Palpable - Day 2: We're converting ~40% of impressions to downloads - now what?
Most of us completely misunderstood "The Lean Startup". We all thought of it in terms of coming up with and validating ideas. Partly because that's as far as most of us ever got (me included).
In fact, Lean Startup is almost entirely about monitoring your flow metrics.
The thrust is: if you can see the mechanical flow of users going from impression to download to purchase... you can figure out the exact next action to improve outcomes.
The above dash gives the idea. You can't see it but we have 5 purchases. 3 are people I know, so call it 2 sales from pipeline. That means our sales conversion rate from download is 10%.
That's high, on one hand, because the price is $100/mo but it is exaggerated because there is a 3-day trial. We'll likely see a drop.
Armed with this, what step in the pipeline can we get the best ROI on?
The big drop off is from download to purchase. So it's time to reduce price.
I can do so in two ways for now:
Tailor price by region - right now everything is based off of USD, and the dollar is too strong for most other countries
Add a more limited version
I'll do both of these by Monday
