The MarTech Digest
545.3K views | +0 today
Follow
Your new post is loading...
Scooped by CYDigital
Scoop.it!

Seven Tips to Optimize Your Pricing Page | OpenView Labs - OpenView

Seven Tips to Optimize Your Pricing Page | OpenView Labs - OpenView | The MarTech Digest | Scoop.it
1. Reinforce your value proposition, over and over again

2. Incorporate more than one value metric into your pricing

3. Speak directly to your different target buyers and personas

4. Ensure that each package has a clear role in your revenue generation

5. Emphasize benefits rather than just features

6. Put lingering fears to rest

7. Nudge buyers with insights from behavioral psychology
CYDigital's insight:

The article focuses on pricing for SaaS products, but it's applicable to many other industries.

 

Visualize your Marketing Stack. marketingIO will analyze your marketing technology and deliver a visual of your MarTech Stack. Free. Go here: http://go.marketingio.com/stack_analysis 

 

marketingIO: MarTech for B2B Marketers. Strategy, Software, Services, Support, Staffing.  Go here to submit RFQs: http://www.marketingio.com #MarTech #DigitalMarketing

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

Eight Subscription Models and Five Best-Practices for Your Offerings - MarketingProfs

Eight Subscription Models and Five Best-Practices for Your Offerings - MarketingProfs | The MarTech Digest | Scoop.it
Here is a list of eight types of subscription models in the market; as you can see, it goes far beyond the box of consumables delivered to your door:

  1. Knowledge membership: website allows unlimited access to information—works best in a niche market where experts are hard to find
  2. Buffet content: streaming services such as Netflix and Hulu—works best when new and diverse content is added regularly
  3. Peace of mind: takes insurance to a new level through monitoring and alerts—think AmberAlert, Radian6, credit/identity theft monitoring
  4. Front of the line: works well with products or services that are complex and require specialists to fix (such as IT services)—particularly useful for customers who are not price sensitive and like to feel special
  5. Consumables: automatic renewal delivery of items that typically run low—such as office supplies, coffee, household goods, diapers, razors
  6. Surprise box: curated/customized packages of items—encompasses everything from pet supplies to cosmetics, art, clothing, and lifestyle items
  7. Network: sharing services such as Zipcar, Lyft, and BeatsMusic—ideal for a product or service that gets better as more people join
  8. Private club: product or service that is limited in supply—status offerings, such as American Express Centurion
CYDigital's insight:

Please CT for the best practices.

 

Visualize your Marketing Stack. marketingIO will analyze your marketing technology and deliver a visual of your MarTech Stack. Free. Go here: http://go.marketingio.com/stack_analysis 

 

marketingIO: MarTech for B2B Marketers. Strategy, Software, Services, Support, Staffing.  Go here to submit RFQs: http://www.marketingio.com #MarTech #DigitalMarketing

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

A Cheat Sheet to Designing a Pricing Page that Converts - Kissmetrics

A Cheat Sheet to Designing a Pricing Page that Converts - Kissmetrics | The MarTech Digest | Scoop.it
Here are a few of the highlights:

  • Psychology-Backed Layout: Use techniques like price anchoring (to set context) or scarcity (to increase visitor urgency).
  • Easy to Understand: Remove clutter (like extra nav details) and complexity (like hard-to-understand features).
  • Order & Recommended Plan: Order plans from MOST to LEAST expensive, while also adding one recommended plan.
  • Copy, Colors & Risk Reversals: Use copy and color to sell value, and credibility indicators to reverse risk.
  • Conversion-Boosting Features: Include a free option with FAQ and live chat options.
CYDigital's insight:

marketingIO’s Outsourcing delivers the vetted talent you need under your complete management and control. Contact us to see how. #MarTech #DigitalMarketing

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

How to Create Value in Competitive B2B Markets - Kissmetrics

How to Create Value in Competitive B2B Markets - Kissmetrics | The MarTech Digest | Scoop.it

"So how to you make sure that the customer doesn’t simply hinge on price? Follow these steps:

  1. Discover What the Customer is Willing to Pay For
  2. Hit All the Right Buttons
  3. Sell the Results, Not the Features
  4. Never Stop Improving"
CYDigital's insight:

Email your comments to joe@marketingIO.com. I’ll publish it here. marketingIO: One Source for All Marketing Technology Challenges. See our solutions.  

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

The Effects of Highlighting a "Recommended" Pricing Plan [Original Research] - ConversionXL

The Effects of Highlighting a "Recommended" Pricing Plan [Original Research] - ConversionXL | The MarTech Digest | Scoop.it
Results summary
  • People basically viewed in an “r” shape, reading features and prices on top, no matter what order the plans were in or what was highlighted.
  • When ordered cheap-to-expensive, participants focused more quickly, and longer on the highlighted plan.
  • Participants chose the PRO plan more often in the expensive first plan order, and when it was highlighted.
CYDigital's insight:

NEW: Experience Remarkable Planning Accuracy With New, FREE Growth Hacking Tool. Go here: http://goo.gl/UjcA8x  

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

Pricing Page Optimization: How to Order Pricing Plans [Original Research] - ConversionXL

Pricing Page Optimization: How to Order Pricing Plans [Original Research] - ConversionXL | The MarTech Digest | Scoop.it
We see that the mixed and expensive-to-cheap variations had a higher number of people choosing the PRO package. Note the mixed variation had the Pro plan in the first slot (furthest left) and the expensive-to-cheap variation had the Pro plan in the second slot.

Takeaway – Participants choose more expensive packages more often when they are listed first, or furthest left in left-right order.
CYDigital's insight:

A great study! CT for the heat map results.

 

NEW: Experience Remarkable Planning Accuracy With New, FREE Growth Hacking Tool. Go here: http://goo.gl/UjcA8x 

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

Hacking Competitive Pricing Analysis with Scraping - Matthew Barby

Hacking Competitive Pricing Analysis with Scraping - Matthew Barby | The MarTech Digest | Scoop.it
Ever wanted to find out what price your competitors are charging for their products? Well, follow my process and you can do it for free with no limits.


marketingIO: One Source for All Marketing Technology Challenges. See our solutions

CYDigital's insight:

This is OUTSTANDING!!!! A keeper: bookmark this!!

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

A/B Testing: Cut through your KPIs by knowing your ultimate goal | MarketingExperiments

A/B Testing: Cut through your KPIs by knowing your ultimate goal | MarketingExperiments | The MarTech Digest | Scoop.it

marketingIO: One Source for All Marketing Technology Challenges. See our solutions

CYDigital's insight:

Peel away the layers of the onion...

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

The Pricing Strategies of 1876 Marketing Technology Companies - RJMetrics

The Pricing Strategies of 1876 Marketing Technology Companies - RJMetrics | The MarTech Digest | Scoop.it

marketingIO: One Source for All Marketing Technology Challenges. See our solutions.

CYDigital's insight:

Excellent information for customers and prospects alike.

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

60% of martech companies don’t list pricing publicly - VentureBeat

60% of martech companies don’t list pricing publicly - VentureBeat | The MarTech Digest | Scoop.it

marketingIO’s MarTech Managed Services solves numerous B2B Marketing challenges. 

CYDigital's insight:

Recall the complexity of CRM pricing during the early stages, and the lack of transparency. Over time, MarTech pricing will become more visible.

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

Price: Not the Most Important Driver of B-to-B Buying Decisions - SiriusDecisions

Price: Not the Most Important Driver of B-to-B Buying Decisions - SiriusDecisions | The MarTech Digest | Scoop.it

Dark marketing clouds ahead? Let marketingIO help you see clearly. 

CYDigital's insight:

Just don't bust the budget.

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

5 Psychological Hacks That Will Make Your Pricing Page Irresistible

5 Psychological Hacks That Will Make Your Pricing Page Irresistible | The MarTech Digest | Scoop.it

iNeoMarketing’s MarTech Managed Services solves numerous B2B Marketing challenges. Contact us to see how.

CYDigital's insight:

Many examples and details when you click through. But I'm fairly certain you've seen this before.

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

Slack is Rewriting the Rules on SaaS Pricing - OpenViewLabs

Slack is Rewriting the Rules on SaaS Pricing - OpenViewLabs | The MarTech Digest | Scoop.it

"There is now a lot more data available to make two critical calculations:

  • How much value does this service provide the customer?
  • How predictable is usage?


If we know these two things we can change our pricing models.


If we know how much value we are providing we can develop a pricing model that tracks the value to the customer. This removes risk for both parties and will lead to higher profits (you may not know it, but your current subscription price has a ‘risk discount’ built in*).

And if we can predict use we can predict a) revenue (for the vendor); and b) cost (for the buyer). This predictability is needed for widespread adoption of value-based pricing.

