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Increase conversions by allowing customers to pay in installments

Source: Growth Bites

Selling single-payment products?

Reduce friction and boost conversions by offering payment plans.

One study (of retailers) found that payment plans increased conversion rates by 20-30%. So let's say you've got an online course or some other product that you sell for a one-time payment of $200. Selling it for 4 payments of $50 will spread out the financial hit for your customer, thereby reducing friction.

Plus, the smaller pricepoint for each installment will act as an anchor price, which is helpful when a potential customer compares your price against a competitor who only accepts lump-sum payments. Setup will vary depending on your payment provider or marketplace, but most should either have partner products (e.g. PayThen) or their own solutions.

What's trending?

How to launch your product on Product Hunt the right way?

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Product Hunt has been the launchpad for many well-known names, such as Slack, Notion, and Loom.

It has proven to be one of the most effective platforms for launching and discovering startups. Plus, early adopters who will try your product while you iron out the kinks can become your initial advocates and help you build momentum.

For a successful launch on Product Hunt, it is crucial for your product to make it to the front page, which requires a substantial number of upvotes and engagement. However, Product Hunt is very strict and doesn’t like when makers try to game the system, so it’s important to authentically hustle and build a positive reputation in startup communities in the weeks leading up to launch.

Dive in and learn how to launch your product on Product Hunt the right way in the article below. 👇

Convert more free trial users to paid customers

Source: Demand Curve

Free trials are often touted as one of the best ways to get more SaaS leads. But if your trial users aren’t turning into paying customers, your acquisition model is broken.

To convert more users, try one (or more) of these strategies:

• Personalize onboarding. Send a welcome email when users sign up. Ask what they need help with. Or offer a one-on-one demo to show the full potential of your software—Funnel CRM shared that doing so increased conversions from 5% to 9%.

• Trigger support emails based on user activity. Adobe offers a 7-day trial for all its Creative Cloud apps. If users spend more time on a particular app, they’re automatically enrolled in a sequence focused on that app’s features.

• Offer a short feedback session halfway through the free trial. Resolve issues that users encounter. Communication platform Nextiva uses a 15-minute feedback session to uncover issues and offer support. The short time frame makes the ask feel like a small commitment—and gives Nextiva the chance to schedule another call at the end of the trial.

• Limit the features available during a free trial. Your product’s best feature should be easy to find and use during the trial. But to add intrigue, make secondary features visible but not accessible. This will entice users to upgrade to a paid account.

• Offer a discount at the end of the trial. Some users may not be fully convinced to sign up once their trial ends. In this case, you could try offering a generous discount off the first few months of your paid tier. Payment platform Dunnly offers as much as 60% off for 3-6 months after its free trial ends. It’s seen more fully paid conversions this way than by simply extending free trials—the discount weeds out leads who are reluctant to pay anything. And if users are continuously experiencing value in the discount months, they’re less likely to churn once they start paying full price.

Thank you for reading! ✌️

We look forward to sharing more with you next week. Stay tuned!

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