Welcome to Pricing Bites - April 2024

???Hey there, hope your week is going well!

Welcome to the latest edition of Untapped’s Pricing Bites where we dive into an array of bite-sized updates and ideas from the world of pricing to help you boost your pricing confidence.

Here’s what we’ll cover today:

1. Peek inside our Pricing Lab: How we helped a venture-backed startup price their new products to maximise reach, revenue and brand alignment.

2. Pricing Innovator’s Toolkit: The key elements of a great SaaS pricing page.

3. Your Pricing Playbook: How to design pricing to drive growth.

4. The People Behind the Pricing Magic: Meet Maaike from our team!

Enjoy the read (5 min estimated read time)

Peek Inside Our Pricing Lab

A few months ago, a venture-backed startup?came to Untapped to price their new products ready for launch. We worked together to identify:

• the consumers most likely to be drawn to the new product category
• what these consumers would be willing to pay for these products
• the size of the addressable market
• insights to inform the product roadmap

By fast-tracking early pricing decisions, the project achieved:

??5,055 prospective customers engaged across priority segments

??20x increase in addressable market size

??50% increase in what customers were Willing to Pay (WTP) compared to estimates

??24 features validated to inform the product roadmap

? 3 distinct, identifiable target segments identified

… and much more!

“working with only a pre-launch product concept, the Untapped team was able to come back with significant amounts of data and insights that not only aided us in our pricing decisions, but also impacted our overall product and planning process.” Company CEO

We helped this client strategically price their new products for launch. If you or someone you know are looking to launch a new service/product but are unsure about how to price it … we’d love to help!

Pricing Innovator’s Toolkit

Here are 3 resources to help you master your pricing!

1. 5 Examples of B2B SaaS Pricing

We share five examples of SaaS pricing pages and highlight some key takeaways you can use to improve your price page performance, too.

2. ChartMogul: How SaaS Pricing is Evolving

In this webinar hosted by ChartMogul, our founder Jenny Millar joined two SaaS founders to share insights on the latest trends in SaaS pricing and what pitfalls to avoid.

3. How Price Changes Influence Consumers' Buying Decisions

This study in Harvard Business Review found that a series of smaller price increases can encourage customers to buy to avoid the risk that the price will go up if they wait (Evangelidis and Gunadi, 2023).

Your Pricing Playbook

Pricing Design is Untapped’s service that helps build a new product or service with price in mind.

We work together to:

• set a shared vision, quantify which features drive the most value and develop pricing prototypes
• validate early hypothesis through customer conversations
• size the market while learning who your target market is and how much they’re willing to pay

Here’s how our Pricing Design service helped one venture-backed startup:

“Untapped have given us a rich understanding of our target segments and what they are willing to pay. They also fast-tracked our thinking on feature prioritisation, bundling, subscription models and market sizing.” - Sandra Soskic, CEO & Founder, Humanoid

If you or someone you know are looking to boost pricing confidence to launch a product or service, check out our website to learn how we can help!

The People Behind the Pricing Magic

This month say "hello" to Maaike!

Maaike is Untapped's?Qualitative Researcher and Team Facilitator

With dual expertise as a Qualitative Researcher and Facilitator, she weaves together the voices of customers with insights from the team, creating a symphony of actionable strategies. Under her guidance, every voice is heard, each strategy is customer-centric, and every team member plays a vital role in crafting a pricing strategy that resonates with both the business and its customers. Her work ensures that every project is not just a reflection of thorough research, but also of collective wisdom and shared vision.

Untapped Pricing

Visit our website: untappedpricing.co.uk

Get in touch: [email protected]