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How I cracked the code and doubled MRR | Bill Wilson (Pace Pricing, SaaS Academy)
Manage episode 444208263 series 3520461
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What if you had the power to steer customer behavior with effective pricing strategies? Join us as Bill Wilson, CEO of Pace Pricing, unveils the intricate world of SaaS pricing. We journey through his experiences and expertise in implementing pricing changes, the unique impact of entitlements, and the art of communicating pricing to customers.
The conversation delves into pricing strategies, discussing their impact on business success and the importance of iterative changes. You’ll hear about the need for constant testing and revision to find a model that works. In addition, we shed light on current trends and best practices in pricing strategies. The conversation takes a twist as we discuss the challenges of pricing AI and the future of this domain. Lastly, we had some fun with Bill revealing his favorite hip-hop jam. Don't miss out on these practical tips and invaluable insights.
In this episode:
- (00:00:00) Bill Wilson discusses his experience in implementing pricing changes in the SaaS industry and shares insights on trends and patterns in SaaS pricing.
- (00:08:16) Experimentation and Data-Driven Pricing Strategies: Wilson discusses the topic of setting limits in pricing plans for SaaS companies and shares an example of how experimenting with different entitlements resulted in a 20% increase in MRR.
- (00:15:45) The Importance of Iterative Pricing Strategies: The importance of understanding customer needs and jobs to be done, as well as the value of tracking usage data and establishing a baseline.
- (00:20:28) Expansion and Pricing Strategies: The shift towards expansion in the SaaS industry and the strategies that can increase net dollar retention are discussed, along with the importance of having a value metric that aligns with customer success.
- (00:26:37) Pricing AI: Insights on the challenges of pricing AI in the future, including finding a tangible cost of goods sold and leveraging AI against competition.
- (00:26:37) Wilson reveals his favorite hip-hop jam
Welcome to Street Pricing, the only show where proven SaaS (Software as a Service) leaders share their mindset and mistakes in pricing so we can all stop guessing and start growing. Street Pricing is hosted by Pricing I/O CEO and Pricing Coach, Marcos Rivera, sought after slayer of bad pricing. With 20 years of pricing expertise, he has helped price over 200 SaaS products and coached over 100 SaaS CEOs and counting! From the streets of the Bronx to CEO, Marcos wants to take the guessing out of pricing.
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