According to a report by Global Forecast, the SaaS industry grows each year by 18 percent. The existing organizations add innovation to their products every year while many organizations introduce new ones. It becomes difficult and challenging for the late entrants to the market, since the primary objective is to market themselves and their product better to get that ‘piece of the pie’. While marketers brainstorm and introduce marketing campaigns to lure customers, a common practice often exercised is giving out ‘free trials’. Free trials allow SaaS companies to showcase their product well while customers get to know the product well before they commit to it monetarily.
What is a Free Trial?
A free trial is a plan where organizations allow customers to use their product for free for a certain period of time. It demonstrates how the products work and how many features are there in the product. Free trials are used mostly by SaaS companies as they need to showcase their products.
Benefits of a Free Trial
1. It Acts a Marketing Tool
A free trial of a product tells customers about its features and what the product is capable of doing in real-time, exactly what the marketing of a product means. This, in fact, saves cost for the marketing campaigns and works much better.
2. Gives First-Hand Experience to Customers
Customers can use each and every feature of the product and see directly how it benefits them. With every action on the website, they can see the difference in real-time, which compels them to switch from their free trial and buy the product or pay a monthly subscription bill.
3. Increase in Marketing Leads
It automatically becomes a lead whenever anyone registers themselves for the free trial. It is proven that people tend to go for the free stuff more easily than choosing to pay. So, this way, the sales team can get many marketing leads. Also, once the ‘prospective customer’ is using the product, it is comparatively easier to convince them.
For any SaaS industry, a free trial is a necessity as it shows the customer what the product is. But, planning a free trial and the number of days and what features to allow in the free trial can be a hassle. This is why we present to you Muvi Billing’s feature ‘Free Trial Management’. Through this, you can create, modify and manage Free Trials. Set the duration, create a workflow to accept payments, set up payment methods, and create communication triggers. Create as many trials as you want for separate subscription plans or products. To know more, sign up for Muvi Billing today. Start with our 14-day free trial and explore a hassle free experience in managing your free trial plans