Reached $5k MRR with my side project but growth has slowed - looking for advice

[sf16]

It's been about 6 months since I launched my side project, Video To Blog, which is a tool that creates high quality blogs from videos using AI. I hit $5k MRR semi-recently (which I'm thrilled about), but growth has slowed and I'm trying to figure out how to get it unstuck. I think the main problem is churn which I'm trying to fix by improving the quality of the generated blogs, but even I fix churn I'm still not having much luck growing the top of the funnel. I've tried paid ads (Google mainly, but also FB and X), advertising on AI tools sites like Futurepedia, I have an affiliate program, I've tried reaching out to YouTube influencers, and also started trying to blog and create free tools. All of those strategies have sort of worked, but nothing super great. Any ideas on what I should try next? My goal is to get to $10k MRR so I can finally start thinking about quitting my job and working on this full time. Thanks in advance for any advice.

 

[scratchybrushhead]

@sf16 Have you thought about a different pricing model, like just selling credits and not a monthly subscription?

 

[sf16]

@scratchybrushhead Yeah, for sure. It was originally just a monthly subscription and that's what I would prefer, but once I added GPT-4 blogs and AI generated images the credit system seemed like the only way to go given the cost difference. Otherwise, I would be pigeon holing some of my users.

 

[scratchybrushhead]

@sf16 Understood, but not sure you fully understood my point.
For example I would be interested in your product, but the fact that you only propose monthly/yearly subscription deters me from using it. I’m not interested enough to commit to something recurring.
But if you would sell something like 10 articles (XX credits) for 5$, then i would probably buy this “package of credits”

 

[sf16]

@scratchybrushhead Oh, I see what you're saying. Yeah, that's a really valid point. Honestly had not thought about that. That's definitely something I can look at testing out. Thank you for the suggestion!

 

[scratchybrushhead]

@sf16 And if you add this type of pricing, you could probably try to remove the free tier and see if you convert some of your free users into paying users

 

[sf16]

@scratchybrushhead Yeah, very true. I like it. Will try it out

 

[pridedixie]

@sf16 What's your pricing model like?

 

[sf16]

@pridedixie Subscription pricing with the different tiers each of which give a certain amount of credits used to generate blogs and other premium features.