This article is part of a series titled “The Art & Science of Growth Hacking” that will be published over time. My thanks to Gail Goodman, the founder and CEO of Constant Contact for introducing me to this concept.
Free trials and freemium products are two of the best ways to sell your product. They help the buyer address key concerns such as:
- Will this actually work in my particular situation?
- Will I get enough value to make the effort of using it worthwhile?
For a buyer, being able to get this level of proof is far better than having to trust what a web site or sales person has told them. Think about how you buy a car. How important is it to you to test drive the car before you part with tens of thousands of dollars?
Free trials (and freemium) also have another huge benefit for SaaS and consumer internet companies: the buyer does most of the work of selling themselves. If you have read any of my previous posts on the importance of CAC (Cost to Acquire a Customer), this can be a very powerful way to reduce CAC.
What is Wow!
Wow! is the moment in a free trial where your buyer suddenly sees the benefit they get from using your product, and says to themselves “Wow! This is great!”. It’s also the moment where you have converted them into a fan who is likely to buy.
If you’re going to use free trial (or freemium) as a key part of sales funnel, it pays to understand exactly where in the free trial experience your buyer says “Wow!”. Then you will want to focus on the following set of questions:
- How long does it takes to get to Wow!? (Time to Wow!)
- Can we shorten the number of steps required to get to Wow!
- What is the drop out rate of trial users on their way to Wow!?
- Which step in the process has the highest drop out rate?
- Why are users failing at that step, and can this be addressed?
- Is the Wow! moment clear and strong enough?
- What is the Wow! to Work Ratio?
- Are different buyers interested in seeing different Wow! moments? (This is often the case in a product that has several modules.)
- Are we providing the buyer with clear guidance on how to get to Wow!? Continued…