TimeCamp is a super intuitive, easy-to-use time-tracking tool that helps you make the best of your time! It integrates smoothly with a vast number of other tools. As consultants, we sell our time for money to the clients, so we understand the enormous value of effective time monitoring. It's crucial for ensuring your projects are profitable. TimeCamp is used by both freelancers and large organizations.
TimeCamp approached Valueships with a request to check if there was a hidden opportunity in their pricing that they could exploit. The client's team was eager to assess their current discount policy with external experts.
TimeCamp's main objective was to identify the potential impact of optimizing current pricing.
As usual in the case of SaaS clients, we took off with our Internal Diagnostic. Our analyst requested all the data regarding matters like last month MRR, feature usage, churn, and growth dynamics. The diagnostic helped us discover that a large portion of the money was leaking in discounts. We also identified an opportunity to increase expansion revenue to improve Net Dollar Retention.
Next, we run a competitive scan. Our researchers gathered tons of data regarding all the companies that were pointed out by our client as competition. After diving into the data, we realized that TimeCamp was receiving higher NPS and feedback scores from its clients than most of the market. What's more, customers saw high value in TimeCamp, compared to the competition.
After the competitive scan was done, we ran a pricing survey. Its main goal was to identify the best price points for TimeCamp plans, and uncover the most common use cases and characteristics of typical users. We also analyzed packaging and monetization strategy. The responses we collected were then aggregated and analyzed. We discovered that there are some areas where TimeCamp pricing could be improved both in terms of list price and feature preference.
As the last step, we ran a scenario analysis to assess the impact that new pricing may have. We thought of the worst and the best scenarios and a few between those two. Then, we quantified all those scenarios and prepared a detailed estimation of the changes in MRR
At the end of the project we conducted pricing capability building for the extended TimeCamp team, to make sure the company is ready for implementation. We helped TimeCamp to better understand general pricing principles, helped the CSM and Sales team discover the impact of Value Selling and share our experiances around price increases.
+50% increase in expansion revenue
7 weeks to deliver
2 Managers + Data Analyst + 2 researchers: Valueships involvement
Increased pricing capabilities of the executive team