Should I offer a $1 Trial? No Trial? Opinions Appreciated :-)

31 replies
Hey Warriors,

We have a very solid service that is on a monthly continuity plan, meaning, it is a $97 monthly service, cancel anytime.

We are so confident in the service that we have been offering a $1 7-day trial. Try it before you buy it. We put our money where our mouth is.

My question: is it a good idea to offer a $1 trial or do we just go for the monthly $97 sale?

Place your thoughts here and complete the poll.

All opinions appreciated

Michael
#appreciated #offer #opinions #trial
  • Profile picture of the author Suthan M
    If you are confident that you can sustain the $1 trial clients and convert/keep them to pay the remaining- then go for it!
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    • Profile picture of the author Shaun OReilly
      Your poll is missing another option (and the correct option
      too)...

      Split-test YOUR traffic to YOUR offers (Offer A = $1 Trial,
      Offer B = No Trial).

      Then count the total dollars returned by each route.

      You'll get the right answer every time.

      (If it's a Forex audience, they'll be better able to tell you
      the right answer - by their response, rather than going
      with guesses on a forum of Internet Marketers).

      Dedicated to mutual success,

      Shaun
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      .

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    • Originally Posted by Suthan M View Post

      If you are confident that you can sustain the $1 trial clients and convert/keep them to pay the remaining- then go for it!
      Yea this is the key. If I pay $1, I will need to feel that once I'm there I am going to be happy paying $97 a month for it. So you will have to deliver big time.
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  • Profile picture of the author michaelcorvin
    Thanks Shaun, we are working on that now actually :-)

    Michael
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  • Profile picture of the author quiescen
    I've tried the $1 option for my online piano course. I got a lot of tire kickers who pretty much stole my content and then cancelled. But ... I did it for 7 days like you are. My suggestion is to offer a longer trial period so prospects don't feel rushed or have to make a buying decision in a week. Especially if you're site has a lot of content. Let them feel comfortable with it.

    The downside to this is many forget they signed up for a trial and will get angry when they see a $79 ding on their credit card.

    Shaun's right ... test, test, test! Can't beat empiricism.
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  • Profile picture of the author michaelcorvin
    quiescen, it's not content they are getting that they can rip off. It is daily Forex market data. If they stop using the service they stop receiving the trade and market data they need. They are getting emails 5 days a week, sometimes twice a day, so they we are in their face all the time.

    What was your solution for your Piano lessons? Did you keep the trial or did you kill it?

    Michael
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  • Profile picture of the author Josh Monroe
    Why not offer at $97 then, if they try and exit offer the $1 trial?
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  • Profile picture of the author YasirYar
    Trials are good if your product is as solid as you say, people are always apprehensive about products related to FOREX but the fact is, if your algorithms are right your product is naturally going to work well. People will eventually buy, but increase the trial period to 15 days.
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    • Profile picture of the author JohnMcCabe
      How are your conversions? From visitor to trial and from trial to full subscription? How is the retention vs. the straight sale?

      Is 7 days long enough for people taking the trial to prove the worth of the service to themselves? Would another time period be better (10 days, 30 days, 2 weeks)?

      I think your testing will answer a lot of these questions, along with giving you ideas for more tests.

      The bottom line, though, is which combination of offers puts the biggest number on your bottom line. Not which option 'wins' in a poll on an IM forum.
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  • Profile picture of the author michaelcorvin
    Actually, once they sign up for the 7-day trial we have a 100% conversion to the full monthly billing. There is no service like it.

    Michael
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    • Profile picture of the author Fraggler
      Originally Posted by michaelcorvin View Post

      Actually, once they sign up for the 7-day trial we have a 100% conversion to the full monthly billing. There is no service like it.

      Michael
      From that then all you need to do is test those sales against leading in with a trial. Since you back your product so strongly (which is great) then even look at a free trial to get more people giving it a shot. Your conversion rate to paying customer may drop but total sales may rise also.
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    • Profile picture of the author JohnMcCabe
      Originally Posted by michaelcorvin View Post

      Actually, once they sign up for the 7-day trial we have a 100% conversion to the full monthly billing. There is no service like it.

      Michael
      Michael, if you are getting 100% conversion on a 7-day trial, your only worry is how to get more people on that trial. That usually means testing new traffic sources, especially paid ones.
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    • Profile picture of the author TopKat22
      Originally Posted by michaelcorvin View Post

      Actually, once they sign up for the 7-day trial we have a 100% conversion to the full monthly billing. There is no service like it.

