As a content writer, it seems fitting that I should talk about how naming your pricing plans could affect your conversion rates. After all, words are powerful tools that marketers use to persuade our audience to make a purchasing decision.
When it comes to SaaS pricing plan names there is no exact science for the language you use to sell. Each software service is unique, and the nomenclature will be reflective of the overall tone of voice and personality communicated throughout your entire content catalogue.
For example, if you usually speak to your buyer in a friendly and relatable tone, it will be jarring to start using business vocabulary. It’s important to be consistent.
Why do SaaS pricing names matter?
If you offer a tiered pricing model, you need a clear way to communicate that there is a features and benefits hierarchy. Naming your pricing plans accordingly will help buyers to differentiate between the value offered at each pricing level. Because that’s what you’re really selling – value.
The names of each plan should draw attention away from the price and communicate the value of the product. With this in mind, you can almost view the different pricing tiers as clubs, each one appealing to a specific buyer persona. The aim is to make the prospect aspire to join the highest ‘club’, without minimising the value of the lower priced options.
How do SaaS pricing names help your customer?
If you’re applying the inbound marketing model (and I hope you are) all of your content should serve the purpose of helping the customer make the right choice for them. By appropriately naming your tiers you are helping them to identify which one best suits their needs.
Examples of effective SaaS pricing names
Freshbooks recently took a fresh approach to their pricing page strategy. They decided to relist the offers in ascending order and remove the tree-themed names in favour of a more clear and transparent set of names.
This is the new pricing page...
… and here is the old one.
This new naming structure works for a number of reasons. It helps people who may not necessarily make the association between varying tree sizes and their business position, plus it brings the terminology more in line with that of a software business. Instead of ‘Mighty Oak’ as their most expensive option, Freshbooks proposes a more a customisable service option. The name hints towards the fact that the buyer can ‘select’ the features that will suit their needs.
Now, that’s far more effective than trying to sell a mighty oak to the accounting department of a large organisation.
Not so great SaaS pricing names
It could just be me, but as a book lover, I find Audible’s pricing page a little cold.
The app itself has great features to gamify your audiobook listening experience by encouraging you to collect badges with every listening milestone you pass. However, the pricing page simply tells you how many downloads you can make and at what price. Perhaps that’s why my Audible membership is one of the first things to go when I’m being frugal.
There just isn’t a lot of personality in this pricing plan, and although simplicity is crucial for conversion, there isn’t a lot of convincing going on here. Take a look and see what you think.
Are you sold on the 24 Credits/Year membership?
How to decide what pricing names are right for your business
Ultimately, how you decide on your SaaS pricing plan names is how you speak to your customer. If the titles don’t resonate with the language they expect to encounter in your industry, you may just end up confusing the matter – like we saw in the example with Freshbooks.
Choose names that communicate value and that help the customer feel that they have entered the right ‘club’ for them. Feel free to be creative and innovative, but make sure that you don’t lose the true meaning of what you are trying to sell by coming up with unrelated names for the different tiers in your price plan.
If you’d like to learn more about SaaS pricing plans, check out some of our other blogs on the topic and start formulating the ideal pricing formula for your business: