Has your pricing gone stale? In this episode, I interview Patrick Campbell, Founder & CEO at ProfitWell, about price elasticity, the market's willingness to pay and how to raise your pricing effectively. ---
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Building a tech startup and pricing it right can feel like being lost in a jungle.
You don’t know where to turn, what path is gonna get you out, and all you do is wake up in survival mode.
Don’t worry, I’m here to help. I’ve personally gone through every pricing and product pivot you can imagine.
Going freemium.
Selling to Enterprise.
Even trying hybrid approaches (e.g. marketplace with a monthly subscription).
But today, I'm joined by THE guy that can help you cut a clear path to pricing victory... let me introduce you to the guy I reach out to when making these big decisions.
My guest for episode #10 of Escape Velocity is Patrick Campbell, co-founder & CEO of ProfitWell.
In our sit down, we dive deep into the story of his company and explore his model for innovation and success. Fascinating stuff.
We talk about optimizing pricing, limiting churn, subscription growth and many more essential issues for all aspiring SaaS entrepreneurs… here are some of the headlines:
- ProfitWell & Price Intelligently
- Price elasticity & willingness to pay
- Finding your voice in a new medium
- Personalized video outreach
- Dealing with PR disasters
- Navigating the world of reviews
- Being ethical with your customer's data
- Will every SaaS product have a free version eventually?
- How to raise your prices effectively
- Patience & the most charitable interpretation principle
Around the 17 minute mark, our conversation shifts towards media and content creation. Patrick really hits the nail on the head with the message: "We are all going to be media companies on some level, at some point."
His idea rings true on many levels… the SaaS space nowadays demands having a vision, communicating with your customers and finding a way to stand out.
You can easily stumble into a cutthroat world where fighting for clicks, likes or retweets seems like the only way to get traction.
Don't fall into this trap. Think long term! The only real asset you have is providing a valuable product/service to your customers.
Invest in something you are absolutely proud of doing. There is no better way to attract a following and remain true to the core values of your company!
I loved this whole conversation and walked away completely struck by Patrick’s wealth of knowledge...
Check out the full video here and drop me a comment below if you want to discuss pricing, generating value for customers, content creation, or any of the topics we cover!
Dan “interviewing legends” Martell
Don't forget to share this entrepreneurial advice with your friends, so they can learn too:
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ABOUT DAN MARTELL
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“You can only keep what you give away.” That’s the mantra that’s shaped Dan Martell from a struggling 20-something business owner in the Canadian Maritimes (which is waaay out east) to a successful startup founder who’s raised more than $3 million in venture funding and exited not one... not two... but three tech businesses: Clarity.fm, Spheric and Flowtown.
You can only keep what you give away. That philosophy has led Dan to invest in 33+ early stage startups such as Udemy, Intercom, Unbounce and Foodspotting. It’s also helped him shape the future of Hootsuite as an advisor to the social media tour de force.
An activator, a tech geek, an adrenaline junkie and, yes, a romantic (ask his wife Renee), Dan has recently turned his attention to teaching startups a fundamental, little-discussed lesson that directly impacts their growth: how to scale. You’ll find not only incredible insights in every moment of every talk Dan gives - but also highly actionable takeaways that will propel your business forward. Because Dan gives freely of all that he knows. After all, you can only keep what you give away.
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