      Michael
      If you have 100% conversion, then I wouldn't change anything.

      If it ain't broke, don't fix it!!!

      So, that leads me to this question, if it is converting at 100% what in the world is making you question it???
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      • Profile picture of the author michaelcorvin
        Originally Posted by TopKat22 View Post

        If you have 100% conversion, then I wouldn't change anything.

        If it ain't broke, don't fix it!!!

        So, that leads me to this question, if it is converting at 100% what in the world is making you question it???
        When I posted the question we had not launched the aggressive marketing campaigns we are in now...at that point we had a ton of customers who were all in the Forex marketing...die hards...why quit when you are making money from our service, right?

        But now that we are hitting PPC hard we knew we would attract "newbies"..my focus was mainly on how these newbies would respond to price.

        Michael
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  • Profile picture of the author angeldawn4u
    Hey there Michael,

    posted earlier but it doesn't seem to be here.

    I would love to talk to you please. If you can add me on skype angeldawned or pm me, I would greatly appreciate it.

    Thank you,
    Angel Dawn
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  • Profile picture of the author michaelcorvin
    Angel, Will definitely add you to Skype and we can talk.

    Michael
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  • Profile picture of the author JasonGrimes
    Stick with the trial, it's important your potential customers trust and believe in your product enough for them to go ahead and purchase.

    All the best,
    Jason
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  • Profile picture of the author jivens
    Banned
    You need to gain trust, so i'd recommend a trial. If you do a good job then they will have no problem with paying you again and again.
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  • Profile picture of the author TNTROCKS
    We do a $3.97 buyer followed by a $59 monthly which happens on day 7. we give them a TON of support in that 7 day period.

    We have tested alot of different things, this works the best for us.
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    • Profile picture of the author Josh880
      Trials are a good way to get people into your funnel.

      However, the problem with $1 trials is that it gives people the opportunity to check your content out and not pay the rest at a later time.

      Not all people are like that but you'll be surprised at how many people are.

      Especially if your selling something like an Ebook.

      If you have a membership site on the other hand that drip feeds information over a period of time, that would probably be a good way to include a dollar trial.

      People can try your product out with limited access.

      That's a strategy that works great.
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      • Profile picture of the author michaelcorvin
        Originally Posted by Josh880 View Post

        Trials are a good way to get people into your funnel.

        However, the problem with $1 trials is that it gives people the opportunity to check your content out and not pay the rest at a later time.

        Not all people are like that but you'll be surprised at how many people are.

        Especially if your selling something like an Ebook.

        If you have a membership site on the other hand that drip feeds information over a period of time, that would probably be a good way to include a dollar trial.

        People can try your product out with limited access.

        That's a strategy that works great.
        Yeah, that is what is cool about our service. 7 days in, when they see the amount of pips they are getting and that their trades are really and actually closing at the profit targets we are setting for them...they don't cancel...we are actually not getting many cancellations at all.

        But...if someone was offering a product that the customer could get the info and cancel...probably going to be a lesson in frustration :-)

        Michael
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  • Profile picture of the author michaelcorvin
    yeah, this seems to be working really well. We are dumping big bucks in the budget for traffic. We are even getting people who have never trade Forex in their lives signing up and doing very well with it. I think for now we are sticking with the $1 trial.

    Thanks for the input everyone!

    Michael
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  • Profile picture of the author TopKat22
    A bit off topic, I hope you don't mind...but speaking of forex, it is a very volatile and highly risky activity.

    I was doing overall very well, but then once lost $35,000.00 in 11 minutes!

    I don't know if most people can absorb those kind of losses. Every brokerage firm I checked into had a $25,000 minimum to open the account but recommended $100,000 to really be able to stay in the trades.

    Do you have a different platform? Different minimums? I will check out your site.

    Thanks.

    Edit: I clicked on the links in your sig but they take me to a place to sign up for a webinar. I already know how to trade in the forex but want to check out your platform. Do you have a link directly to your trading site? Thanks
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    • Profile picture of the author michaelcorvin
      Originally Posted by TopKat22 View Post

      A bit off topic, I hope you don't mind...but speaking of forex, it is a very volatile and highly risky activity.

      I was doing overall very well, but then once lost $35,000.00 in 11 minutes!

      I don't know if most people can absorb those kind of losses. Every brokerage firm I checked into had a $25,000 minimum to open the account but recommended $100,000 to really be able to stay in the trades.

      Do you have a different platform? Different minimums? I will check out your site.

