Tip 16: Free Trials
In this episode, our experts discuss the nuances of free trials, exploring how to find the right balance between providing enough access to showcase your product and encouraging customers to convert. Learn how to tailor trial durations to your specific product, maximize customer satisfaction, and drive conversions with well-executed free trials. With practical tips and real-life examples, this episode will help you unlock the full potential of free trials and set your business up for success.
Welcome to 20 days of pricing tips—part 16. I’m Alexa a member of the pricing team and I’ve worked on over 36 pricing projects. Today we’re breaking down Free Trials.
Free trials serve to give potential customers full blown access to the product for a limited time. This allows them to experience all the functionality which could entice them to eventually purchase a paid subscription.
Free trials function well for products that can be easily used and don't require much onboarding. The greatest benefit of a free trial is that prospects are given the opportunity to "try before they buy" which gives them a better sense of whether the product will fit their needs or not.
This also leads to one of the main challenges with free trials: how long do you provide access for? The optimal time must be tailored to the product to set the groundwork for an improved acquisition strategy. If done right, free trials can greatly boost conversions and customer satisfaction.
Thanks for checking out our pricing tips. If you want to connect with our pricing team email me Patrick@profitwell.com and we’ll send over the intro.
