After implementing a free trial on iStock and receiving positive results, twe needed to optimize a few key metrics: conversion rate, suspension rate, and cancellation rate. The team hypothesized that only showing users a single option on the asset detail page was causing frustration for our users who did not want to start a trial. Maybe allowing users to select a different SKU could reduce the suspension and cancellation rates while increasing the conversion rate.
Free trial was such a big hit we didn't want to disrupt to much traffic so we tried to implement a change just in the checkout.
The Impact was mixed, it led to an increase in paid orders, but a larger drop in free trial signups. The test failed to increase our conversion rate at checkout (a 3% decline in order + signups)
Exp A did generate an increase in paid orders (+172%) and small bump in revenue (+17%) but, led to a large degree of initial FTS signup cannibalization (difference of -11% or -356 orders) leading to the test initially being closed.
After understanding these positive results, we were able to get backing to see if we could achieve similar success further up the funnel, on the asset detail page.
The winning experience was B, the treatment where we allowed the user to self select between using credits or starting a trail. Not only did we see users purchasing with credits that resulted in instant revenue, we also have a higher retention rate for those users who signed up for the trial. I can't reveal the exact numbers but we did see increases in both order conversion rate (+4.22%) and total 1-year customer lifetime value (+3.96%).