      Thanks.
      TopKat22 - Forex is volatile and risky...if you do not know how to do it. Here is the reality...90% of all traders fail. Because most people hear stories about how much money they can make trading they get the "bug", watch a few videos on YouTube, make a few trades, make some money and then get slaughtered a few days later. That is called gambling and it is EXACTLY why most traders fail.

      But that is now how we trade. Trading is simply a "calculated" risk based on past and current events (market fundamentals), traders opinions (sentiment) and past technicals. It is actually very easy. Trust me. I have made the mistakes myself. Lost $100,000 7 years ago in 1 day because I over leveraged my account.

      You want to leverage no more than 2% of your account balance on any 1 given trade. This is the #1 concern...property equity, risk, and trade management. You do this and know how to choose the correct entry and exit points and you are set.

      We are up 869 pips for the month...for all of you not sure what that means? 16 profitable trades, 2 losing trades. Honestly, there is no service out there like ours. We have traders that have been trading for 10+ years telling us that there is no service out there like it.

      You should FX another chance and work with a team who can help you get there.

      Michael
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  • Profile picture of the author simonjwarner
    You could try the reverse of a one dollar trail, 197 for the 1st month, then 97 a month
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  • Profile picture of the author michaelcorvin
    TopKat22...we do not have a "platform"...we are not a brokerage firm. We simply show you where to buy and sell. I will PM you the link for the direct page to bypass the webinar.

    Michael
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    • Profile picture of the author TopKat22
      Originally Posted by michaelcorvin View Post

      TopKat22...we do not have a "platform"...we are not a brokerage firm. We simply show you where to buy and sell. I will PM you the link for the direct page to bypass the webinar.

      Michael
      Got you PM and thanks. I looked at the site after I replied to the PM.

      Your PIPS for 2011 look very impressive, I must say. Assuming you had no large losses or had to ride a real low down trend in a trade, someone could've made millions off your alerts.

      Thanks
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      Guaranteed 60% Opt In Rate Traffic-Real People-Fresh Today-High Quality Biz Opp traffic![/URL]
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      • Profile picture of the author michaelcorvin
        Nope....The only way you should ever trade...you cap your max risk per trade at a 2% max. In other words, if you have a $100,000 account, you will risk no more than 2% of your account on that 1 trade. If the trade has a 200 pip stop loss, you have to divide that $2,000 max loss among those 200 pips to the number of lots that you trade.

        So I would not say millions. The only way someone is making millions in a given year trading is that they would have to have at least $1MM in their trading account in the first place.

        When you hear those stories of the guy who started out with $1K and turned it into $100K in six months?....99% of the time it is BS...the other 1%...he is risking too much capital and I guarantee he lost it the next month.

        I cannot stress enough...2% per trade max or it is guaranteed someone will be part of the 90% of traders who fail.

        Michael
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        • Profile picture of the author TopKat22
          Originally Posted by michaelcorvin View Post

          Nope....The only way you should ever trade...you cap your max risk per trade at a 2% max. In other words, if you have a $100,000 account, you will risk no more than 2% of your account on that 1 trade. If the trade has a 200 pip stop loss, you have to divide that $2,000 max loss among those 200 pips to the number of lots that you trade.

          So I would not say millions. The only way someone is making millions in a given year trading is that they would have to have at least $1MM in their trading account in the first place.

          When you hear those stories of the guy who started out with $1K and turned it into $100K in six months?....99% of the time it is BS...the other 1%...he is risking too much capital and I guarantee he lost it the next month.

          I cannot stress enough...2% per trade max or it is guaranteed someone will be part of the 90% of traders who fail.

          Michael
          Sorry, I wasn't being literal. I should've said "made a lot" and not said "made millions".

          But glad you clarified, don't want to give the wrong impression.
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          44 days in and we broke the $10K a month recurring bench mark.

          Guaranteed 60% Opt In Rate Traffic-Real People-Fresh Today-High Quality Biz Opp traffic![/URL]
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  • Profile picture of the author Dave777
    Hi Michael,

    Some {Excellent} food for thought from an [A+] Good ol' buddy of Many warriors, business associates and friends Everywhere! ...

    Rest in peace Gary! Words of Wisdom... Ideas and Much more... Always add a ''Twist'' of course including Trials etc...

    5 years Ago or so...

    But all of Gary Halbert's Teachings are still [Definitely] worth Digging into throughout the Never-ending Web of Archived knowledge and resources...

    All the best...
    Dave
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