Blog Introduction: As a project founder or CEO, you want to make sure that your business is successful and thriving. One of the ways to do this is by applying bottom up pricing and packaging. But what does this mean? How does it fit into the user journey? Let’s take a look.
What is Bottom Up Pricing & Packaging?
Bottom up pricing and packaging is when you start with basic services and products and add on more as you go along. It involves offering customers various tiers of options so they can select which service or product best suits their needs. This allows your business to focus on the needs of each customer, rather than overpricing for a one-size-fits-all solution.
Deciding on Tiers and Charges
When deciding on tiers and charges, it’s important to consider where your money will come from. Many businesses rely heavily on return customers who are already familiar with the product or service they offer. It may also be helpful to start with simple pricing structures before expanding over time. This will enable you to gauge how customers react to different price points and adjust accordingly if needed.
Once you have established your pricing structure, it’s important to make sure that you are monetizing appropriately. Consider repeatable usage patterns such as subscription services or feature delineations that allow customers to upgrade from basic services to more advanced ones at an additional cost. In addition, using pricing as a method of qualification can be useful in determining who is ready for certain upgrades and when they should be offered them.
In conclusion, bottom up pricing & packaging can be an effective strategy for helping your business succeed. By starting with basic services and products and adding more as you go along, you can focus on the needs of each customer while still making sure that you are monetizing appropriately. Additionally, using pricing as a method of qualification can help ensure that customers receive only what they need in order to get the most out of their experience with your business. With these strategies in mind, you can build success for both yourself and your customers!