Measuring and improving the customer experience is not only good for customers, it’s good for business. In fact, when it comes to SaaS subscriptions, a 1% improvement in price optimization can result in 11.1% more profit. For many SaaS companies, improving customers’ buying experience is vital to a successful business and there are numerous ways to achieve this.
The first thing a SaaS company can do is determine prices based on the value of the product. It’s a very personal decision that is unique to every business, however, this should be based on robust data and what the target customers would likely pay. Next, it’s important to reevaluate pricing strategy on an ongoing basis and ensure that all major departments perform basic pricing analytics as well.
It’s essential to keep it simple when designing a pricing page. To prevent overwhelming buyers, SaaS companies should make the design simple and easy to understand, avoid complicated pricing mechanisms, and refrain from offering too many choices.
Companies can also increase trust by providing a way for potential customers to access reviews and testimonials, including a FAQ that proactively answers common questions, and making the business accessible to customers. Something as simple as a live chat feature can give customers a way to build trust and be reassured by an added layer of transparency.
Though, being transparent and having simple pricing options means nothing if it’s not easy for customers to take action. Whether the goal is for them to sign up for a trial or make a purchase, it is ideal to include call-to-action buttons and offer promises that entice people to continue through the purchase process.
Options such as “Go” or “Proceed to Review Cart” have been found to consistently outperform other more popular terms that are less direct such as “Submit,” “Download,” or “Sign Up.”
For companies working in more than one global market, the purchase decision can be made easier for customers by providing them with pricing in their local currency. Companies that show this type of localization – and, indirectly, an understanding of local market dynamics – have been shown to enjoy better growth rates than companies that do not offer services with a local touch.
By ensuring an easy, seamless, and transparent buying process, SaaS companies can increase their business, setting themselves apart in a saturated market.