Thinking about offering a free version of your service? Do the math first.
A free plan for your recurring payment/subscription model can be an incredible marketing and sales tool. Just ask Google: the free service can haul potential paying customers in by the bazillions.
But it only works if the freebies convert.
Every day, your free version costs you money — so there has to be an appropriate ROI. We’ve spent some time discussing the issue with Patrick Campbell of Profitwell. His insights had a direct impact on our choice not to create a free version of our own software, WebinarNinja.
That said, the free plan model can work beautifully for the right kinds of services.
Today, we discuss how to make this strategy work, what situations it’s perfect for, and why it’s not for everyone. With examples of the types of businesses it can help, you can decide if a free plan is right for you. Click play at the top of the page!
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