Instead of a Black Friday sale, I'm raising prices. 🦃
It's that time of year again.
That special time when our Twitter feeds and email inboxes get flooded by Indie Hackers promoting steep discounts on their products in order to capitalize on the American custom of post-Thanksgiving sales.
On November 29th, the day after Cyber Monday, I'll raise prices by 70%. From $29/month currently to $49/month going forward.
It's the opposite of a Black Friday sale. It's an Anti-Sale.
FOMO stands for “Fear of Missing Out”.
Studies show that people tend to be motivated more by loss avoidance than by potential returns.
Loss aversion implies that one who loses $100 will lose more satisfaction than the same person will gain satisfaction from a $100 windfall. - Loss Aversion, Wikipedia
Instead of presenting a sale, something to be gained, I instead present a limited opportunity. Customers are more motivated to buy in order to avoid “losing out” on the current price than they might be by a sale.
Here are the results from the last time I leveraged FOMO.
And it's not just marketing.
Indie Worldwide has made huge, meaningful, improvements this year and I absolutely feel like the current price is undervaluing our community.
This is something we've done for a while now. We introduce you to a startup founder making similar revenue every week.
What's changed is we now have a much better platform that lets you pause or unpause matches at will, update your own data, and choose who you want to meet with ahead of time.
✅ We removed 90% of lurkers. Now only active founders and paid Indie Worldwide members are in our Slack group.
This has already led to much higher-quality conversations.
✅ I quit my job as a freelancer to focus on Indie Worldwide full-time.
✅ We started regularly pulling member updates from the Slack to feature in our newsletter (5000 subs) and on Twitter (3000 followers). This helps our members get extra eyeballs on their product launches and updates.