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conversion rates

Benefits of free trials espoused in retail study
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New data shows 30-day free trials are the most effective method of paid customer conversions – almost four times (273%) more likely to convert a customer than 14-day free trials. Findings also show free trials are 28 times more effective than free products.

However, despite its effectiveness, and at no cost to the business, nearly 3 in 4 ecommerce sellers didn’t use the approach in 2023.

Whop conducted the ‘Optimal Free Trial Length for Digital Products’ study to understand how digital retailers can increase customer acquisition and conversion rate by analysing free trials of 3 days, 7 days, 14 days, and 30 days.

Of the four free trial periods, the 30-day free trials had the highest customer acquisition (32%) and conversion rate (56%). The second highest conversion rate was the 3-day free trial at 35%, however, this approach only had 2% total signups.

The findings also demonstrate that 30-day trials experience more successful signup rates, 16 times more than a 3-day trial and 1.5 times more than 7-day free trials.

While it is tempting to speed up conversion rates by using shorter free trials, the data shows 30-day free trials are the best for engaging and converting customers. This is because customers have more time to see how a product can create value for them. The longer customers use the product, the more they rely on it, and the more likely they will convert into paying customers.

Cameron Zoub, CGO and co-founder of Whop, said: “As it becomes increasingly challenging to get heard as a product or service in a crowded online space, one of the most powerful methods we’ve identified is offering 30-day free trials. By providing potential customers with an extended period to explore and integrate a product, businesses and digital creators can significantly boost engagement and conversion rates. This approach allows users to fully understand the value a product brings to their lives.

“As a platform which gives creators the ability to connect to a global audience, our mission is to empower digital product sellers with the insights and tools they need to succeed. By adopting proven lead generation techniques like extended free trials, creators can drive substantial growth and build lasting relationships with their audience.”

Photo by William White on Unsplash

WEBINAR: Convert more opportunities with Digital Playback and the AlwaysOn Marketing Machine
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Through a combination of enhanced attribution, optimised marketing and spend timely communications triggered by any predetermined event in a customer journey, the Go Inspire Group are successfully enabling brands to convert more opportunities at speed, on the road to recovery.

Nick Greatrex, Digital Director at Go Inspire Insight, shares his thoughts on improving conversion by solving the digital marketing attribution headache, check out the webinar here [17min to view].

Solving the Attribution and Conversion Rate Headache:

Digital Playback identifies browsers as individuals, linking the online and offline interactions that an individual customer or potential customer makes with your business, across all channels, in one journey. It optimises your conversion rates and marketing spend, showing you when to act, when to pull back, and which customer groups to focus on.

Some of our success stories:

  • 13% saved on digital marketing spend
  • 14% higher profit from Abandoned Baskets by using Direct Mail triggered by browsing data  
  • Improved social, email and paid search quality score, saving 1-2p per click and 2-5% more emails landing in inboxes
  • Budget saved on social, direct mail and display ad by selecting most engaged customers
  • Average customer saving of £17k per month

The AlwaysOn Marketing Machine:

Users can now capitalise on the increased engagement and standout direct mail enjoys over other channels – without compromising on timeliness. 

This is because Go Inspire’s AlwaysOn Marketing Machine direct mail manufacturing technology has evolved to the point where it’s possible to achieve a realistic price point for standard format pre-templated mailings for volumes as small as one record. Clients are sending cost-effective mail, that goes from ‘trigger’ to letterbox, in as little as 48 hours.

Some scenarios utilising this approach are:

  • Loyal customer starting to lapse
  • Overdue account
  • Repeat website visits
  • Item added to online basket
  • Contract nearing expiration
  • Annual statement & reminders 

Some of our success stories:

  • 14% higher profit from Abandoned Baskets
  • Inbound calls to contact centre have reduced by 9%.
  • Letter costs and processing costs of sending out new credit agreements have reduced from 10% to 3%.
  • 40% Postage saving
  • Annual production saving of c£270K from associated information design services

If you’d like to find out more information about how you can benefit from improved conversion rates and an agile ‘AlwaysOn’ Marketing Communication, click here or email info@goinspire.co.uk.