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Tag: Product Pricing

  • Setting Your Product Price: 7 Useful Tips to Keep In Mind

    Price is what a customer pays in terms of money to acquire a product or avail a service. As an entrepreneur setting your product price can be a real task.

    Several factors are involved in deciding the price of a product. This is because Product pricing plays a very significant role in determining the position your product will acquire in the market.

    This becomes more significant in today’s scenario when the market is full of competitors. As a Start-up, the price of your product is capable of making or breaking the market for you. It is an essential element of financial modelling.

    High Price vs. Low Price

    You would have noticed that most products that are considered branded and thus, of great quality, are sold at quite higher prices. However, in contrast to other similar products available in the market are sold at lower prices.

    This scenario reflects the common belief system that states “when you pay for bananas, you buy monkeys”. Therefore, in an attempt to get the supreme quality products, they are willing to pay higher prices. However, this is not always true.

    Sometimes keeping the cost way too high can make your customers lose interest. This can be especially true in terms of startups where you still have to establish your product in the market by winning the trust of your customers.

    At this point, you might consider keeping the prices as low as possible for your customers, so at least they may give it a try once. Howbeit, if the price is too low even if it attracts a lot of customers it can have a negative impact on your profit margin.

    Sometimes, it is also seen that such tactics were used by the companies to create initial awareness about their product but as soon as the prices were hiked, the sales declined.

    Confused? Then how do you decide the price for your product?

    For any product to start and maintain a consistent market setting the right price is very important. It is capable of making or breaking the market for you.

    So, here we are with the 7 most useful tips that you must keep in mind while setting the price for your product.

    Keep reading…

    1. Include All the Variable Costs
    2. Indirect Fixed Costs and Break-Even Point
    3. Determine Your Profit
    4. Value-Based Pricing
    5. Scan Your Competitors
    6. Study the Market
    7. Update the Product Prices

    1. Include All the Variable Costs

    Variable costs include the actual expenses incurred right from the start of product manufacturing till the time it reaches a customer. It includes the cost of raw material, manufacturing cost, packaging & shipping charges, etc.

    The first cost considered is the cost of goods sold. This includes the cost of raw material and manufacturing per unit of product.

    After this, the time and labour costs, incurred in the production of a particular product, are counted. You can decide the cost of time on an hourly basis. This means you first decide the hourly income you expect from your business and then divide it by the number of products that can be manufactured in this duration.

    Finally, you add other variable expenses such as packaging & shipping cost, promotional material cost, and affiliate commissions. The sum total of all these variable costs is known as the total per-product cost.

    2. Indirect Fixed Costs and Break-Even Point

    Two other major factors that must not skip while deciding the price of your product are the indirect fixed costs and breakeven point.

    Indirect fixed costs include salaries of office staff, rent of office space, marketing and advertisement, depreciation cost, insurance, and other professional fees, etc.

    Basically, these are the expenses that you are bound to pay irrespective of your sales or production. Therefore, it is crucial that this cost is covered under the price of your product. However, how to break these costs in terms of the per-unit price of your product can be difficult. Understanding the breakeven point will help you in this regard.

    It refers to the level of production at which the total revenue becomes equal to the total expenses. The formula used to calculate the breakeven point is mentioned below:

    Break–Even point (Units)= Fixed Costs ÷ (Revenue per Unit – Variable Cost per Unit)

    By calculating the breakeven point you will be able to determine the number of units of the product that you will have to sell to equalize the variable and fixed costs. This, in turn, will help you to make an informed decision while setting your price.

    3. Determine Your Profit

    The next step is to determine the extent of profit you wish to make. The profit margin should be enough to save you from regular market fluctuation.

    Profit margin is usually expressed as a percentage and is an indicator of the money you make out of your sales.

    You have to consider both fixed and variable costs while deciding your profit margin. Thorough market research will also give you an idea to set an acceptable price.

    The basic formula used for calculating the profit margin is given below:

    Gross Profit Margin = Gross Profit / Revenue x 100

    4. Value-Based Pricing

    The aim of any business is to earn a decent profit. This is known as cost-plus pricing. However, as a long-term goal for your company, you will also have to identify what your customer is ready to pay.

    This can be determined by how valuable your product is for your customers. The high-quality and other superior features associated with it as well as the capacity of customers to identify and appreciate those features is what makes your price look reasonable.

