Connect with us
[crypto-donation-box]

Blockchain

SaaS Free Trial Conversion Rate Benchmarks + Interactive Calculator

Republished by Plato

Published

on

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

Standard Custody takes new route to ‘qualified custodian’ status

It’s the first digital asset firm to receive approval on a de novo application for a New York trust license.

The post Standard Custody takes new route to ‘qualified custodian’ status appeared first on The Block.

Republished by Plato

Published

on

Standard Custody received its license to operate as a New York state-chartered trust on May 4, and it’s already making a play to gate-crash the institutional custody space.

Just days after its licensing, the firm announced the close of a $53 million Series B round for its parent firm, PolySign.

Cowen Digital Asset Investment Company led the round with a $25 million strategic investment. The two will also partner, with PolySign providing digital asset custody solutions for Cowen clients through its newly licensed trust arm, Standard Custody. Blockchain.com and Race Capital also participated in the round.

Through Standard Custody, PolySign is looking to fill a gap in the custody space. While many crypto firms are attempting to build all-in-one services, with exchange, brokerage and custody housed under the same roof,  CEO Jack McDonald says Standard Custody plans to differentiate itself by focusing solely on custody-based services for institutions.

Though Standard Custody plans to expand its range of services, McDonald says it will stop short of being an exchange unlike others in the custody space.

“We think that ultimately the institutions that are wading into the space, more and more of the traditional institutional asset managers, are going to want to see a segregation of duties there between exchange activity and custody activity,” he said.

That could mean hedge funds, family offices, endowments and exchanges could make up its client base going forward, but not retail-facing activities. Others serving the retail market have expressed interest in Standard Custody’s services, mostly due to its recent licensure. It’s the first to get approval for a de novo trust application in New York, and that’s positioning it to emerge as a favorable partner for a variety of clients, according to McDonald. 

To build out custody and escrow services, Standard Custody needed to be a qualified custodian. There’s more than one way to gain the distinction, but some fit better than others. To be a qualified custodian, firms can either become a registered broker-dealer with the Financial Industry Regulatory Authority (FINRA), a futures commodities merchant regulated by the Commodities Futures Trading Commission (CFTC) or you can be a federally or state-licensed trust bank.

For firms mainly looking to custody, it makes the most sense to become a trust but it’s recently become unclear how far a trust license extends outside state borders. The Securities and Exchange Commission (SEC) is currently seeking comment on how it should view state-licensed qualified custodians in the wake of a letter from Wyoming’s regulators. On the national level, Congress is still debating how much power the Office of the Comptroller of the Currency (OCC) should have to designate digital asset firms as national trusts and therefore qualified custodians.

Still, a New York trust license from the New York Start Department of Financial Service is the gold standard of state licenses. It’s the highest barrier of the state licensure frameworks, and also has more reciprocity than other states, meaning some other states recognize the New York trust charter and don’t require an additional license. Standard Custody is the first to receive a de novo approval, meaning it’s operating a new business as opposed to converting a previous entity like Gemini and Coinbase. That’s made it more attractive to businesses looking to set up shop in the U.S. without going through onerous regulatory frameworks.

“We do have a lot of interest in our technology from some of the more retail-oriented strategics out there and specifically wanting to tap our capabilities to business in New York and more broadly in the U.S.,” said McDonald.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.theblockcrypto.com/post/104979/standard-custody-qualified-custodian-raise-bank-charter?utm_source=rss&utm_medium=rss

Continue Reading

Blockchain

Chainlink price prediction: Chainlink retests $41, set to move higher?

TL;DR Breakdown LINK tests $44 resistance overnight. Support retested at the $41 level over the past hours. Next support at $40. Today’s Chainlink price prediction is bearish as the market moved lower after setting a lower high around $44. Currently, LINK/USD retests the $41 support, once it is broken, we should see further downside over […]

Republished by Plato

Published

on

TL;DR Breakdown

  • LINK tests $44 resistance overnight.
  • Support retested at the $41 level over the past hours.
  • Next support at $40.

Today’s Chainlink price prediction is bearish as the market moved lower after setting a lower high around $44. Currently, LINK/USD retests the $41 support, once it is broken, we should see further downside over the next 24 hours.

Chainlink price prediction: Chainlink retests $41, set to move higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results as Bitcoin trades flat around 0 percent, while Ethereum has lost almost 3 percent. Stellar (XLM) is among the best performers with a gain of 5 percent. 

LINK/USD opened at $41.5 after bearish close yesterday set a lower high at $48. Earlier today, another lower high was set around $44.5 after a retest of $41 support. Therefore, the market trades in an increasingly tighter range. Once the range is broken, we will see where the market is headed next week. 

Chainlink price movement in the last 24 hours

The LINK/USD price moved in a range of $41.08 – $44.61, indicating a moderate amount of volatility. 24 trading volume has decreased by 13.92 percent and stands at $2.2 billion. Meanwhile, the total market cap stands at $17.7 billion, ranking the cryptocurrency in 13th place overall.

LINK/USD 4-hour chart – LINK 

On the 4-hour chart, we can see the Chainlink price pushing to break the $41 mark once again. 

