Have you ever signed up for a free trial of something and then never used it again? It’s not uncommon to find yourself in this situation, but how often do these free trials turn into conversions? The answer is not black and white, but some factors will help you get closer to figuring it out for your company. In this writeup, we look at how often free trials turn into conversions.
The Free Trial Conversion Rate
First, we should define what the term “Free Trial Conversion Rate” means. This is a simple equation where you divide the number of conversions by the number of free trials. Suppose you have 100 people sign up for a trial and 7 of those people buy your product; your Free Trial Conversion Rate would be 7%.
You may be surprised to see that there isn’t a standard conversion rate for these free trials, and it will vary from company to company. To keep track of your free trial conversion rate, you can use a trial conversion dashboard
Generally, in every ten people, six convert to paid subscriptions. In comparison with B2B businesses, B2C businesses have lesser conversions. The conversion rates for B2B are 66%; 2 out of every three people convert, while that of B2C is 57%.
The number of people who convert after signing up for a free trial can be affected by many things. The length of the free trial, how much value it offers your customer, and if the product or service is something they will use are just a few examples of these factors.
It’s also important to note that even though there isn’t a set conversion rate for these free trials, there are numbers that can help you gauge if your strategy is working.
Why You Should Offer a Free Trial
Free trials are beneficial to you for many reasons: First, it’s a great way to get your name out in the market and build trust with prospective customers. It also gives you a chance to generate interest from a new group of people who may become loyal customers after they’ve had the opportunity to try the product or service.
It gives your company the chance to collect information from individuals to tailor your product or service better and increase conversions. The data you get helps show prospective customers how your business will benefit them, and it also serves as a way to upsell products or services once they’ve experienced what you have to offer.
When you upsell, it’s often a more lucrative conversion because it is someone who has already encountered your business before deciding to buy.
Free trials also work in getting rid of customer churn. Even though free trials may be perceived as only leading to conversions, they’re essential in reducing churn.
How to Increase Your Chances of Successful Conversions
One of the best ways to increase your Free Trial Conversion Rate is by offering a product or service that provides a lot of value to people. This will help attract more customers than if they signed up for an account with no intention of using it again. By offering unique products and services, you solve problems and add value to your customers’ lives.
In addition to these things, you should consider additional ways of marketing your business’ free trials. First, you can create email campaigns or generate ads specifically targeted towards finding people interested in signing up for a free trial.
Another thing is to offer something more than just the product or service itself – freebies, discounts, etc. – to entice people into signing up for a trial as well. You can also run competitions or give away prizes to those who sign up for a free trial, which will attract more people to do so and encourage others to do the same to win something themselves.
Free Trials to Conversions
In the end, it’s all about giving your customers a good experience. If you can offer them something that makes their lives easier or is enjoyable to use, even if it’s just for a short period, you will have an increased chance of success when they convert from free trial customers into paid subscribers. Remember, people buy with their brains and feel with their hearts. So, make sure both are happy!