    You can also conduct small online or offline surveys to understand the psychology of your customers.

    “Pricing is all about customer value. Price is what you pay. Value is what you get.”- Warren Buffet

    5. Spy on Your Competitors

    It is always a good idea to keep an eye on your competitors. In terms of setting the price, it will help you understand the strategies they are using for the evaluation of the price of their product.

    The right price for your product can only be determined as per the market norms that are set by the already existing companies.

    For example, if your focus is to build a large market share for your product you may launch your product at a relatively low price than your competitors. This might help you gain customer trust for your future products and services.

    However, if you want your customers to feel like they are about avail of some novel and exclusive services that are not available anywhere else, setting a price towards the higher end can be a good decision. If everything goes well and your customers believe you, this might help you establish your product as a brand right at its initial stage.

    6. Study the Market

    You cannot just decide your profit margins with your own mind. Neither can you set your price to match or beat the price of your competitor? You will have to study the market to understand how the other brands are doing and what the customer requirement is. However, the foremost thing to do is to identify your target audience so you can survey the market keeping their needs in consideration.

    Surveying the market will also give you an idea about the other factors that may affect the price or sale of your product. These factors may include simple Geographical issues, legal concerns, etc.

    A major example of such factors is the extreme shift observed in the market during the COVID-19 times. As per a survey, owing to the lockdown restrictions the tour & travel industry collapsed badly. On the other hand, the technology industry observed an upsurge.

    7. Update the Product Prices

    The price at which you launch your product does not have to stick with it forever. There are a lot of regular ups and downs in the markets that will affect the variable and fixed costs associated with your product.

    Therefore, you will have to remain updated with the latest market trend and keep revising the price of your product accordingly.

    Other than the market trend, there can be other valid reasons for you to raise the price of your product. For example, when you decide to re-establish your company from a value-oriented service provider to a high-quality brand, you may apply a price hike. This is known as strategic change.

    Other reasons may include a competitor raising the price of their product. This usually means that the overall price of that industry or service in the market is going up. Hence, it becomes obvious for other similar companies to hike their product price in a similar range.

    Conclusion

    Considering all the challenges it may be difficult for you to set the correct price for your product. However, by following the tips mentioned above, you will be able to make an informed decision.

    The simple things like knowing your costs and surveying the market as well as competitors can be of great value.

    Hope we could resolve your problem. You can thank us later.

    FAQs

    What are the factors to consider when setting a price?

    Include all the variable costs, calculate indirect fixed costs and break-even points, determine your profit value-based pricing, spy on your competitors, study the market, and update the product prices.

    How do you set a price for a product?

    Use different pricing plans, spy on your competitors, include all your costs and keep flexible pricing.

    What is the selling price formula?

    The selling price formula is: Selling Price = Cost Price + Profit Margin.

  • Amazon Pricing Psychology- 6 Ways Amazon Gets You to Spend More?

    Amazon, the company that started as an online retailer for books back in 1994 is now the largest e-commerce company in the world. As of January 07, 2022, the company is worth $1648.78 billion.

    Today almost everyone depends on Amazon and with good reason. You can find almost everything you would ever need delivered right to your doorstep. So how did Amazon get where they are today?

    Most importantly they’ve managed to stay at the top of the e-commerce business even with the rise of new competitors. To understand this growth and stability shown by the company, we’ll have to take a look at their history and analyze their biggest techniques that help them stay at the top.

    About Amazon
    The Psychology Behind Amazon’s Pricing

    About Amazon

    Founder and former CEO of Amazon, Jeff Bezos financed Amazon with $10,000 of his own money to get the company up and going in 1994. Amazon at that time was completely operated by Bezos, his wife, and a small staff team working in his garage in Bellevue, Washington. Shortly after in 1997, Amazon went public with a $300 million valuation at $1.96 per share.

    Jeff Bezos working from his office in 1999
    Jeff Bezos working from his office in 1999

    Amazon later on in 1999, allowed third-party sellers to sell their products using their website. Since the company already had satisfactory growth in the online sphere, retailers started using the platform with the goals of expanding their public reach and economy. Just within 4 months of letting third-party companies sell, over 250,000 customers had bought goods from a variety of different companies through Amazon.

    Every year Amazon has been getting better, offering more services and a better customer experience than before. In 2005, Amazon introduced its customer loyalty program known as prime. Prime gave users that extra fast delivery and service speed that they needed for a small monthly fee.

