Setting goals
Before deciding to implement paid subscriptions, evaluate your current statistics. The worth of your creator-followers connection can be determined by two main criteria: audience and interaction. Audience refers to the size of your readership, and interaction refers to the level of engagement from your followers. Assessing these elements will aid in making informed decisions about your earning potential and provide greater assurance when activating paid subscriptions.
Grow your free collections
Contrary to popular belief, offering free content is essential for acquiring successful paying customers. According to our observations, many content creators think that reserving their top content for paying subscribers is crucial. However, this is usually an incorrect approach. The most thriving publications on Carrot make a large portion of their exceptional and easily accessible content available for free. It is a common misconception that individuals subscribe to collections for physical items like shoes, shirts, or earrings. In reality, the majority of subscribers are looking for a connection with the creator. They are paying for access to the creator's perspective and desire the opportunity to understand their thought processes and view the world from their eyes.
As a creator of paid collections, your objective should be to provide as many individuals as possible with the opportunity to appreciate your style and perspective. Those who become fans of your work will gladly pay to have a continued supply of it in their lives
Offering high-quality content for free is crucial to achieving these goals.
Publication strategy
To develop a successful strategy for the Carrot, it's important to understand the target audience and what they're looking for. By clearly identifying the needs and preferences of users, you can create a collection of products that will appeal to them. By providing ongoing access to curated collections, you can create a subscription-based model that will keep users engaged and coming back for more. Only by understanding your audience and what they want can you effectively plan and execute your strategy for the Carrot.
Develop a plan for a successful launch of your Carrot collections
Ensure a successful launch of Carrot paid collections by planning and executing a comprehensive launch strategy. The initial launch is a crucial opportunity to attract a base of paying users, from which future growth can be generated. A successful launch should be a combination of multiple efforts to generate excitement, attention, and subscriptions to the curated collections on Carrot.
Growing a paid base
Building a significant following on Carrot may take time and effort. However, the advantage of a subscription-based model is that it generates steady and predictable revenue, unlike one-time sales. As you continue to grow your collections on the Carrot, it's important to experiment with different strategies to increase the number of paying users. Typically, about 5-10% of free users convert to paying subscribers, with a 10% conversion rate being a goal to aim for. If your conversion rate is significantly lower than 10%, consider using proven tactics from other successful curators to improve it.
TL;DR
While multiple metrics are important, the size of your overall mailing list should be given top priority. Although the majority of people on the list may not opt for a paid subscription, it's acceptable as a significant portion will. As long as your list continues to expand, the revenue generated from the percentage of individuals who opt for a paid subscription (which is 10%-5% on Carrot) will also increase. Additionally, we provide the option of sending emails specifically to the free list members, enabling you to provide previews, unlocked content, or temporary discounts.