We've made money for SaaS startups like...
The startup world can be cruel at times, right?
There you are in one of the most hostile environments, doing what very few humans are doing.
Then you make a single mistake, and now that mistake is following you, just out of reach, but always there to remind you of that one time when you messed up.
Startup life is not for the faint of heart.
One too many mistakes and your better-funded competitors will eat you for lunch.
You can’t afford to slip up, especially as an early-stage startup. That’s why you prefer to make data-driven decisions...
So why should you be any different when it comes to pricing?
Picking your product’s perfect price isn’t easy without data. Not to mention that:
- Your customers are price sensitive and bring up pricing often in sales conversations.
- You want people to buy your product because of the value it creates. And not for the price you charge.
- You’re scared of turning customers away with the wrong price, so you priced it lower than what you really want to charge.
This is why you need a research method to optimize your pricing.
What is pricing research? And why is it critical for early-stage SaaS startups to grow faster?
When it comes to pricing, most founders fall into one of two categories:
- They look at their competitors and pick a price.
- They pick a price out of thin air that “feels” right.
Very few founders are making pricing data-driven decisions.
If that’s you, that means you’re leaving a lot of money on the table.
The good news?
If your competitors haven’t optimized their price, you have a huge opportunity to scale your growth faster with pricing research.
Did you know that improving your price by 1% can increase your revenue almost 4x more than a 1% increase in acquisition can? (1)
- A 1% increase in acquisition will only improve your revenue 3.32%.
- A 1% increase in retention will only improve your revenue 6.71%.
- But a 1% increase in monetization will improve your revenue 12.7%.
This is because your price will change the speed of market penetration and profit maximization.
With the right pricing strategy, you can invest more money into your product, your service, or your growth.
To get the data to properly price your product, you need pricing research.
Pricing research is the process of talking to your customers to find out what they would be willing to pay for your product or features.
A price study will help you create a 10x product that your customers love and are willing to pay a premium price to own.
Thus a market research price study will not only increase your profit, it will also increase your customer base.
Which brings me to my next point...
How does Growth Ramp do a pricing study to help you get 1,000 customers in a year?
Imagine I were to offer you a Tesla for $500.
Most likely you would ask me, “What’s wrong with the car?”
Founders are aware that if their product’s price is too high, it will increase sales objections. The same is true if it’s priced too low.
But optimizing the price of your product does more than improve your conversions. It will improve your product roadmap too.
Our pricing research will help you get data-driven answers to questions like:
- “Should I create a new pricing tier, remove a plan, or move features between plans?”
- “What will get someone to go from free trial or freemium to paying customer?”
- “Am I giving away too much in any plan?”
- “Will this feature I’m looking to build increase our profit?”
- “Is my pricing correct? How can I optimize my pricing strategy?”
If you want to focus on improving your product, do you really want to think through how you’ll get the data you need to answer these pricing questions?
Sure, you can go off your gut to execute your pricing strategy. You might even get a few of these answers if you’re constantly talking to your customers.
But if you’d rather partner with an agency that knows early-stage strategy better than you, apply to hire Growth Ramp. We’ll take care of the pricing research for you and hand everything to you on a silver platter.
To get this pricing data, we begin by talking to your customers.
All our product marketing services take a customer-first approach to product-led growth. Thus our market research to find your product’s optimal price begins by surveying and interviewing your customers.
At Growth Ramp, we use the Van Westendorp Method to find the range of what your customers are willing to pay for your product.
With this pricing method, we ask four questions to learn:
- What is the market penetration price of your product?
- What is the profit maximization price of your product?
This allows us to create a price sensitivity analysis. In simple terms, we’re looking to price your product in the money zone:
Apply to hire Growth Ramp and let us take care of the pricing research for you to scale your growth faster.
What sets Growth Ramp apart from digital marketing agencies offering pricing consulting services?
Our competitor intelligence services informed us that few digital marketing agencies offer pricing research.
The majority of agencies that do offer pricing research do not consider your full marketing strategy. As a result, the price an agency suggests may not align with your positioning strategy or go-to-market strategy.
This will lower your conversion rates if your growth strategies do not work together.
This is why our pricing strategy services are something you won’t find anywhere else.
Now consider the value of Growth Ramp’s pricing research services when combined with our product marketing services:
- You don’t need to run several market research studies, which saves you money. One study gets you massive results to optimize your positioning, pricing, and go-to-market strategy.
- We understand how pricing fits with your full marketing strategy. We won’t sacrifice one growth lever for the benefit of another lever.
- And because most founders underprice their product, after our price analysis, we’ll run a price increase campaign. This often pays for the initial investment in 2-6 months. Which means you continue getting more growth for months to come.
Rather than floating in space with no clue what to do, apply to hire Growth Ramp to optimize your pricing and help you get 1,000 customers in a year.