    Prime also expanded on to provide media services such as prime movies, music and gaming. Customers were more than happy to pay the monthly subscription for what they would’ve otherwise missed. At least that’s how the consumer mentality boosted Amazon’s sales after it launched prime.

    The very next year the company went ahead with Amazon Web Services(AWS) to consider and profit from the various cloud computing needs of the world.

    Amazon has also been actively developing the Amazon Echo line of smart products along with their assistant Alexa. The company has been growing ever since. Every year new products get added to Amazon, which starts bringing in new customers for the company.

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    The Psychology Behind Amazon’s Pricing

    Amazon’s success isn’t just because of the risks they take or companies they endorse, rather it’s mostly due to some clever marketing techniques. Communicating a product’s nature and value to a customer is essential for a successful e-commerce store. Here we’ll go through some of the well-known pricing strategies used by Amazon to boost sales.

    1. Prestige Pricing

    Consumer stores and shopping centers often use charm pricing as a way to get more sales. It’s common to see the price of a product just a cent below its actual cost. Prices like $4.99 seem cheaper compared to $5 when the difference is almost negligible.

    Prestige Pricing
    Prestige Pricing

    Prestige pricing is the exact opposite of this methodology. While some people may find lower prices more attractive, others may doubt its value and authenticity due to its lower prices.

    Prestige pricing is where the price of a commodity is rounded off to the nearest rounded figure so the price seems ideal. The higher and rounded prices make a product seem more valuable than it actually is.

    Customers are more likely to buy a product that will provide them with more value for money. That’s exactly what gets companies like Amazon more sales using this pricing method.

    2. Price Anchoring

    If you’ve ever used Amazon you might have noticed how you ‘always’ seem to get a better deal. Simple comparative pricing makes consumers feel like they’re getting better offers when in reality it’s just a way to promote sales.

    Price anchoring is a popular way of getting more sales. Several e-commerce stores including Amazon make use of a simple strikethrough price which enhances the value of the actual price.

    Although price anchoring and price discounts are different, the technique has been effective in gaining sales as shown by e-commerce statistics. In the world of digital stores, a sale is equivalent to a customer’s click. Hence price anchoring makes good use of perception to increase sales.

    3. Amazon Prime

    In 2022, about 142.5 million of Amazon’s total users are members of its Prime program. Amazon Prime is a paid subscription-based customer loyalty program that Amazon offers. Since its introduction in 2005, the number of prime users has been increasing progressively.

    Amazon Prime Users Growth in the U.S.
    Amazon Prime Users Growth in the U.S.

    Having a prime membership makes a user eligible for certain perks from Amazon. For starters, customers with prime get faster deliveries, access to special sales earlier, and Amazon’s media and entertainment services such as Prime Video, Prime Music, and Prime Gaming.

    Paying about ₹179 monthly gets you all these benefits and it’s no doubt why people prefer to subscribe to prime. The feeling of getting a higher priority and more gains is what prompts people to stay as prime users. Amazon Prime video generated $3.6 billion in revenue sharing in 2020.

    4. Comparative\Decoy Pricing

    Comparative pricing is a technique used to boost the sales of one product using a decoy product with alternative pricing. Let’s say you have a product that you’re interested in. If two products of similar nature are being presented, one with better overall value than the other, the choice is rather obvious. Comparative pricing is where a product is intentionally made to look bad to promote the sales of another product.

    Decoy Pricing in effect
    Decoy Pricing in effect

    While the decoy product dips in sales, the targeted product gets more sales and that’s completely intentional. The goal here is to get the customers to choose the targeted product instead of the other.

    5. Price Framing

    Everyone in marketing knows that a good sales pitch means a positive impact on sales. Price framing is how a product’s price is presented to the customers. The visuals associated with price presentation and context matter because a customer often makes their decision at the last minute and what they see has to appeal to their mindset.

    Simply adding additional text such as ‘only for’, ‘best deal’, ‘20% OFF’ makes the customer feel like they’re getting a bargain. E-commerce companies gain much more sales due to their marketing campaigns which use this method as well.

    6. One Time Deals

    Adding a time limit to deals and offers speeds up the decision-making process for customers and also makes products seem more valuable. Amazon has been offering limited-time deals for a while now and it’s common to see flash sales during festive seasons. Often these one-time deals aren’t much different from what you can get a product for, considering you have the patience to wait a while.

