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56% of customers convert from 30-day free trials, yet 3 in 4 e-commerce sellers didn’t use the strategy in 2023
New data also finds free trials to be 28 times more effective than free products.
New data shows 30-day free trials had the highest customer acquisition (32%) and conversion rate (56%) and are shown to be 28 times more effective than free products. However, despite its effectiveness, nearly 3 in 4 ecommerce sellers didn’t use the approach in 2023.
These findings come from the ‘Optimal Free Trial Length for Digital Products’ study, which was conducted by Whop – all-in-one platform for digital products, communities, and software – to understand how digital retailers can increase customer acquisition and conversion rate by analysing free trials of 3 days, 7 days, 14 days, and 30 days.
Of the four free trial periods, 30-day free trials are the most effective method of paid customer conversions – almost four times (273%) more likely to convert a customer than a 14-day free trial. The second highest conversion rate was the 3-day free trial at 35%, however, this approach only had 2% total signups.
The findings also demonstrate that 30-day trials experience more successful signup rates, 16 times more than a 3-day trial and 1.5 times more than 7-day free trials.
While it is tempting to speed up conversion rates by using shorter free trials, the data shows 30-day free trials are the best for engaging and converting customers. This is because customers have more time to see how a product can create value for them. The longer customers use the product, the more they rely on it, and the more likely they will convert into paying customers – at no cost to the business.
Cameron Zoub, CGO and co-founder of Whop, says:
“As it becomes increasingly challenging to get heard as a product or service in a crowded online space, one of the most powerful methods we’ve identified is offering 30-day free trials. By providing potential customers with an extended period to explore and integrate a product, businesses and digital creators can significantly boost engagement and conversion rates. This approach allows users to fully understand the value a product brings to their lives.
“As a platform which gives creators the ability to connect to a global audience, our mission is to empower digital product sellers with the insights and tools they need to succeed. By adopting proven lead generation techniques like extended free trials, creators can drive substantial growth and build lasting relationships with their audience.”
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Image source: DepositPhotos.com
