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SaaS Free Trial Conversion Rate Benchmarks + Interactive Calculator

Republished by Plato

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SaaS Free Trial Conversion Benchmarks

Do you know if your product’s Free Trial is hitting industry conversion benchmarks? If not, you could be leaving a lot of money on the table. This article will help you determine just how much is being potentially lost and make sure you’re picking the right type of trial for your customer acquisition model.

In Starship Troopers, author Robert A. Heinlein said, “There’s no such thing as a free lunch.” In other words, there’s always a price to pay, even if it seems free. This is equally true when getting something for free as it is when giving something for free. As SaaS business decision-makers, figuring out how to use “free” in your conversion funnel is not easy. And mistakes can be costly. 

If you’re leveraging a trial as your primary customer acquisition strategy, then your definition of a “free trial” can be the crux of your product’s success. In this article, we’ll explore the two main trial types, how to leverage them, and how to know if your trial conversions are hitting benchmark numbers. 

Side note: If you are looking to know if you should be doing a demo or a free trial check out “SaaS: Free Trial, Demo or Neither?”

A Tale of Two Trials: Opt-in Trials vs. Opt-out Trials

When it comes to trials there are two primary approaches in the SaaS market, opt-in vs opt-out. Let’s take a look at the components of each.

Opt-in Trials (Standard Free Trials)

This is the traditional free trial you most likely default to. Signing up does not cost a dime and allows users to quickly immerse themselves in your product before committing to a purchase. 

There is only one type of opt-in free trial:

  • Standard Free Trials (Opt-in): This is defined by the need to manually opt-in at the end of your trial to become a paying subscriber. In other words, you don’t get automatically upgraded when the trial ends.

The Challenge: When it comes to standard free trials, the biggest hurdle is getting the user to the aha moment (delivering on the promise of your business) during their trial that ultimately compels them to upgrade.

 

Opt-out Trials

Here prospective customers are asked to enter their credit card details and either pay a small fee upfront or, more commonly, gain access without a charge but require your credit card details. But in both cases, if they don’t opt-out before the trial period ends, then they will be charged and automatically become a paying customer. 

Let’s look at the two types of opt-out trials:

  • Opt-out Free Trials: This is when credit card details are required in order to access the trial and you have to opt-out in order to not become a paying subscriber. If you do not actively opt-out at the end of the trial you will be automatically upgraded to a paying subscriber.
  • Opt-out Paid Trials: This is when a small fee is charged upfront in order to access the trial (or when the first month is charged but can be refunded within the designated trial period).  Again, if you do not actively opt-out at the end of the trial you will be automatically upgraded and become a paying subscriber.

The Challenge: Opt-out trials’ biggest challenge is getting visitors to sign up for a trial in the first place since it requires an immediate commitment.

Why Should You Care? Well, They Convert Differently

Let’s talk about how each trial type converts and give a few examples to understand the potential outcomes if each trial type were to meet our trial conversion benchmarks. 

First, let’s define what we are calling benchmarks.

We are considering benchmarks to be the ideal numbers that we know are achievable from our experience. Here are a few definitions to clear things up a bit:

  1. Industry Benchmarks –  the ideal number that if matched or surpassed we consider your trial to be optimized.
  2. Industry Benchmarks Range – the range that shows the low end and high end of an optimized trial. 
  3. Industry Averages – the average conversion rate within the industry. Note: This does not determine that if you business meets an industry average that it is ideal. 

For this article, we will be concentrating on #1, Industry Benchmarks. This will be a single conversion rate number that falls in the middle of the benchmark range that we consider ideal.

We have gathered our benchmark data from working with hundreds of SaaS businesses along with agreeing with a few trusted articles. 

  • Quora – This post concentrates on the Visitor to Trial conversion rates. We believe 2% is an accurate number from our experience on a Standard Free Trial. However, they will decrease with an Opt-out trial type.
  • Sixteen Ventures – This article mainly focuses on Trial to Paying Customer conversion rates.
  • Totango – This resource is a bit dated and we don’t agree with all of the data but we do agree with the number of customers retained after 90 Days.

So let’s get down to it and look at how each trial type converts. To show an example we need to start with the number of unique visits to your site. For this example we will start with 10,000 visitors:

Read the full article on InnerTrends, here!

Key Resource: 
Use this SaaS Free Trial Benchmarks Calculator to plug in your own numbers and find out if your product’s trial conversion rates meet industry standards based on your current acquisition model. 

SaaS Free Trial Conversion Benchmarks Calculator

Source: https://www.inturact.com/blog/saas-free-trial-conversion-benchmarks

Blockchain

CoinShares Launches a $75 Million Physically-Backed Ethereum (ETH) ETP

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A month after launching a Bitcoin ETP on Switzerland’s SIX Exchange, CoinShares has released a physically-backed exchange-traded product following the performance of the second-largest cryptocurrency – Ethereum. 

