Implementing Usage Based Pricing Strategies Effectively with EarnBill

Usage based pricing strategies are becoming an important area for businesses. Businesses nowadays need smarter ways to price their services in the market, whether it’s flexible bundles, pay-as-you-go,usage-based pricing, special discounts, and so on. A good pricing strategy does not only increase revenue but also attracts new customers, enhances retention, and outpaces competitors. To achieve that, companies require solutions that can pace their innovation and evolving pricing needs.

EarnBill is a versatile usage-based billing platform that has been applied to various industries. It also supports all usage based pricing strategies. EarnBill promotes innovation by allowing business teams to think about their new offerings and how to attract new business and new subscriber base.

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Some of the strategies which can be easily put to use with EarnBill are described here:

Support for Usage Based Pricing Strategies

Earnbill supports a dozen different pricing strategies out of the box. It is pretty easy to set up products, plans and bundles with different pricing strategies. The default pricing can be overridden by applying customer special prices at a customer level, or to a group of customers by applying special price at an account type level.

Design a Chained Pricing Strategy

EarnBill supports chained pricing in which you can calculate a price based on one pricing strategy and the output of this calculation can be an input for the next pricing strategy in the chain. For example, you may have a metered rate on the usage consumption and then apply a line percentage discount of 10% on the total calculated. It is possible to make combinations of different pricing strategies through this feature.

Design a Customised Pricing Strategy

If none of the comprehensive set of pricing strategies provided by EarnBill meets the requirement, then designing and developing a new pricing strategy is not a complex affair. A customised pricing strategy can be developed and tested in a matter of hours (not days). EarnBill’s plug and play development framework makes light of even the most complex pricing strategies.Promote New Plans with Tempting Discounts

Make Innovative Use of Bundles

A plan bundled offering via EarnBill is a super-flexible one to design. EarnBill allows you to add multiple different products as bundled items on a plan. It is possible to override the default pricing of a product or a service at the plan level. A plan can have a number of bundled items packed on them. For example, a telco company may offer all types of usages on their mobile plan including calls to mobiles, calls to fixed lines, sms, mms, data usage and international calls.

Each of these usage products can have different pricing strategies on each plan. One of the higher subscription fee plans could have lower calling rates. The rate card for international calls (where telcos usually make money) can be fine tuned based on which plan they are being offered on. The international calls rate card may have thousands of pricing records defined in them. EarnBill makes it convenient to handle these complex rate cards through its user-friendly user interface.

Create Holiday Rate Cards

EarnBill rate cards can be used to create promotional rate cards for holiday season and provide promotional offerings on existing plans. This can boost the usage from the existing subscriber base and allow to improve the revenue. The holiday rate cards can be switched easily with a pricing timeline feature so that the usual rates kick in when the holiday period comes to an end.

Promote New Plans with Tempting Discounts

It is super-easy to create new discounts and promotional offers with EarnBill. It is possible to launch a new plan or update an existing plan with a specific discount attached. Discounts can be one time or period based, amount based or percentage based. In any case, it is pretty easy to club a discount with a plan and run the promotional offers to boost your sales and revenue.

Usage Rating and Increment Management

EarnBill provides a convenient user interface to configure and design increments on usage quantities. The system allows to define the increments and rounding rules on usage quantities. For example, for a telecom company rating and charging voice calls, if a call is terminated in 28 seconds, it is expected that the call is to be charged for this duration. The telecom company can study the business environment and at an opportune time, set up a rounding rule for the next 30 seconds.

Therefore a call duration of 28 seconds can be charged for 30 seconds. A call duration of 35 seconds can be charged for a minute and so on. The increments can be fine tuned to 10 seconds or even 5 seconds as per the business need. This feature gives an easy and configurable option to boost the revenue from the existing subscriber base.

Conclusion

If you’re looking to implement usage based pricing strategies pricing schemes or struggling to set new pricing, EarnBill is an ideal option. It simplifies the process of handling various prices, offers, and bundles so that you can concentrate on expanding your business without the hassle.