Yeah I know "ideally both" But right now I'm 3 months into NFT Hunt.
During month 2 i was focused on Growth and grew 50% that month >10% week over week.
During Month 3 I was focused on Profitability and was able to cover my server bills $30/month
I recently tried both the same time within the last 2 weeks and have grown about 5 % week over week and so far made $26
Should i substitute monthly ? or do you have any tips on combining both?
Congrats on the launch and getting your first customers!
Personally, I would recommend growing them users then monetizing once you reached a certain number. That was I did with my product: GrowthHunt.co
I also have a couple case studies on the site on funnels and strategies to convert and monetize free users.
Here is an example of an indie founder turning his onboarding funnel to a game and boosting his conversion rate to over 50%.
You can find more case studies if you're interested. All the best!
Thanks thinking of focusing on Growth once i reach 1,000 Users
Also thanks for the links
What acquisition strategies do you use?
In my opinion, it sort of comes down to your personal finances. If you're not strapped for cash, grow baby grow. That being said it's most definitely crucial to have a plan in pace to monetize in the future.
Drawing a line in the sand at 1K users and then flipping the monetization switch on makes sense to me - trust your intuition.
You're also right on the "ideally both" piece...if you find it hard to focus on both simultaneously, one tactic I see a lot of indie hackers take is to split your week up. Spend 3 days on growth activities, 2 days on monetization. Multi-tasking is overrated!
I figured i can break even within a week i.e $30 so the idea is to work on profitability first week of each month then within the next 2 and half week focus on growth then within 3 days look to get some form of profit will see how it works then post on IH :)
I like it!
Thanks for your tips :)