SaaS : Best pricing model for the products

After working for nearly six months in a product development company, I realized & learned the nuisance of pricing a product and customer expectations. Broadly customers have few expectations and according to your customer persona, you should price a product. I will cover my learning about pricing model in the below four points.

1. Figuring out the customer persona : Many companies do the mistake of not doing the enough research on identifying the customer persona. By doing so, you will be in stage of knowing the buying capacity of the customer which in end will help you to decide the pricing point.
2. Survey the Competition : Until you don’t have a distinct product or a feature in the product which solves a problem which no body solves in the market till then you cannot command the price of the product. If you do not fall the first category of company, and you have a me too product, survey the competition thoroughly and know the price point. Especially in India, if you are targeting SMEs, which is really price sensitive market you need to be extra careful otherwise you cannot sustain for long. Your customer will search for your competitors price right in front of you. It happens.
3. Offering in different slabs : Everyone like to see multiple options in the platter, isn’t it? The same holds true for products also. Rigid pricing mostly doesn’t work. We need to provide different versions of the product on different pricing. The product can have limited features you have developed in a affordable price, which will help you to draw the customers on board and increase the tally of number of customers you are offering. This is one of the way of increasing your customer reach if you are in a competitive market. If you are serving a niche, you can definitely command the price of the product, but otherwise you can’t.
4. Pay as you go : We take a test drive before buying a car. Now a days many people hire self driving car before buying the car. Provide a free demo for certain period. This will create confidence among your customers before buying your product. Pay as you go is one of the best model for pricing for various reasons. Companies run on tight budget most of the time. Bigger chunk of the companies are small, in every terms. This will help them to on board your platform. Its like easy EMI and still benefiting from a great product.

The last one is a bonus point about digital marketing. More specifically about content marketing. You wanna attract more customers?

Create a great log of information to attract customers. This will hugely help you to make a dent in terms of making a lasting impression, organically on internet.