Pricing Test

I just increased my pricing on Bidsketch.

Previously:
$9/month for Basic and $19/month for Premium.

New Pricing:
$14/month for Basic and $24/month for Premium.

Did I add any major features? Nope.

Sure, I’ve been adding some enhancements every couple of weeks, but nothing groundbreaking. Not just yet anyway. I was considering waiting until after I released a few big features that I’ve been working on. But after talking it over with my good friend Rob, I realized that I never found out what my pricing point was.

I moved up the pricing 3 times, and removed my free plan, but I never tested what the market wanted to pay for Bidsketch. Sure, it’s scary to make any sort of pricing increase. Each time I’ve had this unrealistic fear: “No one is going to sign up, and I’ll get 100 people emailing me about how insane I am to expect people to pay that much!”

Fortunately, that’s never happened. Quite the opposite. Conversions have slightly increased or stayed the same.

It’s been said many times that developers tend to undervalue their work. I completely agree; we do exactly that. That’s why we it’s so important to test your pricing. Even if you lose a little money in the process. And especially if the thought of doing so scares the crap out of you.

2 thoughts on “Pricing Test

  1. Quick question. When you change your pricing, do your past customers who started with the lower price, keep that plan? and if so how long? Or do they just pay the new price the following month, and how do they feel about that?

    1. Yep. The pricing stays the same for existing customers. So only new signups would be impacted by the higher pricing. I don’t think I’d ever do that to existing customers for several reasons. But mainly, I think about how I would react in their shoes. I’d be pretty upset if someone did that to me.

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