    As far as most common products on an e-commerce platform are considered, the prices never really stay high for long. It’s only a matter of time before new products rise and the older prices dip. However, customers are tricked into thinking that the reduced prices are indeed a limited-time offer and hence Amazon make huge sales just by adding a timer with a lower price.

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    Conclusion

    Amazon makes excellent use of modern-day technology and scientifically proven marketing techniques to always develop the perfect pricing to get sales going. It’s all about the customer mindset when it comes to e-commerce and that’s where the use of passively manipulative methods shines the most.

    Not all of it is ethical, but the majority of applied techniques are rather intuitive and that is what keeps Amazon’s sales up high during the roughest of times.

    FAQ

    How does Amazon use psychology?

    Decoy pricing, Price anchoring, Prestige pricing, and limited-time deals are some ways Amazon uses psychology to get you to buy more.

    Why do Amazon prices keep changing?

    Amazon keeps changing its prices according to trends and customer feedback.

    How does Amazon use psychology to get you to buy more?

    Amazon creates a sense of urgency by displaying the products left till it gets out of stock.

  • Break-even Analysis: Advantages & Disadvantages | How to do Break-even Analysis?

    When setting up a new business, one of by far the most significant concepts you’ll learn is break-even analysis, which is the amount of revenue you’ll need to cover your expenditure. Even businesses with large sales revenues can lose money if their costs aren’t covered. While break even analysis is more commonly associated with firms that sell tangible goods, it can also be used to assist establish the price of services.

    Break-even analysis is an important financial statistic for every entrepreneur or small business owner to understand since it shows you exactly what you need to accomplish to recoup your initial investment. It’s a great tool to have when you’re beginning a new business because it allows you to see if your strategy is working. It also supplies you with data that you may utilise to develop your cost structure.

    Lets know about the steps to do break-even analysis and its advantages and disadvantages.

    Break-even Analysis – Importance
    How to do Break-even Analysis?
    Break-even Analysis – Advantages
    Break-even Analysis – Disadvantages
    Conclusion
    FAQs

    break-even analysis meaning

    Break-even Analysis – Importance

    The point at which total revenue and total cost are equal is known as the break-even point. Break-even analysis calculates the number of units or revenue required to cover your company’s entire costs. You are neither losing or gaining money at the break-even point, but all of your business’s expenses will have been paid. The sales earned by your company after striking even are pure profit. Simply put, break-even analysis helps you figure out when your business – or a new product or service – will start making money, and it’s also used by investors to figure out when they’ll recoup their investment and start making money.

    When developing a new product, it’s a good idea to run a break-even analysis, especially if it’s a high-cost endeavour. Finally, whenever you make a change to your business – such as introducing a new sales channel or switching your distribution plan – your costs can drastically change, so a break-even study is always a smart idea.

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    How to do Break-even Analysis?

    How to do break-even analysis?
    How to do break-even analysis?

    Use the following formula to compute the break-even point in units:

    Break-Even point (units) = Fixed Costs (Sales price per unit – Variable costs per unit)

    In dollars using the formula: Fixed Costs/Contribution Margin = Break-Even Point (sales dollars)

    You’ll need some information before you start your break-even analysis. Assume you’re conducting research for a potential new product. Make a list of all your expenditures and expenses related to that product, including premises, resources and supply costs, tool or equipment costs, and costs for paying personnel to make the product and prepare it for shipping.

    You’ll also need to be aware of two other details first, the price range you’re considering, which starts at $0.00 and second, start with none and work your way up to the maximum quantity you think you’ll be able to sell.

    The steps to determining break-even are as follows:

    Step 1. Calculate variable unit costs: Calculate the variable costs of making one unit of this product. The costs connected with creating the product or purchasing it wholesale are known as variable costs. If you’re manufacturing a product, you’ll need to know how much all of the elements are going to cost. If you’re printing books, for example, your variable unit costs are the cost of paper, binding, and glue for one book, as well as the cost of putting one book together.

    Step 2. Evaluate fixed expenses: Fixed costs are costs that must be met in order for your business to continue to operate, even if no items are produced. Add up the costs of running your factory for a month to determine fixed costs. Rent or mortgage, utilities, security, non-production employee pay, and any other costs would be included. Don’t forget about the costs of designing the product and packaging, creating a prototype, and possibly patenting your invention.