Slack has very good analytics to predict future use and that it uses these to adapt its pricing to optimize revenue and renewals. Is your SaaS company doing this? If not, you better get started. Because adaptive pricing models like Slack combine the best of predictability and adaptability."

CYDigital's insight:

And it provides a HUGE competitive advantage!! This is genius!! Blows the hell out of the pricing model, but brilliant. Sort of a "pay per bit" scenario.

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

5 key learnings from analyzing top B2B pricing pages - Chart Mogul

5 key learnings from analyzing top B2B pricing pages - Chart Mogul | The MarTech Digest | Scoop.it

MarTech requires constant optimization to continually squeeze ever improving performance. No time for continual CRO? Contact us.

CYDigital's insight:

Absolutely applicable to all of us, even though the article is targeted towards SaaS vendors. There are action items in here!

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

The Top 10 Pricing Mistakes Companies Are Making - TechCrunch

The Top 10 Pricing Mistakes Companies Are Making - TechCrunch | The MarTech Digest | Scoop.it

Digest...


Mistake No. 1:
Basing prices on costs, not customers’ perceptions of value.

Mistake No. 2: Companies base their prices on “the marketplace.”

Mistake No. 3: Same profit margin across different product lines.

Mistake No. 4: Companies fail to segment their customers.

Mistake No. 5: Companies hold prices at the same level for too long.

Mistake No. 6:  Salespeople incentivized strictly on revenue.

Mistake No. 7:
 Changing prices without forecasting competitors’ reactions.

Mistake No. 8: Companies spend insufficient resources managing their pricing practices.

Mistake No. 9: Companies fail to establish internal procedures to optimize prices.

Mistake No. 10:
 Companies rely on salespeople and other customer-facing staff for pricing intelligence.

 

Receive a FREE daily summary of The Marketing Technology Alert ◄          

CYDigital's insight:

Raise your hand if you're guilty of at least one of these. Click through for details.

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

How to Persuade Customers to Convert on a High-Priced SaaS Product - KISSmetrics

How to Persuade Customers to Convert on a High-Priced SaaS Product - KISSmetrics | The MarTech Digest | Scoop.it

Digest...


1. Raise the price, and let that price speak for itself.

A high price, in and of itself, can help the user to convert. Here’s why. When a user sees a higher price, she automatically thinks that a higher price equals a higher value. Marketing researchers have identified three main things that people look for when they buy: 1) Price, 2) quality, and 3) value, in that order.

 

Here’s the funny thing, though. The price level influences the other two factors. Since price is the first consideration in a purchase decision, it affects the remaining two factors of the decision. So if the price is low, the user thinks that the quality is low and the value is low. If the price is high, then the user thinks that the quality is high and the value is high. Scholarly studies have affirmed this higher price/higher value correlation.

˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅˅

Receive a FREE daily summary

of The Marketing Technology Alert.

Subscribe here: goo.gl/xSjgGT 

(your privacy is protected).

˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄˄

 

2. Give users a free trial.

Common sense tells us that the free trial model is a good idea, and the scholarly studies confirm it. Not only does it help conversions happen, but it also “has an impact on post-trial beliefs and attitudes” according to a study in Information Systems and e-Business Management.

 

3. Put trust signals everywhere.

Trust signals are an essential part of helping users to make big conversion decisions. You need trust signals everywhere.

 

4. Provide live chat.

A live chat team should be on hand during normal business hours to answer questions, respond to concerns, and help persuade users to convert.

 

5. Identify your Common Conversion Activities

One of the more advanced techniques to improving conversions for big deals is the CCA metric — common conversion activities: “The things that all or most paying customers do during their trial.” A more advanced definition is “a set of story-driven actions defined by falsified hypothesis that, when completed as a set during the trial, lead to conversion.”

 

The CCA is a metric, but it’s not a financial one. This may seem counterintuitive, since your goal is to improve revenue due to conversions on high-priced purchases. What the CCA does, however, is takes the focus away from the financials, which are secondary, and on to the product, which is the primary concern of a high-paying user.

CYDigital's insight:

Missed: the presentation. The digital presentation (every touchpoint) needs to be seen as premium. The packaging is as important as the supplemental materials described here. Click through for details behind each step.

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

A/B Testing of Price When You Have A Sales Team - Optimizely

A/B Testing of Price When You Have A Sales Team - Optimizely | The MarTech Digest | Scoop.it

Digest...