Chainlink price prediction: Chainlink retests $41, set to move higher?
LINK/USD 4-hour chart. Source: TradingView

Overall the market continues retracing from the all-time high set around the $53 mark on the 10th of May. The new all-time high was set due to a 70 percent upswing from the previous major support level around $31 set on the 23rd of April. Therefore, we could see similar performance over the upcoming weeks once the Chainlink price stops retracing.

Earlier this week, Chainlink made two separate waves lower, resulting in a total retracement of around 25 percent. The support around the $40-$41 mark has already been retested twice. Therefore, we could see the support break later today as bears continue pushing LINK/USD lower.

Once the support is broken, we could see LINK/USD move towards the next minor support, around $38. From there, the market could potentially start to reverse in a similar way as during the middle of April. 

Alternatively, if a further downside is rejected over the next hours and the $40-$41 support holds, we could see LINK/USD move sideways over the next 24 hours as it prepares a base from which to push higher early next week.  

Chainlink Price Prediction: Conclusion 

Chainlink price prediction is bearish as the market continues trading in a bearish momentum over the past days. Earlier today, another lower high was set around $44.5, indicating that bears are still in control, and we are likely to see LINK move below the $41-$40 support area early next week.

While waiting for further Chainlink price action development, read our latest guides on Litecoin mining software, Ethereum mining pools, as well as Ethereum mining software.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/chainlink-price-prediction-2021-05-16/

Continue Reading

Blockchain

Solana (SOL) Surges Into Top 15 as Price Breaks $50

Solana (SOL) has climbed into the top 15 following a new all-time high of $52.60

The post Solana (SOL) Surges Into Top 15 as Price Breaks $50 appeared first on BeInCrypto.

Republished by Plato

Published

on

Solana (SOL) has climbed into the top 15 following a new all-time high of $52.60

While the weekend saw relatively bearish price action for the majority of the market. SOL managed an impressive gain of over 20% to reach a new all time high. 

The project now sees itself being catapulted into the top 15 spot in terms of market capitalization. With a total market capitalization of $13.6 billion. Not bad considering it started the year priced at a measly $1.51. The recent all-time high now means that SOL has seen a 3,100% gain in 2021 alone. 

Source: Tradingview

Solana had previously been dubbed one of the projects that could potentially kill ethereum,

Solana hackathon commences 

The new all-time high comes off the back of the launch of Solana’s hackathon which began on May 15. The Solana Season Hackathon has attracted over 10,000 registrations to the event. The hackathon is set to run from May 15 to June 7. The event is offering up to $1 million in global prizes and seed funding for participants, including an all-star lineup of speakers. 

Solana has seen rapid growth within the crypto space in 2021. Having launched late in 2020, the project is now vying for a top ten spot after moving swiftly into the top 15. 

Solana is described on its website as “a fast, secure, and censorship resistant blockchain providing the open infrastructure required for global adoption”.

The project has already implemented key features to its ecosystem, including decentralized finance (DeFi) capabilities, non-fungible tokens (NFT), and a decentralized exchange (DEX). 

Price analysis

Previous analysis from BeInCrypto suggested that SOL was one of May’s top altcoins to watch. With technical analysis indicating the project could climb to suggested targets of $60 and possibly $68 in the future. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. He discovered Bitcoin in 2016 when investing in a Ponzi scheme, and it was the best decision he ever made.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/solana-sol-surges-into-top-15-as-price-breaks-50/

Continue Reading
Blockchain5 days ago

Billionaire Druckenmiller says ledger-based system could replace USD worldwide

Blockchain5 days ago

Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries

Blockchain5 days ago

XRP Lawsuit ramifications: Is the SEC hurting the same community it vows to protect?

Blockchain4 days ago

First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

Blockchain4 days ago

Raze Network Kicks Off Testnet Phase With UI Community Voting

Blockchain4 days ago

dotmoovs Raises $840,000 From Strategic Investors and Partners

Blockchain5 days ago

The challenges with designing a CBDC, explained

Blockchain4 days ago

How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?

Blockchain4 days ago

Casper Network’s CSPR Spot Trading Now Open on OKEx

Blockchain5 days ago

Block.one and partners raise $10B to launch EOS-based crypto exchange: Bullish Global

Blockchain4 days ago

When dollars meet the hype: The biggest NFT hits from celebrities

Blockchain4 days ago

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

Blockchain3 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain5 days ago

Uniswap flips Bitcoin on daily revenue… and it’s more impressive than you think

Blockchain5 days ago

Polkadot, Cosmos, Bitcoin Cash Price Analysis: 11 May

Blockchain4 days ago

DeFi lending platform Aave reveals “private pool” for institutions

Blockchain4 days ago

From cypherpunk to state contracts: the changing face of blockchain

Blockchain5 days ago

TA: Ethereum Overcame Odds With New High, Here’s Why ETH Could Test $4.5K

Blockchain5 days ago

eBay Now Allows the Sale of NFTs on its Platform

Blockchain4 days ago

MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Birck-and-Mortar Locations

Trending