KQ Article

The idea seems counterintuitive at first, especially to financial institutions. But it’s a highly effective way to improve customer experiences. Why not let people test-drive your products and services before making a purchase decision?

It’s easy for banks and credit unions to disregard the “try” phase of the experience cycle. Free trials require significant internal investment, but there is no guarantee browsers will become customers. In fact, avoiding trial periods altogether seems like the fiscally responsible way to go — until you consider the tremendous potential upside.

First, removing the initial financial obligation lets you cast a wider net. Trial offers naturally attract more prospects, including those at the fringes who may not otherwise interact with you.

Next, free trials require prospects to spend time with you. It creates opportunities to educate them about other offerings that might suit their needs even better. And here’s the kicker: after the trial period ends, many customers look for reasons to buy, simply to justify the time they have already invested in you.

Finally, letting customers and members try before they buy demonstrates transparency. It shows them you have absolute confidence in your offerings. It also tells them you are focused on their long-term needs, not your short-term gains. All of this creates a positive impression, and helps differentiate and strengthen your brand.

Many retailers are succeeding wildly on the power of “try.” One great example is the online shoe store Zappos, which encourages shoppers to purchase multiple styles and sizes, then return any or all of them at no cost. Sure, it would be easy to abuse the policy. But for Zappos, this approach is creating a strong top line, an even stronger bottom line, and through-the-roof customer satisfaction.

Of course, the best way to appraise a “try” strategy is to try one out. Who knows? You might make a believer out of yourself and your customers.

Our Point of View

1. Experiences should be rooted in your story.
2. Experiences should explore and celebrate customer values.
3. Experiences should be purposeful and inspire the heart.
4. Experiences must be meaningfully measured.
5. Experiences live or die by stewardship.