Cha-ching!
Price Updates + 10 New Templates for April 2022
March ended up being a pretty busy month! I updated my Stripe integration to use checkout redirects, which shouldn't be noticeable except that the download page will load a lot faster. While I was in there, I went ahead and updated prices and redesigned my pricing page. There are a few big changes.
Pricing Tests
It's going to take a couple of months to gather enough data, but I'm testing new (mostly lower) prices. There's not much to report here other than building and testing this was a pain in the butt (3 different videos * 4 different prices while also rebuilding the subscription pricing). I'm hoping to find out two things (maybe more) with this test: (1) do 4k60 videos sell better at lower prices and (2) what happens if I inch prices up on 720p/1080p videos?
The internet tells me $10 back in 2018 is now more like $11.30, but I don't know that inflation has affected my servers all that much.
Subscription Features + Prices
I did some number crunching and reworked my subscription prices. I got rid of team plans for now (not much demand and it made the pricing page more complicated).
The previous individual plans were split between 1080p and 4k60 plans and only came with four videos. Most people who subscribed would render 2 or 3 videos a month, but a handful ran over the limit and bought a few extras. I put the limit in to prevent abuse, but I feel like the low limit was more obnoxious for real users than any value it "preserved." I did some SQL spelunking and found that around 75% of users who buy intro videos one at a time will spend less than $20 lifetime. A subscription user would spend at least $19 (now $24), which immediately bumps them into the top quartile of users. It's hard to call that abuse.
I combined the 4k60 (previously $49) and 1080p (previously $19) into a single subscription plan at $24/month. I raised the limits to 10 videos per month and will keep an eye on that for a month or two. I might test taking that to unlimited renders in the future. A few weeks on, ten seems to be a decent upper limit (a few new customers have rendered in the 5-6 range, but no one has run out yet).
If you were on the 4k60 plan before, I automatically migrated you down to the new $24 plan with ten renders, which was strictly better than your old $49 plan with four renders. If you were on the 1080p plan before, I left your old plan active but enabled 4k60 renders. You can change plans up to the $24 plan if you want to go from 4/month to 10/month, but I wanted to leave the current (lower) prices active for existing subscribers if they don't need more videos.
Early Results
The old pricing page was a pretty standard tab-based layout, but it defaulted to the individual prices. I'm sure most people saw the subscriptions tab, but most people weren't clicking on it. I thought about just changing the default tab to the subscriptions tab, but I wanted to simplify. By getting rid of different subscription tiers, the one single subscription plan is easy to show first.
The individual prices are still there, but so far (2 weeks on) this layout is converting about 30% better than the old layout. I chalk that up almost entirely to the layout—2/3 of the pricing experiments are currently underperforming the control.
It will take a few months to see how this will impact churn rates, but so far it's been a great success!
New Videos for April 2022
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