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Freemium Business Models

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There's no easy way to get additional clients without incurring an additional cost of acquisition, so businesses are always seeking new and cheaper ways to bring in customers. This is because customers are becoming wary of traditional marketing approaches and would like to know the benefits of your products before purchasing them.

As a result, you must first educate customers on your product or service's advantages and then build trust with them in order to persuade them to buy it. "We're trying to develop trust with users from their first session with the app", says JP Chookaszian, Director of Revenue at VSCO. "And we do that by demonstrating value without asking for anything from them first".

However, to educate customers, you need to invest in marketing efforts — such as advertising, sales demonstrations, etc. —, and these are often expensive.

That’s where freemium comes in. Freemiums are one of the most affordable methods of attracting customers that most businesses in applicable industries can adopt. It is a pricing strategy that demonstrates to users the value your products can provide them through basic or feature-limited products or services.

The effectiveness of freemiums can be deduced from the fact that most of the apps on the Google Play Store (about 95%) offer basic versions that charge a premium for advanced features, while on the Apple side of things, these free apps make up 92% of the apps on the Apple App Store.

However, while freemiums apply to most apps, SaaS (software as a service), games, education, entertainment, and online news apps are the most popular products and services that customers are most likely to pay for an upgrade.

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