Companies can see massive performance increases through constant A/B experimentation if done correctly.

 

One key element to test is price. Steven Sinofsky, a board member at Andreessen Horowitz recently wrote that, “Nothing is more critical to a software-as-a-service (SaaS) business than pricing strategy.” I totally agree and experimenting is a key piece of pricing strategy. Testing things like how price is displayed, amount to charge, and how often is all part of the puzzle.

 

For companies with a sales team, A/B experiments on price brings up three key questions:

1. How will sales know which price a lead saw?

2. How can we know what price they are going to see if they haven’t visited the pricing page yet?

3. How will we make sure everyone at the company sees the same price?

 

__________________

Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html  (your privacy is protected).


CYDigital's insight:

The article delves into specific steps to test pricing using Optimizely. Regardless, the whole notion is sound and sensible.

more...
No comment yet.
Scooped by CYDigital
Scoop.it!

Six Benefits of Using a Subscription Model for Your Business [Infographic] - Profs

Six Benefits of Using a Subscription Model for Your Business [Infographic] - Profs | The MarTech Digest | Scoop.it

 

__________________

Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html  (your privacy is protected).



more...
No comment yet.
Scooped by CYDigital
Scoop.it!

B2B Purchase Process Data for 2013 - BrainRider | #TheMarketingAutomationAlert

B2B Purchase Process Data for 2013 - BrainRider | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it

Condensed...


Key finding: the top 4 information types used during the B2B purchase process

#1 pricing information

#2 technical/product/or service specifications

#3 industry or competitive comparisons

#4 interviews with company experts

 

Making the effort to provide some pricing information for example how you approach pricing, how a buyer should budget for a purchase, or even sample project pricing will deliver relevant content and provide valuable prospect profiling data.

 

B2B Competitive Comparison Tools

The B2B Purchase Process includes comparing solution alternatives and vendors.  So it is not a surprise to see industry and competitive comparisons highly ranked.  B2B Buyers are trying to understand the market and how different solutions will apply to their specific needs and pains.  But B2B marketers rarely share relevant or useful comparison tools or information.  This is a missed marketing opportunity.  As a vendor in the space, you are uniquely positioned to understand your industry and competitors.  The current providers of comparison content are 3rd party research firms and analysts who often focus on information gathering and proprietary analysis formats rather than really useful analysis. So if you believe that your offer a real value proposition, go ahead and map it out for your prospects.  It is information they want to know!


CYDigital's insight:

More from the BaseOne report, scooped yesterday.


  • See the article at from www.brainrider.com
  • Receive a daily summary of The Marketing Automation Alert directly to your inbox. Subscribe here (your privacy is protected).
  • If you like this scoop, PLEASE share by using the links below.
  • iNeoMarketing drives more revenue and opportunities for B2B companies using marketing technologies. Contact us
more...
No comment yet.
Scooped by CYDigital
Scoop.it!

B2B Marketers Report Increasing Pricing Pressures, Inadequate CRM Systems - MarketingCharts | #TheMarketingAutomationAlert

B2B Marketers Report Increasing Pricing Pressures, Inadequate CRM Systems - MarketingCharts | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it

89% of B2B marketers and salespeople say that the amount of price pressure they’re feeling from customers and buyers has increased over the past 3 years, making it more difficult to close high-margin sales, according to results from a Corporate Visions survey. Two-thirds say that despite having a sales methodology in place, they aren’t good at managing the tensions during pricing negotiations, and 81% agree that CRM systems don’t always capture or provide the information needed when they’re trying to close a high-margin deal.

CYDigital's insight:

Exactly to which Scott Brinker was referring: you just can't automate everything. It's a high margin sale, thus it needs customization! You're not going to find the answers in your CRM system.


  • See the article at www.marketingcharts.com
  • Receive a daily summary of The Marketing Automation Alert directly to your inbox. Subscribe here (your privacy is protected).
  • If you like this scoop, PLEASE share by using the links below.
  • iNeoMarketing drives more revenue and opportunities for B2B companies using marketing technologies. Contact us
more...
No comment yet.
Scooped by CYDigital
Scoop.it!

How to Charge More, Offer “Less” and Get Better Conversions | SiriusDecisions Blog

How to Charge More, Offer “Less” and Get Better Conversions | SiriusDecisions Blog | The MarTech Digest | Scoop.it
Having a small pricing differential between your mid-tier and top-tier offerings and offering other valuable benefits with the top tier can be a useful strategy to entice customers to choose the top-tier option.


Digest...


Flickr’s competitors – many of which have offered unlimited storage (with minor restrictions) for years – might be wondering why Flickr got attention for offering an amount of storage that is technically less than what they provide.

 

Flickr likely adopted this strategy by offering a “very high” level of benefit, which people perceive as more valuable than an “unlimited” benefit.

 

Let’s look at how you can apply this psychology to business-to-business offerings. Think about product or service benefits you offer at an unlimited level, such as unlimited lifetime replacements, unlimited 24-hour customer service or unlimited user accounts. Consider instead offering a very high limit, such as up to 500 replacements over the unit’s lifetime or up to 5,000 user accounts. Granted, some customers will likely do the math and realize that they will never take advantage of the full benefits. To avoid backlash, you can apply benefit levels with a tiered pricing strategy.

 

Having a small pricing differential between your mid-tier and top-tier offerings and offering other valuable benefits with the top tier can be a useful strategy to entice customers to choose the top-tier option.

CYDigital's insight:

This is right out of the "believability of offers" book: the B2B audience is a practical lot, and will immediately turn off offers that are too good to be true and are unbelievable, e.g., "you'll increase your revenue by 1000%...FREE!" Yup: reads like, looks like, smells like SPAM...probably SPAM.


  • See the article at www.siriusdecisions.com
  • Receive a daily summary of The Marketing Automation Alert directly to your inbox. Subscribe here (your privacy is protected).
  • If you like this scoop, PLEASE share by using the links below.
  • iNeoMarketing drives more revenue and opportunities for B2B companies using marketing technologies. Contact us
more...
No comment yet.
Scooped by CYDigital
Scoop.it!

Why Good-Better-Best Prices Are So Effective

Why Good-Better-Best Prices Are So Effective | The MarTech Digest | Scoop.it
A single price is essentially an ultimatum.


Key excerpt...


When most managers think about pricing, they harken back to their days of Economics 101: a rote downward sloping demand curve and an asterisked point labeled "perfect price." At this optimal price, elasticity is such that it does not make sense to raise price (because the extra per unit profit is overshadowed by lost sales) nor discount (because increased sales don't compensate for lower profit margin). If you rely on the approach suggested by this graph, pricing has traditionally been thought of as a simple search for one perfect price.

 

If your company views pricing in this manner, it's not making the most of this powerful bottom-line enhancing strategy. First, a key challenge is few of us have actually seen a demand curve for our product — let alone an asterisked price point. But more importantly, even if you can determine your product's perfect price, you end up in what I call a "Pricing Catch-22": no matter what price you set, you'll inevitably create missed profit opportunities. Some people would have paid more, while others would have purchased if only the price had been lower.

 

The way to break out of this Pricing Catch-22 is to offer good-better-best prices. Instead of creating missed pricing opportunities with a single price, this multi-price versioning strategy empowers you to capitalize on a downward sloping demand curve. Having an array of price points — low to high — allows customers to choose which price works best for them.  By allowing customers to select the experience that works best for them, companies benefit by reaping higher margins from some customers relative to others. Just as important, they also grow their business by serving budget minded customers (with good versions).

CYDigital's insight:

A sensible rhetorical argument supporting this pricing approach.


  • See the article at blogs.hbr.org
  • Receive a daily summary of The Marketing Automation Alert directly to your inbox. Subscribe here (your privacy is protected).
  • If you like this scoop, PLEASE share by using the links below.
  • iNeoMarketing merges marketing automation with content marketing for a powerful lead management solution, configured and managed by our knowledgeable, experienced staff.  Contact us
more...
No comment yet.
Scooped by CYDigital
Scoop.it!

How to Talk About Pricing Without Scaring People Off

How to Talk About Pricing Without Scaring People Off | The MarTech Digest | Scoop.it
When and how to talk about pricing -- a guide for marketers.

6 Pricing Page Best Practices
1) Don't overwhelm your viewers.
2) Be very clear about the value they'll be getting for the price.
3) If you have pricing levels, help them find the right fit.
4) Address their questions.
5) Reassure their decision.
6) Make it easy to email and print.
CYDigital's insight:

Receive a daily summary of The Marketing Automation Alert directly to your inbox. Subscribe here (your privacy is protected). If you like this scoop, please share by using the links below.

more...
No comment yet.