This is a new feature, read the announcement here.
ChartMogul enables you to track your trial-to-paid conversion rate as well as other metrics related to leads before they've converted into paying customers.
Before we jump in, let us establish the terminology surrounding this feature.
|Lead||Any non-paying business or consumer who might become a customer in the future (includes free trials).|
|Trial||A free trial account of your product or service. A trial is a type of lead.|
|Non-trial lead||A lead that didn't begin life as a free trial (e.g. demo request, whitepaper download, outbound prospect, etc). If you don't offer a free trial then all your leads will also be classified as Non-trial leads.|
A lead can start life with a trial, or without as a 'non-trial lead' but then start a trial later prior to becoming a customer. A lead can also just move directly from being a non-trial lead to a customer without having a free trial.
Why setup lead and trial tracking in ChartMogul?
If you setup lead and (optionally) free-trial tracking in ChartMogul these are the graphs and metrics that become available.
|Leads||The number of new leads created over time.|
|Free trials||The number of new free trials started over time.|
|Non-trial leads||The number of new leads (that don't start as free trials) created over time.|
|Trial-to-paid conversion rate||The percentage of free trials that have converted to active paying customers over time.|
|Average sales cycle length||The average number of days taken to convert a lead into an active paying customer.|
You will activate these five charts once you've configured lead and trial tracking.
You can also use ChartMogul's segmentation features to slice your lead and trial graphs by channel or any other attribute you can think of. This means you can use ChartMogul as a powerful marketing analytics tool (requires MOGUL plan or above).
What if my business doesn't offer a free trial?
If you don't offer a free trial then you can just set the lead_created_at field and leave the free_trial_started_at field empty. This will enable the Leads and Average sales cycle length charts so it's well worth setting up.
Setting up lead and trial tracking in ChartMogul requires a bit of development work with our API, please read this tutorial in the developer hub for next steps.
Developer tutorial: Tracking leads and free trials.