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Joel Liu's Library tagged Models   View Popular

15 Jul 09

5 Business Models for Social Media Startups

  • freemium
  • 3. How long did it take to get your first customer?

    Depends on your definition of customer – we had sign ups immediately and grew by 30-35% a month. What we had built was core features, so as we spoke with customers we began asking what would they pay for on our UserVoice page. Once we had some premium features in place, we went back to those customers and began doing paid pilots to test out the service. The first paid customer arrived in November.


    4. How many users do you have right now?

    16,652 as of June 5, 2009.


    5. What percentage of users are paying members?

    Since moving to paid plans, our conversion rate is around 5%.

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