Boosting conversion rates is considered a tough nut to crack. Even if you are converting, there’s always room for improvement. So we look at a few ways to convert free trial users into paying customers.
According to Softletter, 66% of businesses that employ a free trial model have less than a 25% conversion rate.
This could be the result of ineffective strategies to convert said customers. Many give up far too easily on customers who do not convert over a certain period of time.
Here are a few tips to help convert those customers that don’t with the first time of asking.
1. Use behavioural segmentation
It’s important to distinguish which users are easily converted with those who will take far too long. The best way to do this is by using behavioural segmentation. For example, if you have a free trial user that was active throughout the trial period, but did not convert, it might be worth extending their free trial for another month or so. This will give them more time to think. Or if you don’t want to extend the trial, you could offer them an introductory rate for the first few months to entice them to sign up.
On the other hand, if a user has signed up for the free trial but has hardly engaged at all, it might not be worth putting all of your efforts into converting them.
Spend your time wisely – particularly on those who you deem are more likely to convert, rather than simply targeting everyone.
2. Conduct surveys
Allocate some time to figure out why prospects didn’t convert. What affected their decision not to convert? Was it the price? Bad customer service? Was the trial not long enough?
Conducting surveys will enable you to find out the pitfalls of your efforts. This can help you to improve your future offerings. To get a high response rate from the survey:
- Only ask what you need to ask.
- Conduct split testing to see what way works better.
- Keep your communications understandable with basic language.
- Keep your survey short.
3. Prioritise those who are engaged
If users have high engagement rates and don’t convert, conduct a follow-up by phone. If they are active, it probably means that they like your product. So all they need to convert now is a personal touch. They may have questions, so contacting them first and being able to answer any they may have could be they extra step you needed to take to make them convert.
4. Display reviews and testimonials
Don’t be shy – display the good words your customers say about your products/business! One reason why prospects don’t convert is that they don’t see the value your service or product gives them. But if they see reviews/testimonials explaining the value they are looking for, they will be more likely to convert.
5. Start email marketing
You can create an email marketing campaign specifically for free trial users. It can be used to share useful industry tips and news on a regular basis and also keep them informed of any latest plans and offers. This is a good way to keep users engaged with your company.
One thing you shouldn’t be afraid to do is try things out! Listen to opinions, create best practices, find out what the experts do – keep testing until you find something that fits with the way your business works.
Read and comment on the original YFS magazine article.