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Is “Free Trial” Bad for Your Business?
The words such as giveaways, freebies, free bonanza, and so on are not only attention grabbers, but they also mean, hey! We are here. Try us out!
Free Trial is an investment, and like any investment, it could be a good one or a bad one. And now, it depends upon you which way you want to flip it.
The biggest mistake for us is when we believe that giving a free trial or giveaway will help us win customers, and as a result, our business will grow. But is winning customers enough for your business growth? Indeed not! You need to add value to their life and work and retain to flourish your business.
The word trial means— a test of the performance, qualities, or suitability of someone or something. Oxford Dictionary says so. It originated from the Latin word “triallum.” This word also shows the relationship between the sounds and similarities of Latin and Sanskrit. The way “triallum” has become “trial”; similarly, from Sanskrit to modern-day Hindi, Satyam (truth) has become “Satya,” Shivam (one of the holy trinity in Hindu religion) has become “Shiva” has Sundaram (beauty) has become “Sundar.” We have dropped the sound “am and um” with the time. Anyway, enough etymology!
We all should keep the standard definition of trial in our minds while offering a free trial. It’s not a tool for temptation.
The word “free” creates curiosity in our minds— a sense of being lucky or available at the right place at the right time. But, if you only generate heaps of curiosity, you will soon see your customers going away.
It’s crucial to ensure that no matter what you offer to your clients during the trial, product, experience, or services, it gives them satisfaction. And make them come on board or associate with you. You can’t hook them! Any trial makes your customers think about what you offer, how you can provide them solutions to their problems, or what difference you will make in their life. If you fail to deliver on these expectations, your mission moon will perish soon!
An old proverb, “curiosity killed a cat, but satisfaction brought it back!” always fits in this context.
Businesses are active online more than ever now. Digital marketing has become an integral part of marketing. Every company strives its optimum to get maximum engagement and traction online. At this age, when competition is neck to neck, every business wants to share more with its clients—various kinds of data and information are at our fingertips. However, when it’s come to gaining first-hand experience, nothing can beat a free trial. It enables you to display a 360-view of your business or services. A free trial helps you demonstrate vital attributes such as attention to detail, flexibility, exceptions, customer service, and work improvisation to your clients. Indeed, online reviews and testimonials do help a business to present itself excellently to its clients. But, the integrity of reviews is depleting with time. It’s because reviews can be purchased, influenced, and manipulated. Therefore, the advances of the free trial will bear fruits for you in the time ahead.
If your competitors don’t offer a free trial, then a free trial can render you an extra edge in the market. If they do, check their strategies. Outline your free trial accordingly. Make it transparent, easy to navigate, and hassle-free. It should smoothly lead your customers to a long-term relationship.
Besides, you can also offer Freemium, where you provide basic products, services, or features that will be free; however, your customers need to pay more for additional features. Many companies, e.g., Canva, Grammarly, etc., have this sales strategy.
Indeed, you will need to deal with idea scoopers, scammers, and free-trial hoppers; however, you paint every potential customer with the same brush. It’s part and parcel of the business. To minimize spam, you can set up a minimal authentication verification cost.
Example — Our usual hourly subscription is USD 8/hr. However, if someone tries out our premium trial, we offer 5 hours of assistance @ US$ 5 (original cost: US$40). We have some other plans, too, wherein the higher your subscription plan, the more discounted rate you get. But this is our premium trial structure.
Pure intent of assistance
Often people go for a half-yearly or annual subscription without predicting their upcoming workload or requirements. Later, they want to roll over or don’t know what to do with the subscription. It usually happens when they fall for massive discounts and never-heard-before offers instead of checking the competency of the service provider, different service features, and their upcoming requirements. If your majority of clients feel so, then you must look into your sales funnels and promotion. Otherwise, you may see some pitfalls in your business soon. It’s a toxic situation for any client and company to work together.
Allow your clients not to squander time, money, and neurons in vain.
Your customers should not have to scrabble tasks after paying a hefty sum of money, given a slice of discount. They should not be in a “to-be-or-not-to-be” dilemma like Hamlet and soliloquy — should I delegate this task or not, can they do it or can’t. These clouds of doubts shroud the prospect of any fruitful business association in an ambiguous shadow.
A compelling deal can help you suavely persuade your clients to throw their analysis far out of the window and fall for it. But “Free Trial” or any trial enables you to build trust, confidence, and coherence in any business association.
Summary: Free Trial can be a boon as well as bane for your business, depending on how you outline and what kind of product or service experience you give to your customers once they sign up for a free trial or any trial. It’s a first step towards the possibility of a significant business association but not the last step.
Want any assistance setting up a free trial? Write in the comment section or contact us at email@example.com