Improving pricing has a significant impact on business growth, often surpassing the impact of improving acquisition or retention.
Using the right tools, such as subscription management or a merchant of record, can enable businesses to make pricing changes and adjustments without significant engineering resources.
Cloudflight emphasizes the return on investment and aims to quantify the added value of individual AI measures to innovate existing models, increase competitiveness, and optimize production and business processes.
Deep dives
The Importance of Understanding Business and User Needs for Successfully Implementing AI
Cloudflight's COO emphasizes that at Cloudflight, success with AI is not solely dependent on the technology, but rather on understanding the needs of the business and the users. While many people focus on the technology behind AI, Cloudflight prioritizes understanding and addressing the specific challenges that different companies face. Instead of trying to match individual needs with standard software solutions, Cloudflight employs a structured approach and AI patterns to quantify the added value of individual AI measures.
The Right Approach to Successfully Use AI
The speaker suggests that the right approach to successfully using AI involves two key steps. First, using custom AI solutions tailored to the specific needs of the business. Second, taking a close look at where AI can provide the most value and leveraging that potential in a structured manner. Instead of focusing solely on cost perspectives, Cloudflight emphasizes the return on investment and aims to quantify the added value of individual AI measures. By implementing this approach, businesses can innovate existing models, increase competitiveness, and optimize production and business processes.
Why Corporate Decision Makers Should Consider AI
Corporate decision makers should consider AI for its ability to help improve business success. By leveraging AI, companies can innovate their business models, increase competitiveness, and optimize production and business processes. While the initial stages of implementing AI may present challenges, the long-term benefits of improved performance and enhanced decision-making make it worthwhile. Cloudflight highlights that having a knowledgeable partner, like themselves, can be valuable in navigating the complexities of AI implementation, avoiding potential pitfalls, and ensuring successful outcomes.
The Three Growth Levers in Business
One of the main ideas discussed in the podcast is the concept of the three growth levers in business: acquiring customers, monetizing them, and retaining them. The speaker emphasizes that focusing on the middle lever of monetization is crucial for driving growth. Improving pricing has a significant impact on business growth, often surpassing the impact of improving acquisition or retention. However, many businesses neglect pricing because they consider it a challenging and mysterious process. The speaker argues that pricing should be treated like any other business process, requiring problem-solving, experimentation, and continuous optimization.
The Importance of Billing Infrastructure and Tools
Another key point raised in the podcast is the significance of utilizing the right billing infrastructure and tools. The speaker highlights the advances in billing and payments infrastructure, providing businesses with more options and opportunities for optimization. Using the right tools, such as subscription management or a merchant of record, can enable businesses to make pricing changes and adjustments without significant engineering resources. The speaker emphasizes the importance of selecting a billing stack that aligns with the specific needs of the business, avoiding the limitations of using a narrow tool stack for an extended period. By leveraging efficient billing systems, businesses can enhance pricing strategies, retention, and self-serve options.
Find out how to price your SaaS product effectively ๐ธ in this podcast featuring Patrick Campbell of ProfitWell (a SaaS for subscription analytics, retention, and pricing solutions). He shares pricing insights he has learned by looking over ๐ง the data of 73 000 SaaS companies over the past decade!
Listen to find out:
How to get the right ๐ฏprice for your SaaS Product
Cloudflight
Are you looking to build a digital future for your company with software that matters โ matters to your business, to your customers, and to society as whole?
Perhaps you are lost in how to implement industrial digital transformation with optimum ROI?
Speak to Cloudflight - where is all about the Digital Difference.
Cloudflight is an E2E full-service provider for industrial digital transformation.
From customized software development through cloud-native and Artificial Intelligence solutions (AI) to eCommerce, we support companies in evolving their digital processes, products, services, and business models. Our expertise includes artificial intelligence, cloud-native, embedded software development, human-machine interface design (HMI), cognitive systems, and eCommerce solutions. We support companies at every step from the idea through development to the operational phase. We build on our experience and expertise to be your agile, reliable, and innovative long-term partner.
Learn more about Cloudflight
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