💡 Product Tips #10: You are a Niche, Sign-up Before Giving Away, and Psychology of Sunk Cost
Prepared some product tips for you. First of all, you will understand that you can be a niche; how to increase conversion by requiring sign-up before giving away; and will understand what the psychology of sunk cost is.
👉 You are a niche
If you’re looking for a niche where you can start your product, take a look at… yourself. You are the niche.
Imagine a whole one-person business thing. Then build for yourself, write to yourself, and sell to yourself. There’re millions of people with the same interest, problems, and desires. The most profitable niche is you 🙂
👉 Require sign-up before giving away
Propose something useful for free. But! Require to sign-up before getting the free thing. Using this tactic, you can significantly increase your conversions.
For example, offer a limited version of your product for free without requesting an email address. Then propose an extended version of your product but also require your users to sign-up 😉
👉 The psychology of sunk cost
If you want to have more qualitative users, try to replace the 30-day free trial with 50% off the first month. In this way, the customers you attract are will be of much higher quality.
It calls sunk cost — an investment already incurred that can’t be recovered (read more here). Such an approach might encourage some users to stick around for longer. But use this strategy carefully 🤝
