These applications not only collect the data, but also enable you to easily manipulate, store, and prioritize these metrics based on your objectives. This is typically done through an event streaming platform which captures rich data around user or application events. That’s why the first step to employing an events-driven pricing strategy is to start collecting customer, product, and application event data. Just as you can’t cook a meal without first purchasing the necessary ingredients, you can’t bill on your events if you’re not collecting them. So far so good? Let’s dig in a little deeper. This pricing strategy directly links the value your service provides with the cost presented on a customer’s invoice. In its simplest form, an Events-Based Billing strategy consists of three steps: stream event data into your billing platform, rate the metrics you want to bill on, then bill your customers. Instead of tying themselves to long-term contracts or potentially-underused service tiers, customers only pay for the value they receive from your product (and only when they recieve it). Events-Based Billing is revolutionizing the way companies establish their pricing strategies because it’s centered around the idea of ultimate value-based pricing. By harnessing the power of event data, Events-Based Billing lets you step beyond standard usage-based pricing to provide truly personalized billing for your user. Pioneered by SaaS titans like AWS and Twilio, Events-Based Billing is the industry-leading B2B SaaS billing model. Event data is also the critical ingredient to employing the next generation, SaaS usage-based pricing model, Events-Based Billing. By paying attention to your event data, you can react to prospect actions in real time, deliver personalized customer experiences, and predict future business trends. Recently, we dove into why event data is such a critical business metric and how it can help you gain detailed insights into your product, application, or customer behavior.
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