Startups For the Rest of Us
TinySeed Tales 6 | The No Credit Card Trial
Nov 28, 2019
Craig Hewitt, an innovative founder, discusses his strategic decision to implement no credit card trials for his startup, aimed at reducing drop-off rates and improving user onboarding. He shares insights on the challenges and metrics involved in this approach, emphasizing the need for patience to gauge success. The conversation also covers the complexities of big bets, highlights the arrival fallacy in achieving career milestones, and stresses the importance of monitoring key performance indicators for sustainable growth in subscription-based businesses.
22:50
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Quick takeaways
- Implementing a no credit card trial aims to enhance user acquisition by addressing high drop-off rates during signup.
- The founder emphasizes the need for balancing marketing efforts with product development to sustain growth and improve trial initiation.
Deep dives
Transforming the Signup Process
A major change in the signup process is being implemented to enhance user acquisition, moving from a one-page credit card requirement to a two-page format that separates account creation and payment information. This shift aims to reduce the observed drop-off rate, where 60-70% of potential users abandon the process after entering their email and password. By allowing users to trial the full app without providing credit card information upfront, the goal is to double the number of trials initiated. This strategic decision is framed as an experiment, drawing on successful models from other companies that adopted similar approaches.
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