Examples of who we've helped and how
We’ve helped thousands of companies maximize revenue by adjusting their pricing. Let’s take a look at some of the scenarios we were handed.
First, let’s take a look at Help Scout, a help desk software launched in 2011. “Customer research is the foundation of everything that we do. We really want to ground all of our assumptions in customer research and customer feedback. Or else, the company wouldn’t be able to make a great product,” says Nick Francis, CEO and founder.
While I appreciate this sentiment, Francis and his team made the all too common mistake—perfecting the product development and customer research process and forgot about pricing. That’s where Price Intelligently (PI) came in. PI provided data and insights on Help Scout’s current pricing structure, annual payments, and grandfathering system.
“Putting numbers behind what features would matter to potential buyers helped us select the right things to work on and gave us a level of confidence that we otherwise wouldn’t have had."
The pricing audit helped Help Scout identify features that could trigger pricing upgrades, as well as develop a new pricing plan while enhancing an existing one. Help Scout has since seen revenue improvements, more customers upmarket, and has enabled existing customers more opportunity to grow within the company.
Now, let’s take a look at how Wistia (a video-software company) doubled their sales and made their customers happier.
The Wista team has a clear understanding of who their customers are:
“The person who's a Wistia customer is the person who wants to understand what's actually happening with their videos—who is watching, how they’re watching, what they're watching, what they're skipping,” says Wistia CEO and co-founder, Chris Savage.
Savage says he realizes that if you don’t take pricing seriously, you won’t see the fundamental business improvements that are sitting right in front of you. Wistia discovered that while they excelled at iterative testing and research from a product standpoint, it lacked experience to effectively alter its pricing strategy. Price Intelligently stepped in, running market panels and employing other tactics to provide insight into what customers cared about.
Before the pricing audit, Wistia did not gate accounts by the number of videos, which was a huge mistake. It learned through the audit that people saw videos as a value metric—the more videos, the more a customer would be willing to pay.
Knowing this, Wistia created a free plan that featured a limited number of videos. The results were astounding. Wistia ended up doubling the number of new sales coming in.
Finally, let’s walk through how TaxJar, a sales automation platform for ecommerce businesses, tripled MRR (monthly recurring revenue) in less than a year.
TaxJar admittedly didn’t put a lot of thought into the company’s initial pricing. Customer development was the focus, asking questions like, “what would a product like this be worth to you?” and “Would you pay this?” Pricing research was limited and anecdotal.
TaxJar agreed to a pricing audit with Price Intelligently and restructured its tiers to create three standard packages and three enterprise plans. It also altered the number of transactions within each tier to best reflect it’s customer base.
TaxJar did experience some churn because of the pricing, but the team was prepared for it. Mark Faggiano, CEO and founder of TaxJar, said:
“In the end, our accrue was going to increase so significantly that we were going to come out winners and get the ROI we were looking for."
Within a year, MRR tripled. TaxJar then took the additional revenue into growing the business. The takeaway? Businesses are always evolving, especially in SaaS, so that means pricing has to evolve in order to serve customers, product, and company goals. TaxJar realizes that it will need to review pricing again to continue evolving.