I love the MRR model.
MRR meaning “Monthly Recurring Revenue”, also known as the “Subscription Model”.
If you offer a service in which you are billing your clients per calendar month (for example) then getting them on board can be a challenge.
There are a couple of ways to do this, and this growth hack focuses on my favorites.
Let’s discuss them.
Here are the ones I recommend the most.
1. The 7-Day Trial. The hack here is to use the number “7”. “7” seems to be a magical number. For some reason, odd numbers do better and “7” has a lot of connotations, like the fact that there are 7 continents, 7 oceans, 7 visible astral objects from earth, 7 holes in the human skull, 7 systems in the human body and of course 7 days in a week.
2. The Trip Sale approach. This is whereby you charge a nominal trial fee of say, for example, USD$7 for 7 days, so a dollar a day. The conversion rate would be lower than simply offering “free trial access” but you’d have two clear benefits of this, firstly – you remove time-wasters since they’ve willingly given over their working credit-card, and secondly, the transition from “paid trial” to “full member” is easier because you’ve captured their credit card details. Furthermore, the entry barrier is achievable for this, USD$7 is a very reasonable fee to charge for access.
3. Another favorite is triggering an email if the account is not used that extends the trial by five days with a discount code.
Try any of the above or a combination and I can virtually guarantee you’ll increase your onboarding
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