- Synergy Research reported that IBM had 7 percent of the cloud infrastructure market
- These major platforms probably only went all-in on flexbox fairly recently
Listen Now to this Post
Pricing your SaaS product is one of the last steps in building a SaaS company, but it is also one of the most crucial things to be deal with utmost care. SaaS companies are two times more likely to put their prices online. Even some of the successful SaaS Company’s marketing strategies revolved around their pricing. The way your pricing page is designed can play a significant role in your customers’ decision in buying your product, here’s what we have to offer to optimize your pricing page for maximum efficiency.
State your value proposition
Instead of telling your customers what they will be getting by choosing the selected plan by listing out all the features in the three or more types of packs that you offer, try guiding them to the one that will help them the most.
Be clear about your packs, and a large IT organization might have no use for your basic package, at the same time, for a small business, your most advanced package might not be necessary. Instead of only listing all the features, try also explaining who can make the best use of each pack that you have to offer.
This is insane!
Ourt special shortcodes
Have more than one value metric for pricing
While setting up your pricing, set up the primary value metric on how you think your customers are going to look at your product. That will act as the primary catalyst in making your customers choosing the right pack for them.
But you don’t have to stop there; you can have more than metric in your pricing because a single user might want to look at your product in a different way than how an enterprise looks at it. This will help your customers understand why some pack’s costs vary significantly between a personal and an enterprise’s pack.
Ensure that your package generates revenue
You have to map out the role each package has to play in your revenue generation and set targets for the number of customers who will join each package tier, the number of people who will upgrade to the premium pack, the number of people who might downgrade. If a package model is not bringing in as much revenue as it should, you should figure out what is wrong and make necessary changes. The pricing should be continuously tracked.
For example, if you are handing out the free premium version of your product to people to attract potential customers, you must calculate the number of people who will turn into paying customers, and ROI is profitable.
Emphasize benefits rather than just features
Emphasize the benefits as much as you are emphasizing the features. Your product may be the best in the market with the best in class features. Still, when a customer is looking at your product, they don’t just look at the features of it, they will also pay equal attention to the benefits of choosing your company over your competitors. And establishing the benefits that come attached to your product at the pricing page may prove crucial in decision making.
Be confident about your product
Your pricing page is your best sales rep. It is not easy to convince your buyer to make the purchasing decision at that very instant without looking for any other options.
Be confident about your product. Do not sell your product in the hopes of attracting more, less valuable customers.
You can influence your buyers by adding your customer testimonial on your pricing page, showcasing the success of your product.
And having an FAQ tab on the same page, answering all the common doubts will also be useful if your buyers are confused about something. You can even add live customer support to make things easier for them.
Influencing buyers subtly
You can indirectly affect your buyers to make a more profitable decision for both them and your company. There are a lot of ways to do that like;
- Introducing a higher tier, more expensive package to get buyers to trade up than the one they initially thought would benefit them.
- Highlighting the most popular plans that similar buyers have chosen to guide them into the right pack
- Minimizing the number of options that appear on the screen as not to overwhelm them.
- Making expensive packages look like a deal-breaker through communication and discounted pricing.
Pricing is a process that should be constantly tweaked for better performance. No company has the perfect pricing page that will instantly make the customers choose their product. Still, it can be tweaked for maximum efficiency based on the market, your company’s policies, and the customer’s expectations.