What else draws a crowd like free products and services? Not much! After all, the idea is a win-win for both business and consumer. As a business owner, you have a chance to pitch your products and services to a crowd, and consumers get free goods! Of course, offering your product for free doesn’t come without risks—but things worth doing often involve some risk, right?
Types of Trial Periods
There are different ways of offering a trial period. You can give potential clients a free trial-membership period—say, thirty days of free access to your membership site. Or you can offer a limited-access trial where you allow potential clients to peruse your membership site but with a limited amount of features. Perhaps you restrict them to the entry-level tier, or maybe you let them into the midlevel tier but restrict access to certain features, such as e-courses or discussion boards.
Do keep in mind that your trial periods don't have to be free. You can offer trial periods at a discounted rate or offer an incentive, such as giving leads a month of free access if they commit to buying a membership.
What Type of Trial Works Best?
You will want to take a few things into consideration depending on the type of product or service you're offering.
First, you'll want to consider whether or not the trial period is long enough for a consumer to determine if they will benefit from your product or service. On the limited-access side, you'll want to determine if the restricted resources are enough for them to decide if your product or service is a good fit for them.
Next, consider the financial aspect. Can you afford to give away products or services or allow free access? Similarly, is the discounted fee worth the time you'll need to take to get a non-client set up?
Finally, how long do you estimate you will have to wait to see if trial customers buy and turn into clients? As you know, time is money in business!
By carefully assessing the answers to these questions, you’ll be better able to determine which kind of trial offer works best for your business model.
Pros of a Trial Period
As we’ve discussed, trial periods get your product in front of an audience and give you a chance to prove how awesome your services (and you!) are. By doing a free or nominal-fee trial, you allow your audience to see what they're missing (your service or product!) and ease their fear of commitment by showing them what they can’t live without.
Another pro is that a lead who participates in a free trial (as opposed to a lead from another source), takes the time to login, set up their profile, and view the content available is more likely to stick around for the long haul.
Trial periods are also a great opportunity to ask for feedback on your services and products. You’ll most likely gain great insight—it’s marketing and product-testing all in one! What's more, the products and services offered during a trial practically sell themselves, so no additional marketing or persuading is necessary—that is, of course, as long as you’ve ensured that what you're providing is top-notch.
When leads are considering whether or not to fully opt in to your membership site during their trial period, you can take advantage of having their attention by offering additional incentives, such as discounts on a yearly membership, a referral discount or kickback, or maybe even early access to an upcoming course you’re planning to launch.
And if you need one more reason to convince you to offer a trial period, it's this: customers who experience your service before they buy already know what they’re getting when they actually make the purchase, so their expectations and satisfaction are already met! (Now just keep it up!)
Cons of a Trial Period
Though it seems like the pros are endless, there are, naturally, a few cons when it comes to trial periods. Probably the most glaring is that of money. Not only should you consider whether you can you afford it, you should also be cautious about those who have every intention of taking you up on your offer but who have zero intention of ever signing up for your membership site. That’s why it's important to consider the risks of allowing nonmembers access to your content.
One fail-safe you can implement is to go the discounted-fee route rather than the free route, especially if you're offering a trial on some of your most valuable content. Because you'll need to collect payment and personal information when you invoice on the trial membership, some of those who are out for a freebie might back away knowing they need to provide such information and that they need to contact you to cancel their membership.
Another con is if your trial period is not long enough for someone to truly form an opinion of your service. It can take some trial and error to perfect that sweet-spot on how long a trial period should go based on the product or service you're offering. Your best bet is to ask for feedback when you follow up with the lead. Simply ask them if they had enough time—and ask them any other pertinent questions that can help your next trial period go even better!
Now it's your turn: Have you offered a trial period? What were the pros? The cons? What advice can you give readers who want to launch their first free trial? Let us know in the comments below!