    Step 3. Establish a unit selling price for your goods: Set a unit selling price for your product. As you determine your break-even threshold, this price may fluctuate.

    Step 4. Determine the number of units sold and the price per unit: As the product’s total sales and unit price fluctuate, the break-even point will shift.

    Step 5. Make a spreadsheet: To perform a break-even analysis, you’ll need to create or utilise a spreadsheet, which you’ll then convert into a graph. The sheet will draw break-even points for each number of sales and product cost, as well as a graph displaying break-even points for each of these costs and volume of sales.

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    Break-even Analysis – Advantages

    1. Break-even analysis provides you with a far more solid foundation on which to offer your products. Analyze your current financial condition to determine how patient you can be in order to reach your break-even point.

    2. Break-even analysis is generally a significant component of business strategies when it comes to obtaining capital. You’ll probably need to undertake a break-even analysis if you want to secure finance for your business or start-up. Furthermore, a modest break-even point will likely make you more comfortable with the idea of taking on further debt or funding.

    3. Some company concepts aren’t meant to be pursued in the first place. Break-even analysis can help you reduce risk by eliminating unprofitable projects or business units.

    4. A break-even analysis can also be a useful tool for establishing realistic target sales for your crew. It’s always easier to settle on revenue targets if you have a specific amount and a timetable in mind.

    Break-even Analysis – Disadvantages

    1. Break-even analysis is most useful for businesses with only one price point. Break-even analysis may be too simplistic for your purposes if you have many products with numerous pricing. Furthermore, keep in mind that costs can fluctuate, so your break-even threshold may need to be re-evaluated and altered in the future.

    2. However a break-even analysis can tell you when you’ll break even, it can’t tell you how probable it is to happen. Furthermore, demand is volatile, so even if you believe there is a huge untapped market, your break-even threshold may be much higher than you anticipated.

    3. Another drawback of a break-even analysis is that opponents aren’t taken into account. New entries to the market may have an impact on demand for your items or force you to adjust your prices, affecting your break-even point.

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    Conclusion

    A break-even analysis isn’t created in a bubble, of course. If you’re introducing a new product that no one has ever seen before, you have no idea how big the market will be or when competitors will appear. But it does provide a starting point for your quest for the “best” pricing for your purchase. Overall, knowing the advantages and disadvantages of Break-even analysis, it’s ideal to combine a break-even analysis with other profitability measures like net profit margin to get the most accurate picture of your company’s financial health.

    FAQs

    What is break-even analysis?

    The break-even analysis lets you determine what you need to sell, monthly or annually, to cover your costs of doing business.

    Is break-even analysis good or bad?

    Break-even analysis is beneficial because it reduces the danger of going out of business due to a financial shortage. Because cash flow problems are the leading cause of business failure, knowing that there would be no negative cash flow makes the investment more safer.

    What will cause the break-even point to decrease?

    The break-even point can be reduced by increasing the average contribution margin earned on each sale.

    Is it better to have a higher or lower break-even point?

    A low breakeven point indicates that the company will begin to profit sooner, whereas a high breakeven point indicates that more products or services must be sold to reach that point.

    How do you calculate break-even points?

    Break-Even point (units) = Fixed Costs (Sales price per unit – Variable costs per unit)

    In dollars using the formula: Fixed Costs/Contribution Margin = Break-Even Point (sales dollars)

  • SaaS Pricing Guide: How to Decide the Right Price for your SaaS Product

    While doing a business, one of the most important things is to set a proper price for the product or service that you are selling. The pricing decides the future of your business and if it will reach the top and be successful.

    Now, in any kind of business you need to do a lot of research while deciding the price of the product or services. There are various factors that need to be taken into consideration during this crucial time.

    When we talk about the importance of technology in our life, the thing that has made the most impact has to be the Internet. Thanks to this, we are enjoying so many services in just a single touch of our fingers.

    Almost every business is on the internet and is providing services to its consumers through that. We live in a time, where we can now get applications over the internet. Instead of installing a software one, we can have the access to it through the internet and can also maintain it there. This service is called SaaS.

    Companies that are building SaaS products must set a correct price for them as their revenue depends on it. So, in this article, we will talk about how one should decide the right price of their SaaS product that will entice the audience and will also bring profits to the business. So, let’s get started.

