Today's market is flooded with products. Some of them are a one-time purchase item, and others are subscription-based.
In the case of subscription-based products, you have to pay a small subscription fee from time to time to the company. After paying the price, your subscription will start or be renewed, and you will be able to continue using it.
Online streaming platforms such as Netflix, Amazon Prime, and Hotstar are a few examples of subscription-based electronic products.
Shimbi Labs, Basecamp, ERPNext are SaaS companies, who provide software product on subscription-based.
What is the meaning of SaaS?
SaaS means Software As A Service. It is a software distribution model where the owner makes the software available on the internet for rest on pay peruse. After the payment of a subscription fee, you can use this software. It cannot be bought and installed on an individual computer.
Non-subscription based products.
For other products such as clothes, watches, shoes, and similar items, you simply have to pay a one-time charge. Hence pricing for those products is done differently.
The pricing page of products on Amazon and Flipkart is based on a one-time payment model. The MRP of the products is given clearly. For purchasing, you have to pay the displayed amount one time.
For subscription-based products, it is necessary that you create a proper pricing page. If the pricing page is not designed with care, then all your efforts in product development, sales, and marketing will go in vain.
What is a Pricing page?
The pricing page is the landing page on your website that gives an overview of the product's pricing and features included.
It also informs the customer about the different pricing plans with comparative features included in each plan and, most importantly, subscription models such as per month or year.
It makes it easier for the customer to compare the various packages. Then purchase the one they find appropriate.
Do not take the pricing page for granted
Many startups and entrepreneurs overlook their pricing page and give more importance to product development.
In today's competitive market, you cannot afford to make that mistake. To remain relevant, you need to focus on every aspect. Overlooking one might cost you.
The key determinant of your sales
The pricing page is the key determinant of your sales. If your pricing page is simple and clear, it can convert more potential buyers into buyers. It will increase the conversion rate.
If the pricing page is not appealing, people will buy another product similar to yours. You will lose your sales. If it is vague, then people might leave your website. They will forget about your product quickly.
Before buying a subscription-based product, people do a lot of research, compare, and read reviews. Only after they are completely satisfied, they purchase the product.
The pricing page helps them decide whether they should purchase your product or not.
Key features of an ideal pricing page
To create an ideal pricing page, here are useful tips to help you.
- Provide a free trial to all your customers. Be it for a month or two. It gives the customer an idea of how your software works. After the free trial, they might love your product and purchase the subscription.
A free trial attracts many people to sign up for your product.
- Provide various plans which are customizable according to individual needs. Multiple plans will be the plus point against companies which have fewer and rigid plans.
- Do not hide your price. Keeping your price a secret just keeps your customers in the dark. Publishing your price reflects the product's worth. It builds confidence and increases the chances of purchasing it.
- Always include a FAQ section. FAQ Section will help clear the doubts, and it will provide a better understanding of the product.
- Give an option of live chat. In case anyone has any doubts, they can clear it there. This will accelerate the process of buying.
- Provide various payment methods so that customers get the convenience of payment.
How can you check if your pricing page is good enough or not?
- After creating the pricing page, you should evaluate it. Be your own customer and analyze.
- Is the page clearly stating all the features and price?
- Is it easy to understand?
- Is choosing and purchasing a plan convenient?
- Is it reflecting your brand?
If your answers to all these questions is a YES, then you are ready to go!
Pricing page of certain subscription-based companies
The pricing page of Netflix.com, shimbilabs.com, Basecamp, and VWO is designed to attract many people.
Netflix and amazon prime both offer a free trial. They are in neck to neck competition with each other. Netflix provides four plans with different pricing and perks, whereas prime has only one subscription plan.
Shimbi Labs provides a free version of all its products. Moreover, it is for an unlimited time. It means you do not have to upgrade to the premium version if you do not wish so. The premium version of all the products is available at any time with transparent pricing.
Unlike Netflix, where you have to provide your card details before availing the free trial, you do not have to provide your card details while using the free version of Shimbi Labs products. Hence it is genuinely for free!
Create your own website/store and create an ideal pricing page to attract more customers.
Do you know other tips that can work to make your pricing page effective and profit making? If yes, please share your thoughts in comments.