In marketing, making it as easy as possible for your prospects to test out your product or service can be a winning strategy. For subscription businesses, a free trial subscription is one way to do that. Customers get a taste of what you provide without having to commit to anything. However, having to enter payment information for something that’s free can add unnecessary friction, making your prospects less likely to sign up. A lost prospect is a lost opportunity to acquire a new customer.
Recurly now lets our merchants offer free trials without asking for payment information. These “cardless” free trials improve your prospects’ free-trial sign-up experience and support new customer acquisition—a key goal of any subscription business. Various studies have shown that trial sign-ups increase when prospects are not required to provide payment information.
In addition to improved customer acquisition, another benefit of our cardless free trial feature is that Recurly has created this feature at the subscription-plan level. This means that customers can create two different plans—one with a free trial that requires payment information and one that does not—and then test both to see which yields the best results.
When combined with coupons and gift subscriptions, this feature adds another tool to this “promotional toolkit” which Recurly provides to help our customers increase awareness and attract new subscribers. Discounts provide an added incentive for those prospects who are price-sensitive. And gift subscriptions let customers and others share their enthusiasm for a subscription service with friends and family, many of whom will continue their subscription once their initial gift term expires.
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The value of Recurly is that we no longer have to worry about the different aspects of subscription management. Instead, we can focus on things that are our core competency, like adding value to our service and expanding our offering. That’s been a huge win for us.