.co/TgNblNSCBj – here is why the same applies to Product Management, too.


There is no better way of learning the craft of product, or proving your potential to employers, than just doing it.

You do not need anybody's permission. We don't have diplomas, nor doctorates. We can barely agree on a single standard of what a Product Manager is supposed to do.

But – there is at least one blindingly obvious industry consensus – a Product Manager makes Products.

And they don't need to be kept at the exact right temperature, given endless resource, or carefully protected in order to do this.

They find their own way.
1

From today, we will memorize the names of 27 Nakshatras in Vedic Jyotish to never forget in life.

I will write 4 names. Repeat them in SAME sequence twice in morning, noon, evening. Each day, revise new names + recall all previously learnt names.

Pls RT if you are in.

2

Today's Nakshatras are:-

1. Ashwini - अश्विनी

2. Bharani - भरणी

3. Krittika - कृत्तिका

4. Rohini - रोहिणी

Ashwini - अश्विनी is the FIRST Nakshatra.

Repeat these names TWICE now, tomorrow morning, noon and evening. Like this tweet if you have revised 8 times as told.

3

Today's Nakshatras are:-

5. Mrigashira - मृगशिरा

6. Ardra - आर्द्रा

7. Punarvasu - पुनर्वसु

8. Pushya - पुष्य

First recall previously learnt Nakshatras twice. Then recite these TWICE now, tomorrow morning, noon & evening in SAME order. Like this tweet only after doing so.

4

Today's Nakshatras are:-

9. Ashlesha - अश्लेषा

10. Magha - मघा

11. Purvaphalguni - पूर्वाफाल्गुनी

12. Uttaraphalguni - उत्तराफाल्गुनी

Purva means that comes before (P se Purva, P se pehele), and Uttara comes later.

Read next tweet too.

5

Purva, Uttara prefixes come in other Nakshatras too. Purva= pehele wala. Remember.

First recall previously learnt 8 Nakshatras twice. Then recite those in Tweet #4 TWICE now, tomorrow morning, noon & evening in SAME order. Like this tweet if you have read Tweets #4 & 5, both.