Stock Alarm recently had an experience that we would love to share with our fellow indie hackers.
My partners and I recently decided to switch our pricing model to include multiple pricing tiers as we have some features that are much more expensive to implement than others.
To give you the bare minimum background info on our platform to understand our pricing tiers. We provide stock alarms (hence the name 😜), these alarms are composed of multiple conditions on a certain stock (e.g. TSLA) and when these conditions go off you will get an alert (Phone call, Text, or Push notification). We have normal conditions (upper/lower limits) and premium conditions (fancy stuff based on technicals/fundamentals/sentiment).
Previously we had the following model:
Our new model:
We made a few assumptions on how this would play out based on analysis of how our current user base (10k+ users) have used Stock Alarm
The results were absolutely insane to us!
Out of all the new users (100+):
Hopefully, this provided some form of insight as the moral of our story is to always add pricing tiers because they can really help you monetize your product.
The next step is to add annual subscriptions (at a significant discount from the monthly pricing)....