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I made a tough decision this week: I ended Trapital& #39;s paid membership program.
It wasn& #39;t easy, but it was the right call.
Here& #39;s a thread on why I did it, what I learned, and what& #39;s next!
It wasn& #39;t easy, but it was the right call.
Here& #39;s a thread on why I did it, what I learned, and what& #39;s next!
I started Trapital in 2018 with a single goal: to elevate the business of hip-hop.
I wanted hip-hop& #39;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& #39;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& #39;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& #39;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& #39;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& #39;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& #39;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.