Ben Leavitt, CEO of Decibite
"Growth Ramp’s strategy more than doubled our annual recurring revenue (ARR) in 6 months... They pushed us further in one month than a year on our own..."
Before we started with Growth Ramp, we had no idea who our target customer was. Marketing has been a frustrating process for us at Decibite.
Growth Ramp interviewed our customers, did market research, showed us where we were, and who we wanted to help. Growth Ramp then executed the strategy which more than doubled our ARR in 6 months. This was a huge game-changer. They did everything that we were wanting to do and more. This was a huge weight off my shoulders and helped me avoid burnout.
Growth Ramp got us back on track and their efforts have pushed us further in one month than a year on our own. Working with Growth Ramp was like riding on a couch getting pulled behind a ski-doo. Sometimes you’ll get a little snow on your face, but it was the exciting ride we were looking for.
6 Month Results:
- ARR: +127%
- Total Monthly Traffic: +241%
- Monthly Search Traffic: +331%
Let Growth Ramp’s marketing experts do the heavy lifting for you to get 1,000 customers in a yearApply to Hire Growth Ramp
Want to learn how pricing research fits into our product marketing process to get 1,000 paying customers in a year?
Here’s a 18 min. overview of our product marketing methodology 👇
Stop dealing with marketing by yourself. Work with Growth Ramp, an agency that knows strategy better than you do...Apply to Hire Growth Ramp
Brenden Mulligan, CEO of Podpage
“After the price increase campaign, we’ve been adding new customers at the same growth rate. I made my money back in two months as Growth Ramp promised…”
Marketing hires are very hard. Everyone I talked to told me I needed at least six months to start seeing results. None could prove to me they understood my market, my product, or my customers.
When I approached Growth Ramp, I was coming in cold. But they estimated I could make it all back with a price increase campaign in two months.
In two months, I got data from my customers on my pricing, why some weren’t buying, what features to add for a new price plan, and so much more. If I were to hire a general manager or CMO, I’ll use Growth Ramp’s research to ramp them up. They then handed me everything I needed for the price increase campaign on a silver platter.
After the price increase campaign, we’ve been adding new customers at the same growth rate. We didn’t lose a single customer from the price hike and customers did not question the change. Furthermore, I made my money back in two months as Growth Ramp promised.
I don’t think enough founders are focusing on pricing to optimize their growth strategy. You may have a gut feeling about the right price of your product. But without data, you’re likely leaving money on the table.
Pricing research tactics, techniques, and use cases to get 1,000 customers in a year
- New product optimal price point analysis.
- Optimize pricing plans.
- Create structured pricing models and pricing plans for a given product.
- Align price perception with brand positioning.
- Pricing market research
- Optimize price for market share and profitability.
- Discover pricing plans that are too cheap or too expensive.
- Find upsell opportunities by testing different prices.
- Customer segmentation pricing studies.
- Customized pricing questions to test price changes.
- In-depth price benchmarks and metrics.
- Test respondents desired product feature set.
- Qualitative market research.
- Revenue and demand curves to test price elasticity.
- Van Westendorp price sensitivity meter (PSM) analysis.
- Gabor-Granger pricing models.
- Brand-price trade-off (BPTO) analysis.
- Conjoint analysis to streamline pricing decisions.
- Indirect and direct pricing research.
- Find the range of acceptable prices without decreasing conversions.
- ROI-focused growth.
Growth Ramp is a product marketing agency that makes SaaS startups more money faster and get 1,000 customers in a year...Apply to Hire Growth Ramp
Ronit Epstein, ex-Director of Marketing at Yotpo
"One of the most SEO-optimized articles on our site…"
When it comes to getting more traffic, Jason and his team are one of the first we turn to. One of Growth Ramp’s articles was one of the 7th most SEO-optimized posts for Yotpo after two months.
Can I give you some advice? Hire Growth Ramp before your competitor does.
More product marketing services we’ll use to help you get 1,000 customers in a year
All the services you’ll get so you don’t have to deal with the marketing headache when you hire Growth Ramp...
You have the research to confidently price your product. Your pricing expert found wins in your data. You have your pricing strategy in place to know where you need to go.
Now it’s time to put your strategy into action and start making more cash-money. Learn about our pricing optimization and execution services →
Johnathan Dane, CEO and Founder of Klientboost
“Over 20% increase of client leads worth $25,000 or more…”
Do you know when you're super excited to finally stay consistent with your blog? And then someone like Jason comes around, smacks you in the face, and tells you when you're shooting yourself in the foot?
I didn't believe Jason at first, but we saw an increase in over 20% of inbound client leads that have LTVs of $25,000 or more. If you're not promoting what you sweat to create, then you won't get as far as you can.
3 Month Results:
- Inbound Leads: +20%, with LTVs of $25,000+
- Social Media Traffic: +191%
- Total Monthly Traffic: +88.9%