It has been an unprecedented year for the tech industry, especially for SaaS and subscription businesses. With inflation and interest rates at record highs, everyone’s focus has turned to profitability, positive cash flow, and growing more sustainably.
Corrily’s mission to help companies use pricing as a growth lever has increasingly become more relevant. This drove us at Corrily to be hyper-focused on helping companies take a strategic look at their pricing and packaging. We spent the last year deepening Corrily’s core product promise of price optimization, as well as expanding into newer focus areas for the company. Let’s take a look at key product capabilities that we rolled out this year.
Expanding Corrily’s Experimentation Platform
While testing different price points has been extremely crucial in helping our customers understand price elasticity, test and validate their users’ willingness to pay, we heard the need for running even more sophisticated experiments. This year, we significantly expanded our experimentation platform to support different kinds of live experiments, enabling new use cases, such as:
- Relative price testing
- Discount testing with different price anchors
- Pricing psychology tests to study price thresholds as well as different rounding strategies
- Currency tests to understand the impact of showing different currencies and in different formats
- Packaging testing to test different combinations of plans and subscriptions on the paywall
Learn more about Corrily’s experimentation platform.
Self-service Experiment Analytics
With any kind of experimentation, Corrily’s goal is to provide our customers with all the insights to understand the impact of experimentation, while optimizing their key KPIs in the shortest time. With that in mind, we rolled out fully self-serve experiment analytics to help our customers understand their key KPIs across the conversion funnel, as well as revenue metrics such as ARPU, MRR, and LTV. We also enriched statistical significance aspects of Corrily Experiments by adding native support for Confidence Intervals.
A chart showing Trial to Paid conversions over time for an experiment with 3 different price points being tested
A chart showing aggregate Trial to Paid conversions for an experiment with 3 different price points being tested
Expanding Experimentation Capabilities to Mobile
With Apple recently announcing 700 new price points for apps on AppStore, experimentation on mobile is getting progressively easier. Earlier this year, we added support for running pricing and packaging experiments on iOS and Android. Companies are increasingly experimenting across platforms (web, mobile, and mobile-web) and Corrily’s cross-platform approach enables our customers to optimize their prices with even more data.
Discount Campaigns and Coupon Management
Like prices, discount strategies can be highly effective in optimizing the final prices. With Corrily, product and marketing teams can run campaigns to test different discounting strategies, and see what strategy works the best for each user segment. Discounts can be offered in various forms through Corrily - specific % discounts on your anchor prices, or via coupons. If you have an existing set of coupons on a 3rd party platform you want to bring into Corrily, you can easily import them, or you can natively manage the lifecycle of a coupon on Corrily.
Most SaaS and subscription businesses today have a one-price-fits-all strategy; or have localized prices in certain geographical markets at best. However, an effective pricing strategy doesn’t have to stop at geographical segmentation. There are a lot of data or attributes you potentially already know about your users but are not using to segment your prices optimally. While segmentation is not a new concept when it comes to pricing and packaging, Corrily allows businesses to use these segments in real-time to show different prices, target experiments more granularly, or simply study differences in buying behavior across different segments.
With Corrily, you can define audiences based on custom attributes specific to your business. Corrily can not only help you set specific prices for your audience segments - but also help you run price experiments and discount campaigns to figure out ideal prices and discounts. For example, an ed-tech platform with multiple audiences – high-school students, college students, hobby learners, career learners, etc., can use Corrily to optimize pricing strategies across each segment.
Price and FX Management
One of the challenges that we consistently heard from pricing managers and business planners was that managing prices across different currencies, different countries and different segments become extremely difficult, especially with multiple price points. It is hard to build this business layer of pricing on top of payment gateways and subscription management platforms. Hence, we built a highly configurable what-you-see-is-what-you-get Price Control Center, which allows pricing teams and business users to set precise prices in any currency, and monitor foreign exchange rates - without ever having to change your implementation on Stripe or other payment gateways, which can be highly fragile.
User Management and Role-Based Access
Pricing as a topic tends to cut across the organization. Corrily’s broad set of pricing tools meant that we were enabling cross-functional use cases - from Growth, International, Pricing, Product, Marketing, and even Customer Support. This led us to build role-based access for Corrily’s dashboard, allowing more users to be actively using the platform. Corrily now supports 4 roles: Admin, Member, Support, and Read-Only. For e.g., support team members can view, edit, and reset any user’s price, provided they have the right privileges. This enables a much better customer experience when custom prices need to be shown to specific users.
While integrating with Corrily has always been a low-development effort, we made the developer experience even better over the last few months. We added new CRUD endpoints to our API, and enhanced our API response structure.
Performance and Latency Improvements
With Corrily serving millions of prices every month, it is imperative that we do so at scale and without impacting the end-user experience. We enabled global network load balancing for all of our services, enabling sub-200 ms response times.
Security and Compliance Improvements
We understand that pricing is one of the most crucial elements of your business, and handing pricing information to a partner like Corrily requires the utmost trust in our security, data privacy, and compliance procedures. We made a number of updates this year to solidify trust in Corrily’s services, including:
- Our infrastructure, software applications, and policies are being continuously monitored using Vanta.
- We completed an independent 3rd party penetration test and implemented all the recommendations.
- We adhere to strict ISO and SOC 2 standards.
- We force HTTPS for all services using TLS (SSL), including our public website and the Dashboard to ensure secure connections.
Learn More about Corrily’s security posture.
As we look at our 2023 roadmap, we are incredibly excited to continue building - with our customers and the pricing community. If your 2023 plans include taking a strategic look at pricing, you can book a free pricing workshop with us. We would love to chat!