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Bedrock Data, Inc. – SaaSFest 20161
Pivoting to a New MarketA real-world lesson in pricing and personas
Bedrock Data, Inc. – SaaSFest 20162
The Early Days
Pricing a Market & Initial Results
Bedrock Data, Inc. – SaaSFest 20163
Pricing Version 0.1
Educated & Informed
Guess
Bedrock Data, Inc. – SaaSFest 20164
Pricing Change #1
Sophisticated market research & market panel analysis Pricing on www.bedrockdata.com - Circa 2014
Bedrock Data, Inc. – SaaSFest 20165
$149 / Month Starter Package
$199 / Month Growth Package
$299+ / Month Scale + Enterprise Package
89% 8% 3%
Pricing Change #1 Results
Bedrock Data, Inc. – SaaSFest 20166
Did we pick the wrong market?
• Competitors pivoting out of space
• Target persona churned higher
• Non-target buyer churned lower
Bedrock Data, Inc. – SaaSFest 20167
Listen to the Market
To listen closely and reply well is the highest perfection we are able to attain in the art of conversation.
- Francois de La Rochefoucauld
Competitors? Paying Customers?
Defensible?
Bedrock Data, Inc. – SaaSFest 20168
Executing the Price Change
Experience from the Trenches
Bedrock Data, Inc. – SaaSFest 20169
Age How long a customer?
Size of Change MRR Increase
Strategic Value Reference Customers
Define Cohorts in the Customer Base
Bedrock Data, Inc. – SaaSFest 201610
0403
02Compensate On install base growth
Simplify Pre-approve some discounts
Define Acceptable churn
Schedule Cut-over dates
01
Ensure Account Management Success
Bedrock Data, Inc. – SaaSFest 201611
$
$$
Small Price Changes Explain changing markets, why they should come along Clearly outline dates and price change amount Describe NEW VALUE in product
Large Price Changes Outline strong justification for price
Dedicate a team to work accounts Approach like new sale
Communicate Early and OftenNobody like price changes, whether $5 or $5,000
Bedrock Data, Inc. – SaaSFest 201612
Results & Ongoing Management
Bedrock Data, Inc. – SaaSFest 201613
Market Shift - The Results
New buying patterns: • New sale ASP increase > 310%
New customer demographics: • Company size increase over 2X
New price plan distribution: • Major increase in non-Starter plans
Moving Up-market
Bedrock Data, Inc. – SaaSFest 201614
Leverage Learning in Sales and Product
Launch • Sales training • Prospect interviews • Features into
customer base
Develop • Retention features • Retention messaging • Acquisition credibility
Codify • New buyer persona • Best fit company
Analyze • Successful messaging • Closed won reasons • Identify “at-risk”
Bedrock Data, Inc. – SaaSFest 201615
Thank You
www.BedrockData.com
BedrockData
JWMarcus