- REFFIND Limited concluded a strategic review of its core asset WooBoard in April 2020 and further initiated implementing the recommendations.
- Strategic review highlighted that 14 days trial period was short and significantly hampered the conversion of potential clients to paid subscribers.
- REFFIND’s WooBoard is being used in the Sydney Tax Division of BDO, which is one of the largest accounting firms in Australia as well as in the world.
- RFN has now extended the trial period to 90 days for larger trial accounts, as large organisations need more time to review the benefits of WooBoard.
Software as a Service (SaaS) solutions provider, REFFIND Limited (ASX:RFN) has a targeted product focus on leading-edge employee engagement and customer loyalty solutions for businesses, employees, customers as well as other supply chain participants.
REFFIND’s WooBoard is a simple peer-to-peer recognition platform that helps to create a positive culture of recognition at the workplace. Furthermore, WooBoard assists businesses in hiring, engaging and connecting with their employees by utilising a suite of reward, loyalty and recognition, employee communication and engagement tools.
Strategic Review Reveals Significant Observations for WooBoard
In April 2020, RFN completed a strategic review of its core asset WooBoard in the ongoing operating environment and subsequently started implementing the recommendations. Although the strategic review was expanded and delayed to April 2020 due to COVID-19, it took into account the likely impact of COVID-19 crisis that was expected on the utilisation of WooBoard.
Post the strategic review, WooBoard continued to gain traction with significant commercial opportunities presented to the Company amid a challenging macroeconomic environment during the June quarter. Importantly, with the transition of a large proportion of the workforce towards mobile and remote working, the platform is said to be suitably positioned to capture commercial opportunities.
An important observation from the strategic review was that the present 14-day trial period significantly harmed the conversion of potential clients to paid subscribers, as it was too short. Following this significant observation, RFN has now begun to work for stretching the trial period to 90 days with anticipation to:
- Promote user engagement
- Make trial users stickier to the WooBoard product
- Allow Senior Management of target corporations sufficient time to sign off on converting usage of WooBoard for their corporations from trial to paid
WooBoard Trial Period Extension to 90 Days
REFFIND looks forward to maintaining trial user engagement with the platform over the course of new 90-day trial period. If this happens, the sales team at RFN is optimistic that its prospects of higher-paid conversions would significantly improve, in particular for the organisations with large headcounts working throughout several jurisdictions.
A concerning issue with a short 14-day trial period is that large organisations with a greater number of headcounts often require head office sign-off which can involve an amount of procedural paperwork. Presently, this can be challenging for organisations to complete the procedure in 14 days.
Moreover, initial sign-ups for the new trial accounts of WooBoard come from Human Resource managers instead of CEOs. But when it is time for the organisation to arrive at a decision on mobilising the workforce to a paying subscription of WooBoard, the Human Resource requires sign off from CEO or CFO level.
REFFIND is aware of the fact that there can be additional costs involved with the extension of the trial period of WooBoard. However, there is significant optimism surrounding this decision as the cost of granting extended trial periods shall improve user engagement and be a worthwhile investment.
This is also likely to help WooBoard become a stickier product to trial users and ultimately growing the rate of paid conversion. The proven methodology is commonly used by modern-day and well-renowned SaaS businesses across the industry.
WooBoard’s Ongoing Trial at BDO (Sydney Tax Division)
A classic case of a large organisation that would have been an almost impossible task to convert them to a paid subscription is the BDO (Sydney Tax Division). Recently, BDO (Sydney Tax Division), which is a significantly large accounting firm in Australia as well as one of the largest in the world, has started using WooBoard’s 90-day trial period initiative.
RFN believes that a client would begin to practically recognise the benefits of WooBoard after 30 days to 60 days of using, as more staff are involved, and user engagement has improved. Moreover, once there is increased user engagement, big organisations like BDO probably require further 30 days’ time to review the benefits of WooBoard and further achieve sign-up from organisational executives to progress further.
Once the ongoing trial for BDO at the Sydney Tax Division emerges to be a success, RFN looks forward to presenting a further proposal to the National Head of Tax to take into consideration employing WooBoard across the broader BDO organisation throughout multiple jurisdictions.
RFN looks forward to developing its product portfolio, especially WooBoard, as the Company progressively targets business generation opportunities.
Presently, WooBoard is believed to be suitably placed to capture commercial opportunities emerging in the current transitional environment of remote working. More significantly, RFN is optimistic that WooBoard’s technology is comprehensively placed to capture growing demand for motivation software.
RFN stock quoted at $0.002 on 26 August 2020.