In Today's episode I'm talking with Patrick Campbell, founder & CEO of ProfitWell. Today's conversation is going to be all about pricing, particularly, how you price your product during this kind of recessionary environment that we're in.
We'll talk about whether or not we're actually in a recession. We're going to have a specific emphasis on SaaS products, software as a service, because Patrick specializes in that, but if you're not in SaaS, there will be tons of applications, gems, takeaways that you can apply to your business. This conversation is value packed, like Patricks framework for communicating pricing changes to your customers and how frequently you should be making those price adjustments.
ProfitWell was recently acquired by Paddle and we'll talk about the acquisition in this episode too. So what does ProfitWell do? It is a software for helping subscription companies with their monetization and retention strategies. We've been using it for years and years and years. In fact, I have ProfitWell t-shirts that I still wear all the time. I feel like it's almost a t-shirt of my own company because I just look at my ProfitWell dashboards and metrics all the time. It feels like an internal tool. That's how much I love ProfitWell. Prior to ProfitWell, Patrick led strategic initiatives for Boston-based Gemvara and he was an economist at Google and with the US Intelligence Community. So super smart guy. Patrick, so glad to have you here.
This conversation was recorded during one of our Organize Chaos Livestreams. Follow me on LinkedIn so you don't miss announcements for our next livestream!
- Are we in a recession? (3:15)
- Struggling industries right now. (11:17)
- How to price in a recession. (15:06)
- Pricing strategies. (22:13)
- How to communicate price changes with customers. (27:07)
- How often should you raise your prices? (30:13)
- Paddle acquires ProfitWell. (39:16)
- Advice for founders looking to get acquired. (46:55)