Accelerate customer growth with faster analysis of the factors changing trial conversion rate.
Depending on the free trial structure, the key drivers of conversion aren’t simple to analyze. Trials can last for 48 hours or 30 days, and customer activity and engagement during the trial is the difference between growth and decline. Multiple factors influence conversions, like marketing, sales activity, and A/B tests within the product. Without analyzing the driving factors behind each conversion, you have nothing to act on.
The other problem is the activity of a user. Ideally, every signup actively uses a product during the trial period, but many signups are dead on arrival, adding noise to your calculation. To find actionable insights in your trial conversion rate, first define what active trials are; you can remove the “dead on arrival” accounts and set a baseline for trial conversions.
By continuously testing and measuring this new baseline, you’ll put a finger on what’s working and what needs improvement without delays from manually slicing and dicing the data.
Trial Conversion Rate varies by trial structure but is typically assessed by dividing the number of conversions by the total number of trials in a given time.
TCR = # of conversions / total # of trials
Get a comprehensive picture of what factors, or combinations of factors, are key drivers for conversion rate, by tracking trial conversion rate at the account or user level. Each row should represent a unique user, with one record per trial period.
When setting up your data, make your datasets as wide as possible. Start with the recommended fields below and add as many descriptive variables as you can to augment your analysis.
Account Creation Date
Customer City, State, Zip
Onboarding Completed (T/F)
Account Source Promotion
Number of Users on Account
# Customer Success Tickets
Ticket Response Time