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I made a tough decision this week: I ended Trapital's paid membership program.
It wasn't easy, but it was the right call.
Here's a thread on why I did it, what I learned, and what's next!
It wasn't easy, but it was the right call.
Here's a thread on why I did it, what I learned, and what's next!
I started Trapital in 2018 with a single goal: to elevate the business of hip-hop.
I wanted hip-hop's business leaders to get the same level of coverage as other industries.
There was an audience that valued this content, and I was ready to deliver.
I wanted hip-hop's business leaders to get the same level of coverage as other industries.
There was an audience that valued this content, and I was ready to deliver.
My plan was modeled after Stratechery and other successes on Substack and Memberful.
Trapital content was free for its first year. Then I launched the paid product: $100 year / $10 month.
My goal was 1,000 paid by Year 1, convert 10%. I had all the confidence in the world!
Trapital content was free for its first year. Then I launched the paid product: $100 year / $10 month.
My goal was 1,000 paid by Year 1, convert 10%. I had all the confidence in the world!
Well, it didn't go as planned!
I had hundreds sign up, but not thousands. And I converted 6% of my audience at best.
I was frustrated. People told me they loved Trapital. What was I doing wrong?
I had hundreds sign up, but not thousands. And I converted 6% of my audience at best.
I was frustrated. People told me they loved Trapital. What was I doing wrong?
My struggles were a blessing in disguise.
I surveyed my audience. I reviewed Trapital the same way I would Roc Nation, OVO Sound, and any other business that I've written tough, but fair essays on.
I surveyed my audience. I reviewed Trapital the same way I would Roc Nation, OVO Sound, and any other business that I've written tough, but fair essays on.
Here were the challenges:
1. $100 yr / $10 mo newsletters attract a wide group:
• Those who needed the content
• Those who want to show support
• Those who try and leave
I was humbled by all the support, but I wanted Trapital's core product to solve customers needs.
1. $100 yr / $10 mo newsletters attract a wide group:
• Those who needed the content
• Those who want to show support
• Those who try and leave
I was humbled by all the support, but I wanted Trapital's core product to solve customers needs.
2. Going "paid" slows growth.
The time I spent trying to convert paid subscribers is time I could have spent at the top of the funnel growing my distribution.
The time I spent trying to convert paid subscribers is time I could have spent at the top of the funnel growing my distribution.
3. There are other products that the Trapital audience values.
Just because they didn't want my paid updates doesn't mean they wouldn't value other products and services.
4. Subscription fatigue is real.
Just because they didn't want my paid updates doesn't mean they wouldn't value other products and services.
4. Subscription fatigue is real.
