Hey all, weāre having a debate what to call the default investing account type youāll automatically have when you become a Freetrade user and which weāll have at launch (i.e. not an ISA).
Right now, weāre using an industry standard and calling it a GIA - general investment account, but weāre not sure if thatās the best name. Basic has been discussed, although basic is also the membership tier of ānot Alphaā and the term for our free orders.
General is what Iām used to but thatās partially because I have no choice
Freetrade, Investment, Investing feel like they always apply.
Basic confuses things with the Basic Plan, but perhaps the issue is the Basic Plan should be renamed to something like Free? Which in turn frees up basic
Personally I would go for Investment account as it differs from Basic trades = ātradingā (which is intraday usually)
Also in terms of using āInstant Trades UK and USā which have a price at 1GBP
I would probably go with Daily Trade UK - Free* - where the * would mention at the bottom about Instant or end of day trade or link to some blog post (depending on what laws ofcourse). This sort of goes against the āmissionā and the actual startup name āFreetradeā.
This ofcourse is a side by side comparison so some other things may apply, but as Freetrade is app based and this is the website/mobile version the former applies as this is something a prospect customer would look at before downloading.
Usually in the funnel of signing up you want to upsale the premium accounts after registration and not scare them off.
Note: I have done conversion rate optimization and A/B testing in the past for pricing pages, ofcourse take my word with a grain of salt like all things on the internet
Multivariate testing will find the truth but letās take a guess at itā¦
I would rename ābasic tradeā to something like āend of day tradeā, which more clearly explains the difference between an instant trade and what this is.
āInvestment accountā or āStandard accountā might be slightly better signalling than āBasicā, once you have your gold/silver/bronze pricing segmentation in place. But given that you will launch with a single account type you could just call it āAccountā for now!
I think there might be something confusing in the pricing grid at the moment where inside each price point the user is making secondary decisions that are different kinds of decision however are presented as if theyāre the same kind of thing. One is instant vs end-of-day, a decision that the user will make every time they trade. The other is not-ISA vs ISA, a decision that theyāll make once I guess? Dunno, just wonder if particularly the basic account can be made to look simpler and an easier āok iāll do thisā decision for users. Maybe you could present a third price point that was āInvestment account plus an ISA, 3/monthā, sitting in betw Investment account and alpha.
(And itās obviously common freemium practice to add an expensive price point over on the right that you donāt actually intend to sell much of, but it helps increase purchases of the price point options in the middle by anchoring a high price. Itās an tactic but seems to actually work for many.)
Weāll probably announce this on Monday, to give everyone whoās read this weekās Weekly Wrap a chance to vote over the weekend, as thatāll be the first time that some of them have heard about this.
The name is referring to the tax wrapper; if you call it āInvestment accountā people can get confused and think ISA or SIPP isnāt invested etc. They are the same investment, just different tax.
tactic but seems to actually work for many.)