Deciding whether a free trial, freemium, or hybrid model will work best for your business is challenging — especially as choosing the wrong one could potentially dent your business’ performance.
In this course, you’ll learn:
Wes Bush:
So time-to-value is how long it takes for your users to experience the value of your product. Now tell me if this sounds familiar. When you sign large deals, it's typically dependent on adding new features. And once you roll these features out, the majority of customers don't use them. And so this creates a ton of technical debt and eventually leaves us with a confusing user experience. Remember I asked in the live class, this one question, "Hey, can anyone relate to this?" And one of the students, funny person just mentioned, "That looks like my back with the debt." And I couldn't help but laugh because I mean, so many people can relate to this in sales led companies, is often how it works. We get a big deal that's on some precondition that we need to do this. And so the product team has a new job to do. We have to create that piece of the product to fit into this new sale at the end of the day.
Wes Bush:
And so what I actually love about time-to-value is that it's in your control for the most part. And so you can't control the ability of your user, how they really interact with your product or anything like that, but you can make it easy for them to get value from your product. So I want to ask you, which camp are you in? Do you have a very long time-to-value? So I'm just labeling this as between a week to three months is the typical amount it takes for someone to experience the value in your product. If you're in this camp, just write down, "I have a long time-to-value in my product." That's okay. It's not the end of the world. We can improve on that.
Wes Bush:
And then I also want to ask you, "Are you in this camp? You have a very quick time-to-value, under seven days, you can help people get to up to speed in your product and get to value." If you're in this, write that down. Quick time-to-value, this is good. And so just like in a race, the quicker is typically better. And so is your product complex because it needs to be or because we made it complex? When you're thinking about your product and how people are using it. And so the one thing I want you to think about is, well, what does someone actually need to do in order to see the value in your product?
Wes Bush:
Now we're going to go into much more depth into how to really accelerate your time-to-value, because like I mentioned, we can control this one piece, which is awesome, but start thinking about what does someone actually need to do in our product to see value from it? And so if you have a short time-to-value right now, this really means, well, what are you waiting for? You could go down this product way path very quickly. It should be the right time for you if you have this quick time-to-value, but you are on that other end of the spectrum where it's a very long time-to-value, you might have to do some tweaking before you roll out that product-led model because it is going to take a while for people to actually experience the value of the product.
