The Infographic reproduced below is provided by Totango.
In their 2012 SaaS Conversions Benchmark report, Totango demonstrated that engaging web site visitors and trial users ncreases conversions for SaaS (Software as a Service). Totango reports that the Best-in-Class providers had a combined conversion & 90-day retention rate of 2% compared to the industry average of only 0.6%. What did these SaaS providers do to get more than 233% improvement over the average? Three things:
1. Stop asking for Credit Cards for Trial Sign ups! Asking for credit card for trial sign up sends a warning signal to most people. Everyone has heard a horror story about a friend or relative not being able to wiggle out of automated subscription / renewal because the provider made it incredibly difficult to cancel. Even if your cancellation procedures are simple, people won't know that at sign up time. This step alone increases the probability of visitor signup to 10% v. 2% otherwise.
2: Nurture the prospects during the trial! Identify active prospects and make sure their needs are being met. Gently engage them with follow ups without being too pushy. Best-in-class providers saw 25% of prospects becoming customers after trial, v. 15% average.
3. Continue to provide them attention and special support for first few months even after they sign up. This significantly increases the retention rate. (80% for Best-in-Class vs. 60% for Average)
Here is the Infographic in the original size: