Which conversion step do you think it would be easiest to improve upon? I'm curious, because increasing the rate of free trial signups by 30%, from 2% to 2.6% (which seems like a modest increase), would result in the same number of subscribers as if you were to manage to increase trail-to-paid conversions by the same 30%, from 70% to 91% (which seems like a much more difficult feat).
Anyway, I'm sure you know the various scenarios, so my question is: how do you determine where to focus (or how to distribute) your efforts? Of course, the free trial signup rate becomes a limiting factor as your trail-to-paid rate approaches 1, but at this point, where do you see the best opportunity for improvement?
I'm definitely focusing on the free trial signups, for exactly the reason you said.
Here's how I decide what to do next: I have a big 6' folding table in my office that's covered in index cards. On the left-hand side are six columns: what I'm planning to work on this week (the current iteration), the next four weeks of commitments (mostly episode air dates), and any future commitments (such as my Christmas vacation with my family).
On the right hand side, I have five more columns: Attract, Convert, Hygiene, Delight, and Intelligence. Whenever I have an idea for something that I should do, it goes in one of those columns. If an idea column is full (some categories get two columns), then I have to throw out one of the existing cards before I can put a new one in.
All of the columns are full.
Every Monday, I calculate my velocity (Agile/XP-style) based on what I finished the week before. Then I look over my upcoming commitments and move everything that should be done this week into the current iteration. I try to stay about two weeks ahead of The Beast (that is, episode commitments), but I don't always succeed. Still, I have yet to miss an air date.
Then I look at the amount of points remaining and choose an idea from the right-hand half of the table to work on. Sometimes there's one I'm already working on--that goes into a special "On Deck" corner of the table--in which case I just generate story cards from that and slot them into the current iteration. If there's nothing on deck, though, I look over all my existing ideas and pick one.
I pick ideas primarily based on bang-for-buck. Is it relatively easy, do I think it will work, and will it give me useful information even if it doesn't work? But sometimes I pick small things that are bugging me or that I think would be satisfying to work on. Morale's important. And sometimes I choose things that are really big and risky but the time is right to do them.
Anyway, I'm sure you know the various scenarios, so my question is: how do you determine where to focus (or how to distribute) your efforts? Of course, the free trial signup rate becomes a limiting factor as your trail-to-paid rate approaches 1, but at this point, where do you see the best opportunity for improvement?