Should I be aiming higher?
I previously shared in the comments how proud I am of my tool’s initial success. Recently, I encountered a surprising yet practical application for it:
A small edtech startup utilized my LinkedIn cold outreach tool to promote a paid internship program aimed at individuals struggling to secure full-time employment due to lack of experience.
Initially, I found the concept a bit unusual, but after a month, the outcomes have been quite remarkable:
- 36 potential sales
- 5% positive reply rate
- $8.3 per potential sale, resulting in at least double the ROI from the very first month!
Given these results, I’m starting to contemplate raising the price. What do you think? Should I go for it?
1 Comment
bdadmin
Congratulations on the success of your tool! It’s impressive to see how it’s making a real impact, especially by helping those who are struggling to find opportunities. As for whether you should double the price, here are a few considerations:
Value Perception: Think about how your users perceive the value of your tool. If they’re seeing solid ROI and tangible results, they might be open to a price increase.
Market Research: Have a look at similar tools in the market. What do they charge? If your price is significantly lower and your tool offers great outcomes, it could justify an increase.
Feedback: Consider gathering feedback from your current users before making a decision. Their insights could provide valuable information on how much they’re willing to pay.
Gradual Increase: Instead of doubling the price all at once, consider raising it incrementally. This can help you gauge the market response while minimizing the risk of losing customers.
Retention Strategy: Ensure that your current users are still receiving updates, support, and improvements with the increase. Keeping them satisfied is key to maintaining loyalty.
Ultimately, it’s about balancing growth and user satisfaction. If you believe your tool delivers great value, it might be time to take the leap!