To give a bit of background on our webinar host Harrison Rose, he’s had more in-depth conversations with our sellers than anyone else in the company. Having co-founded Paddle with our CEO, Christian Owens, six years ago they’ve grown the company to over 140+ people and are continuing to expand.
The objective of the webinar was to share some of the best-in-class ways that we’ve seen SaaS companies grow — providing actionable tips and examples which you can bring to your own business. Here are just a few of the key things you can learn by watching the webinar:
- When looking to acquire more paid customers from free accounts, requiring a card for a trial increases conversion by 2.5%. It will limit users but ensures you focus on customers with a budget.
- Data has shown that a 7-day trial has a similar conversion rate as a 30-day trial, we definitely recommend starting small when experimenting with trials.
- Slack’s growth lever for a free trial is to expand within a business. Slack pushes a feature and usage-based trial, which highlights the number of messages you could store or the integrations you could build in. Knowing that the more a product is used, the more aligned a company becomes towards the product.
- When reiterating the importance of avoiding customers churn, we talk about GetResponse whose copy on its cancellation page brings home the data the customer will lose if they cancel their account, which led to a 15% increase in retention for them. The key being to reiterate how much data your customer has accumulated within your platform and the access they’ll lose by leaving.
- You want to measure the activity of your product but also the inactivity, so that you can find the indicators for churn. We examine the need to recognize, when customers aren’t using your dashboard or opening emails to find insights, that they’re not getting any value from their product and thus at high risk of churn, and enable you to do something about it.
Techniques to grow your SaaS company is the second of our monthly webinars. We’ll be holding more so software sellers can gain more of an insight into growing and empowering their business.
Interested to find more insight from the full webinar? Click the button below to watch a recording of the webinar and stay updated when these webinars are happening as well as receive links to the future webinars if you’re unable to attend.