Monetization expert Wes Bush shares 5 best practices for boosting free-to-paid conversion rates including sequencing, reevaluating free models, and simplifying the upgrade process. Topics cover enhancing user experience, pricing psychology, customer retention strategies, and the importance of user feedback sessions.
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volunteer_activism ADVICE
Upgrade Sequencing
Optimize upgrade sequences by considering psychology.
Start with easy choices to encourage completion.
question_answer ANECDOTE
ChatGPT Upgrade Flow
ChatGPT effectively reminds users of their current plan upon upgrade.
It shows current features alongside the next plan's benefits.
volunteer_activism ADVICE
Re-evaluate Free Model
Re-evaluate your free model if you experience high short-term churn.
Ensure users experience enough value to justify upgrading.
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Monetization is a big challenge for nearly every product-led company. In today’s episode, Wes Bush helps you overcome this business hurdle by sharing five best practices to boost your free-to-paid conversion rate. Even better, many of these strategies are easy for your team to implement, so you can start making positive changes now.
Key Takeaways:
[2:30] Sequencing
[5:30] Remind users of the current plan
[8:20] Reevaluate your free model
[12:15] Simplify the upgrade process
[14:00] Complete user feedback sessions
About Wes Bush:
Wes Bush is the founder and CEO of ProductLed and the world’s leading expert on product-led growth. He is the bestselling author of Product-Led Growth: How to Build a Product That Sells Itself and the upcoming Product-Led: Scale Your Tech Business Without A Sales Team, due in August 2024.