Ever wake up one morning and think to yourself:
“Jeepers self – I wonder what one would think a conversion rate of 40+% from freemium to paid would involve?”
If not, not to fear, neither did I.
However, after just learning of a school shooting threat at my kid’s school, *and* having done everything possible at my end of the wire (read: checked upon teachers, friends and the like – methinks it will end up being a scare with no reality behind it), let me tell you – hunting down conversion rates of 40+% is a perfectly logical and delightful way to spend your time!
Which is where
growrevenue.io/2019/spotify-free-to-paid-case-study/
comes in – that 40+% conversion hails from (I hope you’re sitting down):
Spotify.
To wit:
“In 2015, The Fader reported that out of Spotify’s 75 million monthly users, 20 million are paying customers.
A 26.6% conversion rate is staggering on freemium products.
2019 Q1 data: 217 million active users, 100 million subscribers. That’s 46% conversion rate.”
46%!
Wow, I really want Nerds candy right now.
Just sayin’.
But I digress.
Anywhos!
Tips offered for how to increase subscription rates included:
Stage 1: Reducing friction and increasing virality with Facebook sign-up
Stage 2: Carefully optimized playlists to have specific appeal
Stage 3: Bribe the writer with Nerds candy (I HIGHLY suggest implementing Stage 3 numerous times)
and more!
Increasing conversions is a goal that would make for a grand 1 2 3 cheatsheet topic as well! You could structure it like so:
Step 1.) Decide the coolio must-have benefits your paid subscription will offer
Step 2.) Often the opportunity to upgrade whenever tastefully possible
Step 3.) Consider a viral campaign!
Resources for the above include:
databox.com/freemium-conversion-rate
medium.com/@the_manifest/4-ways-to-convert-freemium-app-users-to-paid-customers-d568d560c19a
blog.hubspot.com/service/freemium
www.impactbnd.com/blog/increase-conversions-freemium-justin-rondeau
www.quicksprout.com/2018/11/09/how-to-convert-free-trial-and-free-plan-users-into-paying-customers/
www.candyindustry.com/articles/88791–eleven-introduces-nerds-candy-flavored-slurpees
Your takeaway?
Free products can be a great way to get people to upgrade to premium ones… why not consider implementing that strategy today?
Enjoy!
Get Started Here
You’ll love what you learn… Promise!