A simple hack that changed our conversion rate from 0%
Sheet Monkey (https://sheetmonkey.io) having its best month ever in Sept.
A bit of context:
- I launched in Oct 2020 on PH and hit the top 10. Only got 1 paying customer out of the launch.
- Nov, Dec, Jan, Feb had 0 new paying customers.
Despite getting regular signups, nobody was converting. I tried email outreach with coupons, changing pricing, but nothing worked.
Finally, I decided to just ask people to upgrade as soon as they signed up. The first thing they see after registering is this:
The impact?
Our conversion rate went from an average of 0.33% to 4.67% per signup.
Takeaways?
Don't get too clever with customers. It's easy to assume that you'll be able to upsell them later, or create different tiers to upgrade them over time, but the simplest way to improve conversion is just to ask customers to pay for your service as soon as they sign up. There's a surprisingly large cohort that will just convert immediately if the price is right.
Full thread here: https://twitter.com/LeviNunnink/status/1443238476774789137
Thanks for sharing. So the lesson is that it’s better to strike while the iron is hot.
100% yes. The best time to ask customers to upgrade is when you have their full attention during signup. Not a week later with an upgrade email.
Thanks for sharing Levi!
It inspired me to apply the same concept to Notion2Sheets, it is a Google Workspace Add-On that opens in the side panel of a Google Sheet, we don't have the luxury of a full web page or a good way to show a modal, so I decided to send a promotional code to each new customer by email when they first open the add-on.
"Limited 48 hours 30% lifetime discount!"
Then buttons to both of our plans to upgrade and a link to our regular pricing page, let's see how the experiment goes!
Awesome. Glad this was helpful. Let us know how it goes! :-)
Thank you for sharing. I needed to hear this.
This is awesome, thanks for sharing!
Our intuition most of the time leads us to let the user try "without bugging them", but this proves that that's not the case. The case is, when they're the most excited and you have their full attention, we should give them the opportunity to get the product at the right price.
Do you show the same modal again after X time / pages or only once?
I only show it right after signup.
One thing we did at my previous startup was putting the upgrade right in the signup flow. So when a customer was registering we gave them the option to upgrade right there. Same idea and same results.