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Don’t Just Build X for Your Country

When Ending a Discount, Decrease It Gradually to Boost Revenue

Offering a discount can motivate consumers, but a small tweak can further increase their willingness to buy. Phase discounts out gradually to make the most out of each one.

Most discounts last for a short period of time before the product goes right back to full price again. But researchers found that steadily decreasing discounts led to a higher willingness to pay, as well as higher revenue. It seems that having at least one intermediate price between the discount and full price amplified the signal that future prices would be higher, and this motivated consumers to buy. So let’s say you offer 50% off for launch week — don’t go back to full price right afterward. Instead, decrease it to (as an example) 30% off the following week, then 10%, and finally, full price.

 

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Snippets

  • OpenAI Codex is a new machine learning tool that translates your text into code. Codex is designed to speed up the work of professional programmers, as well as help amateurs get started coding. It’s a game-changer! What GPT-3 did to writing, Codex is going to do the same to coding.
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  • Youtube Highlighter by Liner is a chrome extension that helps you highlight specific parts of any YouTube video and leave comments as well which will be saved to your Liner account. You can share it as well.
  • Weekly Visitor Report is a helpful new tool, powered by Clearbit Reveal, that identifies companies visiting your website and sends an interactive summary every Friday. It’s completely free, easy-to-install, and instantly adds value to any outbound efforts.
  • Want to #buildinpublic but don’t know how to start or do so? The best way is to learn from others that are one step ahead. Buildinpublic features all tweets with #buildinpublic hashtag and shows them in one place.
  • Nick Abraham — Write down all the applications you use to run your business. Hop into Zapier to see if they have your apps.
    Look at all triggers & actions each app uses and you’ll realize that a lot of your processes can completely be automated
  • Daniel Murray — The goal of an email is to sell the click or reply. Not to make a sale.
  • When you start your agency, make sure you know the difference between clients and one-off projects. It could be the difference between success and failure. – Andy Strote

Worth Reading

1. Don’t just build X for your country

2. Here is a great thread by Shaan Puri about building social platforms. He busts a big myth “we should help creators more than content consumers”

3. ‘Give away your legos’ and other commandments for scaling startups

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