TinySeed Tales 6 | The No Credit Card Trial
Startups For the Rest of Us
Rob Walling
4.9 • 819 Ratings
🗓️ 28 November 2019
⏱️ 23 minutes
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| 0:00.0 | it's anxious because the business has worked really well up until now, and we're looking at, |
| 0:04.2 | like, turning it on its head. |
| 0:13.5 | Welcome back to Tiny Seatails, a series where I follow a founder through their struggles, |
| 0:18.1 | victories and failures as they build their startup. I'm your host, |
| 0:21.7 | Rob Walling. I'm a serial entrepreneur and co-founder of Tiny Seed, the first startup accelerator |
| 0:26.6 | designed for bootstrappers. This is the sixth episode of our series with Craig Hewitt of Castos. |
| 0:33.3 | Craig is anxious today because he's made a decision that, in his words, will turn the business on its head. |
| 0:39.5 | We have, for what, two and a half years almost, we've been requiring a credit card to start a trial and open an account with Castos. |
| 0:47.1 | About two months ago, we broke that up from a single big, huge form on a single page to being in two pages. So the first page |
| 0:56.8 | was enter your name, email address, and choose a password. And that basically created an account. |
| 1:02.3 | And then the next page required you to put in your credit card information, a lot like Drip does |
| 1:06.5 | right now. If you draw it for Drip or a lot of these kind of popular services that require |
| 1:10.6 | credit card, it's in two stages. And what we saw after about the first... Now, if you draw that for drip or a lot of these kind of popular services that require credit |
| 1:10.9 | card, it's in two stages. And what we saw after about the first two weeks was there's a huge drop-off |
| 1:17.7 | in that, right? But we never saw that before because people just failed to sign up at all. And so now that |
| 1:24.8 | we've had this data for a couple months, we see that, you know, 60 to 70% of people are falling off after they do name, email address and password and get into the billing page. |
| 1:36.0 | They fall off right away. |
| 1:37.3 | And so we're working on a no credit card trial sign up process to where people just do basically that first page. |
| 1:44.4 | We're just keeping that first page. And people are going to have full access to the whole app |
| 1:48.1 | without putting in any billing information. And so the thing with this is it just, it changes |
| 1:54.2 | the whole flow of everything we're doing. And yeah, it's, it's anxious because the business has |
| 2:00.2 | worked really well up until now and we're looking looking at, like, turning it on its head. |
... |
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