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Freemium vs Free Trial - what should you choose for your product?
Freemium and free-trial both have constraints - Freemium has a value constraint while free-trial has a time-constraint.
For both freemium & free-trial models, the product onboarding, user experience is different.
Give me your 2 cents on this topic, please.
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Sean Ward
Freemium can get a bit hectic without the proper infrastrucutre to maange it. Not to mention that the goal of freemium is to EVENTUALLY get them to pay and/or to refer paying users.
Ony a small scale (a "soloprenuer" for example) this can be difficult ot obtain due to the time horizon that you are operating in. In this situation you ost likely need revenue...FAST.
Big tech companies that have raised millions of dollars, however, are operating on a much larger time horizon - they are in it for the long haul. In addition, they also have the funding to allow for tons of free users...
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From my experience, freemium is more beneficial both for users and product on a long run. Giving some basic set with freemium will help you to attract and keep users longer with you, so more chances to convert them to paid users in time. With Free trial - yes, you have time pressure for users to make decision and purchase paid options, but those who are not convinced during free trial, will just leave your platform with no return. But, of course, it also depends a lot on a product and overall business model.
I think there's no correct answer and it depends Choosing between freemium and free-trial depends on the nature of your product, target audience, and business goals. Qubinets will go with the free trial option as we are betting on the usefulness of our platform which should drive the conversion rate. It's surely going to be a longer process but I think that's the right way for us.
Freemium. Because you will probably have more users when they don't have to pay for the product in the beginning. The more users you have the more feedback (and reviews) you will get from them. This Feedback will help you to improve your product faster and get a better product in the end, which automatically attracts more customers in the end.
Freemium no time constraints and users can upgrade later as needed based on what product has to offer. More customer engagement as trust is build overtime and once the scale on customer end is reached to a point to pay more and be more comfortable they pay more and become long term. Best eg. is Canva
Free: Is a popular way to attract a large number of users. Usually apps with free model earn money by: in app advertisements, eCommerce -meaning online shopping within the app-, data monetization.
Freemium: Is a good pricing option offering basic features with no cost and charging some services for advanced features.
Overall, if you are planning to get money through an app its best to begin with the freemium model.
I guess it depends on the product. But in my experience freemium model has been more beneficial than free trial.