To find out what makes a well-oiled PLG strategy, we analyzed data from 30,000+ SaaS companies that collectively generated more than $28B ARR.
1. Fix the leaks in your funnel
- Insufficient customer funds, which is particularly common for payments made by credit cards with limits. To fix this, try retrying the payments – using smart technology to do so at a time when it’s more likely to be successful – or offer payment methods that can access multiple sources of funds like PayPal.
- Cross-border transaction failures, which sometimes happens due to different standards between banks. A strong solution is to bank locally where your customers are based, or to use a payment provider which already has local banking relationships.
- Currency conversations, which can often create fraud triggers. Selling to customers in their local currency is essential to prevent this: our data shows that doing so can increase payment acceptance rates by 1 to 11%.
