Tuesday
Oct142008
USD or GBP?
Tuesday, October 14, 2008 at 11:03AM
I sent out a tweet yesterday asking for advice from the Twitter community:
Firstly, the number of tweets and emails I received back in response to this request was really appreciated. Lot's of help, guidance, opinions and even offers of introduction to people who specialise in this field. CAn I just say a big thank you to everyone who responded.
The main theme that came through was that I should really go with the most attractive option to my primary audience. My original reason for going with the USD was the assumption that my primary audience would be from the US.
I realised that I hadn't quantified just where the majority of the ScreenCastsOnline members come from recently! So a quick analysis of the membership stats came up with this:
The blank entry are those members with no country allocated, but I would imagine more than half of those are from the US.
Based on over 50% of the audience being from the US, I think it probably was the right decision to go with the USD initially and stick with it. The reduction in the exchange rate has cost me real money in the long term and will continue to cost me as we move forward but I'd hope to counter that by keep producing a quality product and attracting new members. Of course, by keeping the membership in USD, it makes it a great deal for those outside the US!
Perhaps I should look at offering the membership in different currencies based on location?
You can learn more about becoming a ScreenCastsOnline Extra! member by visiting this page.
Firstly, the number of tweets and emails I received back in response to this request was really appreciated. Lot's of help, guidance, opinions and even offers of introduction to people who specialise in this field. CAn I just say a big thank you to everyone who responded.
The main theme that came through was that I should really go with the most attractive option to my primary audience. My original reason for going with the USD was the assumption that my primary audience would be from the US.
I realised that I hadn't quantified just where the majority of the ScreenCastsOnline members come from recently! So a quick analysis of the membership stats came up with this:
The blank entry are those members with no country allocated, but I would imagine more than half of those are from the US.
Based on over 50% of the audience being from the US, I think it probably was the right decision to go with the USD initially and stick with it. The reduction in the exchange rate has cost me real money in the long term and will continue to cost me as we move forward but I'd hope to counter that by keep producing a quality product and attracting new members. Of course, by keeping the membership in USD, it makes it a great deal for those outside the US!
Perhaps I should look at offering the membership in different currencies based on location?
You can learn more about becoming a ScreenCastsOnline Extra! member by visiting this page.
Reader Comments (2)
I can't remember whether you use PayPal to get your payments. In some ways, if that is the way you do it, it resolves your question - PayPal will do it for you.
As GBP weakens against the USD you'll get less income. On the other hand if you set in GBP you're going to be seen as having your prices increase by those that choose to pay in USD and as nearly 50% of your members are from the USA, you've probably made the right decision.
Keep up the good work with the videos. I've learnt a lot over the past few weeks - and spent a few quid because you sell the products so well. Get yourself an perpetual affiliate link with each of the products you do videos for, you might as well earn something from all these great recommendations.
Thanks Robert,
Yes, the bulk of my members use PayPal.
Thanks for the kind words as well, hmmm, a perpetual affiliate link for all the products - wouldn't that be nice.
Of course, you only buy the featured products because they are so good and fill a need. I'm sure it's not the way I sell them :-)
Cheers,
Don