What is the best way to display your Prices: Interactive vs. Traditional -
The way you display SaaS pricing shouldn't be a last-minute thought. It should be an ongoing method that is simple and easy for your prospects.
Pricing is one of the most effective ways to build trust with your prospects, and when done right it can help build momentum within the sales funnel. It could be among the most personal, engaging and sustainable elements of your process.
The initial step in making this happen is to evaluate the methods you use to display, create and communicate your prices.
Meet the ultimate villain in this scenario Your regular Office Suite software.
If you're using the following Office Suite software to display SaaS pricing, it's time to provide your pricing with a refresh. Read on for expert advice regarding how to implement the change.
Things NOT to Do How to Display Pricing: Conventional Ways of Displaying Price
1. Using Sheets for Displaying SaaS Pricing
What you should change: Using sheets does make it look professional. They're dull and incredibly manual , and your pricing shouldn't be any different. It's not personal when you use a spreadsheet, and personalization is critical in building relationships with prospective customers. It is easy to get overwhelmed by numbers and they're time-consuming to build.
Tips from a Seller who switched: Mike Wright, Co-Founder and CEO of MESH/diversity changed from spreadsheets and a pricing tool that is interactive. The company's CEO says:
"Leveraging the power of pricing tools can be a game changer as it lets you be consistent, it lets you have the history of the way you've changed to your fingertips, and it allows you to make choices in the future using the historical information and in a more efficient approach than digging up old proposals or looking through older versions of your sheets."
The things you need to consider: Try incorporating personalized choices that let your customers to pick the right option for their needs when you display SaaS pricing models. To avoid the labour of spreadsheets, consider using a program that can save all of your previous quotes so it is easy to pull in prices and then automatically fill in the calculations of prospects. This way, you don't have to waste the time to create spreadsheets and manually doing the math each time you make a new purchase.
2. Using Slide Decks for displaying SaaS Pricing
Next slide...next slides... NEXT pricing strategy, please.
What you should modify: Sending decks to clients seems like a great way to showcase your pricing in a pretty layout. Though they appear to be engaging but they are a one-dimensional format. When you use slide decks, you're wasting opportunities to gather information and develop a well-informed follow-up. Pricing should give you the upper over the competition and also reveal how often your customer is viewing your price, and make sure they understand what pricing is shown.
Tips from a Seller Who Switched:Stefan Kollenberg who is the co-founder of Crescendo has switched from slide decks to the pricing tool which provides information and live analytics. The company's founder says:
"I will have my prices at the bottom of the sales deck in one slides. I never knew if [the customers] were going into the deck to kind of change it up, choose several options, or go through the various levels of service we offered. The idea is to collect as much information as that you can about what price was effective, as well as what did not ."
Consider these things: Without data from earlier deals, you'll not be able to adjust for prospects and know which options are best for future customers. Think about using a software which allows you to gather insight in real time and monitor everything related to pricing.
3. Utilizing Email to display SaaS Pricing
What number of emails do you get each day? Everyone has the same answer: too numerous.
What you should modify: Scrolling through endless emails to try and find an accurate information is tedious and frankly irritating. Talking about your pricing via emails can extend the duration required to conclude the sale, because it's one of the least effective methods of communicating price.
Advice from a Seller Who Switched: Jack Hannah, Sales Team Leader at LinkSquares He changed from emailing for communicating pricing, to using an interactive pricing tool. He states:
"A majority of conversations took place in a conversational manner and then followed with an email summary in an effort to make sure both parties understood what we were really discussing. Now, we can effectively share our screens and engage in a more formal and structured discussion about price. helps create a more clear conversations that require more minimal back and forth ."
The things you need to consider: Avoid the headache and create seamless communication with prospects by employing a program designed to facilitate swift and efficient messaging. This tool will allow your prospects to find what they are looking for fast, but it'll also display all of their custom pricing and relevant details easily.
4. Using Collaborative Software for Displaying SaaS Pricing
Software and tools that collaborate have irrefutable value in your sales process, but when you're using the software for your primary price display tool, you're in for a mess.
What should you change: Collaborative tools such as those used for internal communication or brainstorming are not functional for displaying SaaS pricing. Misusing tools in an attempt to display your pricing is a sure way of producing a disorganized presentation, and confusing your prospect. There are a myriad of instruments designed to aid with pricing, however, when you employ a tool for a pricing purpose that wasn't created for pricing you are automatically running into a variety of issues that could possibly end up destroying the sale.
Advice from a Seller who switched: Mike Pinkus, Partner at ConnectCPA, once used the collaborative software for creating an interactive experience for pricing before the switch to a price platform designed with interactivity at its core. He says:
"We were using an application that wasn't specifically designed as being one for sales. It definitely lacked professionalism since we used it for the wrong purpose. Since we switched, we have that cleanliness as well as professionalism. All is neat and organized in a way that suits the purpose for selling ."
Things to consider: Misusing software may appear to be a time and cost-saving option but, in the end run, it will actually cause more issues than it resolves. Moving your pricing processes into programs that are designed to meet the specific requirements of your business while providing an improved buying experience for prospects.
5. Using PDFs for Displaying SaaS Pricing
There are many who have used the old-fashioned PDF. Yes, you've were able to have your designer design everything beautiful and branded however, the truth is that it's really just a slow and unproductive way of displaying SaaS pricing.
What you should change: Prospects can't engage using the PDFs that you send the same way as they would with slide decks. Once your prospect downloads the PDF, there is no way of determining how the document has been received or the number of times it's been opened. Editing or changing the content is an arduous process that consumes a lot of time.
A Word from a seller who switched:Ross Simmonds, Founder of Foundation Marketing, brought his pricing to life by switching from stagnant PDFs and moving to an interactive price.
"We had a PDF showcasing three different pricing options around how we would be able to assist our customers. The PDF was editedeach time a potential client arrived. We would always try to design both our spreadsheets and us attractive, but by this way, you don't have the same amount of information. We no longer need to ruffle between all of the different instruments in order to create a complete package, we can just utilize Interactive Quotes ."
The things you need to consider: The only interactive benefit PDFs offer is the capability to sign the dotted line. However, a truly interactive experience has many more benefits than just sign-off to close. Make use of pricing software that can provide your customer with an experience that is personalized and interactive from first pricing conversations to final signatures.
What Should I Use to Display My SaaS Pricing?
Pricing shouldn't be like a mess, or a chore to your customers.
The future of displaying SaaS pricing is to provide an engaging customized experience that's straightforward for potential customers to connect with and understand. It means that the relationship you have with your office software for displaying SaaS pricing should be ended for a complete overhaul of the SaaS pricing plan.
To refresh the way you display SaaS pricing, focus on finding a tool for pricing that fits your needs. The following three areas are worth prioritizing when looking to find the best tool are:
1. Using a tool that will help you work more efficiently through reducing your time consumption, improving your efficiency and team's efficiency in presenting your price proposition to potential customers
2. Engaging and stimulating shopping experience for buyers
3. Gaining an understanding of your pricing's performance using real-time analytics.
More than ever before now, it's important to reduce time spent and be efficient. Don't be a slave to obsolete and confusing pricing. It is possible and easy to step into a new pricing method that lets to work more efficiently, not harder, while increasing the likelihood of closing transactions faster.
