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by lydialaurenson
3754 days ago
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MIT Sloan has a great article about converting visitors into subscribers that I think is arguably relevant here: http://sloanreview.mit.edu/article/turning-content-viewers-i... I think that if you're trying to build a product that you want to charge for, then it's worth signaling that aggressively from the beginning (building what they call the "ladder" in that article). That said, Latitude did send some signals (e.g. the Marketplace section on the website, etc). But of course, it was challenging to balance that with the whole invitation-only "you are special" mythos. I think that it would also have been possible to announce the monetization plan differently, with more tiers of engagement, and more explicit levels of "earning" a free membership. There was only one paid membership option, which was hundreds of dollars. The company could also have pursued a totally different plan -- like finding a fiscal sponsor and applying for grants. Nonprofits have a higher survival rate than startups, and their art was so unique and beautiful, I think it could have had potential for major grant support. This would have required a major shift in approach though (and probably staffing, too). |
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