Slack has really stormed the communication and collaboration market with their neat and
clean messaging app.Their success story is phenomenal. One of the reasons attributed to their success is their simple and effective pricing model.
Slack has realized the importance of billing simplicity and have come up with innovative Pricing and Billing strategy. The Fair Billing policy and the immediate credit adjustment if an user is inactive (irrespective of being paid user to Slack) has won the hearts of customers.
Imagine how will you feel if you get a mail every month from a service provider stating,” Three of your users for whom you have a paid subscription with us have not used solution for more than 90 days.Hence we would like to classify them as ‘inactive’ and credit you the amount for the unused time.” ! Yes, this is what Slack is providing to its customers. Read the excerpt from their Fair Billing Policy.
It is not just the product and business model innovation that matters. Small innovation in pricing model can still make any business new or old highly competitive.
Remember the ‘Power by hour’ pricing innovation by Rolls Royce ! Yes, even before today’s modern trend of ‘as-a-service’ gaining popularity,Rolls Royce started charging customers for the ‘uptime and power generated from their jet engines’ rather than selling the jet engine as a whole.