Some flowers arranged by Bing using hydrangea, gay feathers, ferns and dahlias
Host Jason Calacanis starts off by asking Libin about a dynamic in the web now that people are starting to pay for services that they feel is important to them.
Libin agrees, and structures his product to get people to love it and want to support it.
“It’s more important for us that you stay for life and never pay than if you leave, because chances are you are telling your friends about it, you are talking about it, and you are more likely to pay,” says Libin.
“The best way to get someone to pay is to make them feel that they never have to pay. Give them enough time to fall in love with the product and then they want to pay.”
Asked about his overall conversion rate, Libin says it is three percent, but he says the number is meaningless. The more important number is length of usage, since the longer someone uses the product, the more likely they are to pay. The people who have been with the product for 2 1/2 years have a conversion rate of 20%.
Libin says that has changed how he designs the product. He makes feature enhancements that will keep people engaged and loving the product. He doesn’t want to push out his cohort.
“Nine out of ten things we add are free.”
Evernote charges for services the company couldn’t provide economically for free, like services with large storage costs. The company also charges for services that would be particularly useful to power users and corporate users.
Mark Cuban, billionaire and owner of the Dallas Mavericks, finally told us how he did it in a lengthy blog post. He offers no real revelations, just truisms.
He says there are no shortcuts. Work in the industry you want to make a career in, taking any job you can get. Use your time to learn the industry.
He also implores us to save our money. Business is about saving capital and deploying it when the opporunity arises.
Save your money. Save as much money as you possibly can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonalds, eat Mac and Cheese. Cut up your credit cards. If you use a credit card, you dont want to be rich. The first step to getting rich, requires discipline. If you really want to be rich, you need to find the discipline, can you?
I hadn’t been to Klout in a few months, the site where you get to check how much influence you wield. I went to visit the site after a tweet from Jason Calacanis, “Not convinced about the power of your @Klout score?”.
It was hard to leave the site. It is very engaging, all Web 2.0 with very large icons, and a design that gently but firmly pushes you to sign up through Twitter and Facebook.
Now I realize I have some work to do on my Klout score.