Uncomplicated pricing is key
In an industry renowned for its complexities, we wanted to offer an easily understood pricing structure. Companies over many industries are known for providing a seemingly ‘simple’ pricing model, which later transpire to have several extra costs associated with it, of which the buyer was unaware. So, with this at the forefront of our minds, we wanted to provide an upfront cost, and we wanted to be able to stick to it. We wanted to be transparent.
£1 per employee, per month. This pricing is not only easy to understand, but it also highly marketable. In such a saturated industry, it is important for a new company like us to be competitive and memorable. It makes us stand out!
We always want to go further than what is expected of a company like ours, in terms of support and personality, so we thought we’d provide for free what others charge a premium for – auto enrolment. We want people to understand how easy it is to set up their workplace pension. It’s the law, so why should we charge a huge amount for it? We don’t want to make money out of people who are simply doing things by the book. So, it’s free. This is good for us as well as our clients; we provide this as standard, while other pension companies charge hefty set-up fees and ongoing costs for their workplace pensions. Business today is built on loyalty – the days of the ‘hard sell’ for instant profit are gone.
We wanted to be transparent, accessible and affordable. Because we care about small businesses, we didn’t want our service to be out of their budget. And plus, we wanted to ensure we weren’t more expensive than our competitors!
It’s important to always review your pricing strategy by speaking to your customers. What do they like about it, and what could improve? Also, it is just as important to speak to those people who did not become customers. Did you lose that business simply down to the price of your product?
It doesn’t always have to be about making the product or service cheaper. We could offer incentives for referrals – it’s all about understanding the needs of the customer, and how we can help and support them.
Could it be free?
We did toy with the idea of of free services, but we thought that could undervalue the product and the service we provide – there’s also a certain stigma attached to the word ‘free’. While we can all agree that everyone loves a freebie, we wanted everyone to feel like a valued customer and equal. Everyone gets the same level of service and the same level of support for the same price. We love equality!
See for yourself – Paycircle’s simple pricing, just £1 per person, per month.