The snapshot is from one of my recent strategy calls at GrowthMentor with an early-stage SaaS founder who didn't have enough paying customers yet. The product was a sophisticated Google Photos for family and friends. However, the landing page called it a social media app for family. I am not used to paying for a social media app. Most users will likely not pay even if it is priced at $2 per month per user. Your potential customers decide how much they want to pay before they land on your pricing page. By carefully selecting words to describe your product, you anchor users' perceptions of its value, influencing their willingness to pay. 📊 Imagine the impact of a simple tweak on how your app is perceived and valued in the market! Pricing Strategy is way more than mere numbers. #PricingStrategy #SaaS #Marketing #BusinessGrowth #StrategySessions
Similar experience with GrowthMentor SaaS members. Although they have talented and visionary teams, they often tend to overlook basic marketing principles, which can hurt their business. Kudos to Kritika (Kay) Jalan for pointing out a simple fix that can change how potential users perceive the app. The painful marketing lesson is tough but life-changing: "No one cares about the App. What they care about is how it will make their lives better and if they have to change their behavior, why should they take a chance."
Positioning is definitely an important aspect of business strategy. Thank you for sharing your experience!
It is often the perception of your service and not the pricing that makes a customer pay - a simple yet very powerful insight to change the monetization game! Kudos Kritika (Kay) Jalan
Yes Kritika (Kay) Jalan love it when you get a super detailed 😃review on growth mentor
This is such a smart move Kritika (Kay) Jalan and I am sure, with the right consultation your clients eventually have an increased revenue! Cheers 🍻
Your expertise in pricing strategy is evident in your thoughtful analysis.
Very well put Kritika (Kay) Jalan social aspect of an app does play exciting to early stage founders and definitely something that should be thoughtfully considered.
Helping Enterprise Clients Grow with Branding, Data & Marketing
10moDM me your biggest monetisation challenges, I'll be happy to jump on a call to brainstorm with you.