    “The moment you make a mistake in pricing, you’re eating into your reputation or your profits.”

    -Katharine Paine

    Why Pricing is Important?
    What is SaaS Pricing?
    How To Price a SaaS Product?
    SaaS Pricing Models
    FAQ

    Why Pricing is Important?

    Pricing is important for two obvious reasons,

    • The first and foremost one is, giving value to the customers, when someone pays for a product or service; it means it is worthy enough to buy.
    • Another reason is that it helps the said company to step into the competitive market. If it has a good cost-to-value ratio, then naturally it makes it presence known as a competitor for other same businesses in the market

    What is SaaS Pricing?

    A SaaS pricing is nothing but a price model of software that one can get access to through the internet and can maintain it online instead of installing one into your device. The things that influence the price of the products are the marketing strategy, Target markets, and revenue objectives. A proper SaaS pricing model will lead to success for that business that deals with these products.

    How To Price a SaaS Product?

    As mentioned before the future of a company relies on its pricing strategy. Now, there are several strategies that can be applied while setting the perfect price for a SaaS product and those are:

    Cost-Based Pricing

    This strategy is very simple and easy to apply. You can count the cost of the product by just evaluating the amount that was used in the making and also providing the product to the consumers. It includes the development charge of the product, the salary of the employees and of course a little bit more amounts that will ensure profit from that product.

    Although there are some limitations revolving around this strategy like the earning will cover all the cost that was required during creating and providing the product. You can also fall behind your competitor as cost-based pricing doesn’t notice the price of the competitor’s product.

    Competitor Based Pricing

    This strategy involves setting the price of your product that matches your competitor’s standards. This model is very easy to find, as in the competitor’s website you get to observe the price of their SaaS products.

    When you are new in this business, it is not possible to know the entire amount that will be cost for providing this service. So, pricing the product same as the price of your competitors gives you a general idea that can generate you customers for your SaaS product. It also has a limitation, if you consider your competitor’s pricing, you might charge too little for your service, which is definitely not healthy for your business.

    Promotional-Based Pricing

    This strategy is about lowering the product’s price to attract more consumers and increase their demand quickly and it is just for a limited time. The time limit chosen for this offer can attract a good number of consumers towards the product, which may result in an increase in the demand for the SaaS product.

    This can be applied for only a short amount of time and it can also backfire because if the promotional-based pricing continues, the consumer might question the product’s value.

    Value-Based Pricing

    Establishing this strategy takes a good amount of time and require a lot of work. In this strategy, the price of the product completely depends on the consumers. The value of the products decides their fate and the audience’s opinion of the product’s worth matters the most here.

    Here, even if you decided to make the price higher, if the customer is willing to pay then your SaaS product is definitely a hit. On the other hand, this strategy’s biggest disadvantage is that the consumers that are divided in a group find the value of your product different; going for the same price of the product becomes difficult.

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    SaaS Pricing Models

    This section deals with the pricing models that can be used to charge the users of your SaaS products.

    Flat Rate Pricing

    This model is extremely simple, here the business offers only one price for a couple of features that are tagging along with the product. It is preferable because it is easier to sell and this single price is for everyone thus not making it complicated.

    Usage-Based Pricing

    In here, the pricing depends on the usage of the product by the customer, that is if you use the service more, then you have to pay more and if less, then your amount will decrease. This way the customers can find reliability in this as they are only paying for the amount of service that they have used. It is also called Pay As You Go Model.

    Per Feature Pricing

    The users have to pay here for every feature that they are going to use It is best for those company that wants every feature of their product to be used by the customers.

    Tiered Pricing

    This includes giving out different packages that have different features in them for the customers to use. Here, the customer chooses the package that is more compatible with them and pays for that only. It can increase your revenue if your customer after using one package decide to use another one so that they can attain other good features that come with that different package.

    Conclusion

    The products and services that SaaS businesses are providing to their customers, the must-have contain a proper price. The business needs to follow a correct pricing strategy that will help them in establishing the business in front of their customers, and then only it can survive in the competitive industry.

    FAQ

    What is the Full form SaaS?

    The full form of SaaS is Software As A Service.

    What is SaaS Invoice?

    It is an automated system where it helps in billing clients recurring basis.

    Which is The Best Way For Pricing A Product?

    Cost-based pricing is the best way to price your product.