  • Describing itself as “Europe’s largest digital asset investment house,” CoinShares is a cryptocurrency-oriented manager with over $4 billion in AUM. The company, headquartered in London, announced the launch of its latest crypto product – a new physically-backed ETP tracking the performance of Ethereum. 
  • Called CoinShares Physical Ethereum, the product is already listed on the regulated SIX Swiss Exchange under the ticker ETHE and has a base fee of 1.25%. According to the company, the cost is “lower than the industry standard” of 2%. 
  • The statement explained that each unit of ETHE is backed with 0.03 Ether tokens at launch. Thus, it provides investors with “passive exposure to Ethereum’s native asset with the convenience of an ETP.” 
  • “In the early days of 2021, we have seen a continuation of last year’s demand in digital assets from institutions. We have also seen an increase in investor interest in Ethereum. We are encouraged by our client’s trust in our team to guide them in their journey through the digital asset ecosystem, and for many, Ethereum is an important part of that journey.” – commented Chief Revenue Officer Frank Spiteri. 

  • It’s worth noting that this is the company’s second similar product tracking the performance of a crypto asset launched this year. Somewhat expectedly, the first one, released in mid-January, follows the largest digital asset by market cap – Bitcoin. 
  • CryptoPotato reported upon its launch that it started with AUM of $200 million, and each unit is backed by 0.001 BTC. 
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Source: https://cryptopotato.com/coinshares-launches-a-75-million-physically-backed-ethereum-etp/

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Blockchain

Chainlink Price Analysis: 27 February

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Bearish sentiment has been the norm over the past few days, with the same being the case at press time for altcoins such as Chainlink. LINK has seen its price hike by around 164 percent since the start of the year. Over the last 7 days, however, with sellers dominating the market, LINK lost close to 28 percent of its value. While there have been some signs of recovery on the price charts, traders cannot discount the possibility of a further dip soon.

At the time of writing, LINK was trading at $25.5 with a market cap of close to $10.5 billion, making it the ninth-largest cryptocurrency according to CoinMarketCap’s list.

Chainlink 1-day Chart

Source: LINK/USD, TradingView

Chainlink’s price surged within an ascending channel formation over the last two months and as expected, the breakout was bearish for the coin. Additionally, Bitcoin also fell over the past week, adding to LINK’s price woes.

At press time, while LINK had strong resistance around the $35.1-price range, it was testing the support at $23.9, just like it has over the past few days. If this support level fails, it is quite likely that LINK will head towards the next support at $19, creating an opportunity for traders to open short positions.

Rationale

The technical indicators for LINK were quite bearish at press time and one can expect a further price drop for the coin in the coming days. At the time, the RSI indicator was quite far away from the overbought zone and was close to the oversold zone, indicating the absence of a buyer-dominated market.

If the RSI drops even further, LINK’s downtrend will continue. The MACD indicator also painted a similar picture after having seen the Signal line go past the MACD line, resulting in a bearish crossover.

Important levels to watch out for 

Resistance: $35.1

Support: $23.9, $19

Entry: $24.7

Take Profit: $19.4

Stop Loss: $34.4

Risk/Reward: 0.56

Conclusion

Chainlink saw its price surge on the charts over the past two months. However, the sentiment has since changed quite significantly and the coin seemed to be firmly in the grip of the bears. The altcoin may see a further price drop in the coming week if the press time support level fails. Such a scenario will result in LINK’s price going below the $20-mark, presenting an opportunity for short positions in the market.


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Source: https://ambcrypto.com/chainlink-price-analysis-27-february

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Blockchain

Bitcoin Cash, Huobi Token, Zcash Price Analysis: 27 February

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Bitcoin Cash retained the 10th spot on the crypto-rankings, despite being severely impacted by the recent correction in the broader market. Huobi Token flashed bullish signals, but a break above its press time resistance was unlikely. Finally, Zcash was projected to trade within a fixed channel since volatility was low in the market.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Weekly losses on Bitcoin Cash‘s charts amounted to 34% as a correction in the broader market had a negative effect on the crypto-asset. This period also saw $3 billion erode from BCH’s total value as it held on to the number 10th spot in the crypto-rankings by a bare margin, with a market cap of $9.18 billion. At the time of writing, BCH’s price was floating just above its $464-support, while the indicators gave mixed signals on BCH’s future trajectory.

The RSI pointed lower from under the 40-mark and reflected the weakness in price. On the other hand, the MACD moved above the Signal line while the histogram registered rising bullish momentum. With the crypto-market awaiting strong cues, we can expect BCH to remain above its press time support level. If the aforementioned level fails, the next line of defense would be at $421.5.

Huobi Token [HT]

Source: HT/USD, TradingView

The ADX indicator showed that Huobi Token’s uptrend was weakening after the price snapped an all-time high exactly a week ago. In fact, the losses amounted to over 30% following the broader sell-off in the crypto-market. At the time of writing, the altcoin’s price had bounced back from the $15.4-support after the bulls stepped in.

The MACD closed in on a bullish crossover, while the red bars on the histogram moved towards the half-line on the histogram. Either way, its gains would be capped at the immediate resistance and a hike to record levels seemed unlikely over the coming trading sessions.

Zcash [ZEC]

Source: ZEC/USD, TradingView

The Bollinger Bands on Zcash’s hourly charts were compressed as volatility remained low after the price bounced back from its $114.7-support. Weak trading volumes and buying pressure worked against a bullish outcome even though the price looked to breach the $124.75-resistance.

The Awesome Oscillator switched to red from green as momentum moved back and forth over the last few sessions. Moving forward, expect Zcash to remain within its current channel as it awaits stronger signals from the broader market for a definitive move on the charts.


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Source: https://ambcrypto.com/bitcoin-cash-huobi-token-zcash-price-analysis-27-february

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