I announced the new blogstatic pricing ($19/year) and launched the new website on October 11th.
As I was considering the new pricing and the pros and cons, I wrote this in my daily business journal:
As of this writing, it seems I was wrong with the assumption that:
This is probably going to ruin the product :(
Even though it's super early to judge the entire operation, the conversion rates paint a promising story ahead.
Here are the exact numbers from October 11th to October 31st.
|New payments||19 (16%)|
|Total current paid websites||36|
The 8% conversion from "Visitors to Registered" could be better.
The less than 10%* rate probably resulted from most of the visits coming from two massive spikes from shares on a closed Facebook Group by Fardeen (Oct 18) and on Twitter by Justin (Oct 25)
Thank you, Fardeen and Justin, for your generosity!
*10% visits-to-registered is the conversion rate I am aiming for.
On the other hand, the 16% rate for "Registered to Paid" is incredible!
Also, of the 117 who have registered, an additional 5 in that cohort might convert to paid. Which could bring the final "to Paid" conversion rate to 20%. But I will know that exact rate in a few days once those blogs expire due to the 7-day trial period for each website.
The overall number of paid websites more than doubled from 17 to 36.
So far, this is incredible. Not yet a runaway success, but the initial sample is not too small for it to not be credible in its own merit.
This positive trend has carried on from my initial reported numbers on October 15.
Now, the challenge remains in tapping into a repeatable channel that brings constant new targeted visits to the blogstatic website.
More visits = more registration = more conversions to paid!
And the big one: November has been the highest-grossing month for blogstatic since its initial beta launch on April 2021.
To compare it with September's gross of just $31.46, October's gross is ~1000% at $305.19.
That's a "one thousand percent" growth rate!
Yes, the sample is small, the pricing model has changed, and the $305.19 is not MRR — but it can't be ignored as "money-in-the-bank" compared to the previous month.
Support tickets have been constant, as well.
I am curious to see how November pans out.
It will be a good month to see if the entire operation has the potential to predictively bring in new customers every month.
Another great sign is the positive comments from not just friends who want to see blogstatic succeed but also from those who have just discovered it. Below is a quick collage of some of these comments.