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Well, would you: A – Go ahead, pay him what he asks for, and get that sealed carton or, B – Turn down the offer, watch him leave, and go about minding your work? “Try before you buy” has become the de facto approach of buying Saa S products.
Now replace that carton with your product’s website. So much so, that if you think that it is not applicable to your business, you must have a very compelling reason why you’ll be able to sell your product without letting your customers try it out before they purchase your product.
He also warns that in some cases the trial-to-paid conversions in a free trial with credit card method might be accidental, where the customer had no idea that their card was charged. Couple that with the fact that people are busier and more distracted, and asking for a Credit Card up front (what I call putting up a CC-Wall) becomes yet another distraction rather than something that helps them move forward to becoming your customer. So the primary focus should be acquiring paying/non-paying customers who can evaluate the product, and give you honest feedback.
Such situations will inevitably lead to them sending you emails requesting refunds. If your intent is to get more people to try out your product, then the best option is to make your sign-up process as frictionless as possible: no credit card details required, no strings attached.
Your sales team has to be well-trained on how to qualify leads and how to spend more time with those qualified leads.
The logic is quite simple: only those with a serious intent, and who can afford your product would go ahead and type in their card number. Here, you’re allowing the users to qualify themselves while signing up for your service, which also takes a huge load off your sales team’s shoulders – a qualified opt-in.
A considerable number of startup founders have picked this strategy, and have their own set of justifications to back the choice: A company that’s hitting the growth pedal, is looking for fewer sign-ups and more revenue per user (RPU) If that’s what you want, then ask for the credit card details during the trial sign-up process.
Turns out that a free trial brought in more revenue as opposed to a money back guarantee. Does this mean that if you’re offering a free trial, you should ask for the user’s credit card information during sign-up?
How will that affect the results of the free trial? Let’s take a look at both sides of the coin, learn what their perks and pitfalls are, when to use them, and how to nail them right. If you ask for a credit card number during a free trial, two outcomes are bound to happen: Granted, the sign-up rate will be lower compared to this model’s counterpart, but the trial-to-paid conversion will be more.
Initially, offered its customers a free tier and a $49/mo premier tier only.