Cosmetic pricing changes increase growth 30-45%

Optimize your product, pricing, and go-to-market strategies to maximize growth in new markets, without having to build new features. 113/bNfN04/VWQgHW2bDvkfW85vqC92sWkp3W8JC1R54P7L3KN6WXHZG3q3nJV1-WJV7CgGK9W4gmwLs7rtV5xW7HksFV5Sg8gYV9qspT7y-4M1W2TLVf41hcWVqW6KPqBC4rGlbkW2P_tJQ4PwvQwN6hfzrDPkVnTN7N_95R1wXYNN62jkkwNzdhVW5VsY8X5mw0kpW4kmhSK7FfxV1W4_8TbD3cFz7CW2Yd1KW1_yCBXW61MVSt5PxG4RW1KY-F31bBtSPW7k--L45GZgqMW6KvpBf8ZRXzTW8jY5RR4QxmZPW4s3SgF2sw2GQW2q7_Cz8vC0MHW1jJ6Xd95z0TjW24_Rdg3t4vf7W7-xsnr7XdvC8W8LR0HF2VjbgQ3phC1 [pw-paddle-logo-white@4x] PRESENTS Localization is the secret to expanding to new markets Expanding to new territories is arguably one of the quickest ways to increase your revenue growth. If you've fully tapped your product’s local addressable market for now, you need to look further afield. But how do you optimize growth in these new markets? Localizing your product, go-to-market and pricing strategies is how. The [data](113/bNfN04/VWQgHW2bDvkfW85vqC92sWkp3W8JC1R54P7L3KN6WXH-f3q3phV1-WJV7CgTZLW6KssTk3wHgN1W5763Rp77rP78W6bXpzj7cYxS0W5B2yF65LP8vbW3cpNfn31YKzvW7vn-Nr7b0v_vW1Yq5V74JNx6XW39ksM_65cmRrW7zs9pY7CfvNNW3DmMmV2BH0RCV1LBXg7y-wNpN4H15WjRH6K6W4sGRsD4LPSjmN3YrZ5TS2gcxW1GBfZb3XQp08N8STH3pSzKbsW1hK0-q7VWR95N7hCqqDhMR4hW1RsKW75q6cxXW6TvncC4zVvzBW7lv4gR8Mcz_PW2MgVdr8P9j4ZW1XSJRm2yqNL_W25nr4s4X2QvQW7TBBcy1thZ3KW7pM4zc605gg7W5NY7Wn7WdwjVW5PFmCP4P6Mcl3jKf1) speaks for itself: - Cosmetically localized pricing correlates to 30-45% higher growth rates than non-localized pricing. - Market-based localization results in double the growth rates of non-localized pricing. - Nordic consumers are typically willing to pay 25-30% more than US consumers. - UK consumers have 15-20% higher willingness to pay than the US. So how do you implement localization for yourself? [See full post](113/bNfN04/VWQgHW2bDvkfW85vqC92sWkp3W8JC1R54P7L3KN6WXH-y3q3pBV1-WJV7CgFV1W7lZFBp8BYghDW4FB49P18Rc4pW7svrgR6RSkbQW2V59-B6GTJYrN7fWZ-5cgqFdW4nKVMD32sSqpW1S4zMp4pbJ3fW15TYGx85HrslV5NK_y6VBLBnW8P8d_y6K8wSGW7nn7yX5k_-9tN1Xq_Zd-Y9_1N2_mxWBq36XmVLhNxC6qB_0GW51FfsM2Dmw1BW80NJRK3t8nTLN7cCt0F1TPVbW9kfPHv6h0KZhN8R5sss1WpNYN6jNtvxC-mr0W2NqNbx94TmKxW2bcKXX7LNYjnW8BQT6682VbdDW3qfPnc7sYhX3W2rZ85h796fVKW6DjgR41cdxj2W4ptZDf6GQBkXW1tz97M5fkd9JW39cJJN7TNS4sW1Shqjr2CPsTH34Z-1) Product-led SaaS businesses are global by default. In theory at least, customers from anywhere in the world with an internet connection can find your website and sign up for your product. But what would international customers' experience be like if they landed on your homepage right now? You’d get some new sales — some might navigate their way through and sign up to your trial or make a purchase. But others would likely look for information in their local language, try to find pricing that makes sense to them, or look at what local support you have available – before giving up and going elsewhere. While the extra customers you do get might be a great bonus, think about the potential revenue you’re losing from those who didn’t find what they were looking for on your site. To fully harness the growth opportunity presented by going global, you need to create a truly local experience for your prospects and customers, whoever and wherever they are. At Paddle, we work with over 3000 SaaS businesses, many of which have expanded into new markets during their time with us. These are their lessons. Sales and marketing Localizing your sales and marketing touchpoints is key to help you attract (and retain) the right customers. That’s the customers that will realize the most value from your product and ultimately bring in the most revenue. Just displaying your website in local languages increases the [chances of a consumer making a purchase by 74%](113/bNfN04/VWQgHW2bDvkfW85vqC92sWkp3W8JC1R54P7L3KN6WXH-y3q3pBV1-WJV7CgFW0W1KXfpw8wV4n3W8Fnw972SRXNZW7YfPFy2fq95DW8NBgHz2pszWZW9m1Km13jM6qgW7-wPGK4W-fBhW4jdJB-5qGx65W5TDF3r8P6S5tW8wt-g75YP5jVVcRygz3qztyxM9LZj53PFzNN3N3zsCp3q0gW2hgzn-2v0dTTW6g4_V0393PfqW6L1plK13YkD9W52s9sK4KsQLjW7bNmVQ4TtZcZW3Xy1093jB35sW2FxCC99kRsK4W759dqs49S_jYW5VdHss2TmYxbW5HKFms2MKW33W7PnwVz2mdfj0W6Xn6dQ5BzhN2W18RjP44FgVglVYb65J2dVHZ6W4d2Gc95Bn-m3N1SvxQGCk7nFW1BpKV46PN_vCW95bJ7W79P7vx3fbv1). Even more effective is tailoring your messaging to local preferences and privacy regulations. Why? Because it helps customers understand your product more quickly, and helps prospects align their willingness to pay with their expectations of your product – reducing the likelihood of them churning soon after subscribing. Pricing There are two ways to localize your pricing. The first is simply by showing your pricing in your customers’ local currency. This is a purely cosmetic change – the actual price stays the same, it’s just converted using the latest exchange rates. But doing this helps customers understand your pricing and alleviates any worries about conversion charges. Our data shows: - Companies with multiple currencies enabled grow 7% faster than those without. - Companies with two currencies on offer grew 13% faster in 2021 than those with only one currency option. - Companies with 25+ currencies saw 25% higher growth than those with only one. The second is what we call true localization and it involves changing your pricing based on [willingness to pay](113/bNfN04/VWQgHW2bDvkfW85vqC92sWkp3W8JC1R54P7L3KN6WXHYN5nCT_V3Zsc37Cg-sXW4Q73sG6zYdt6W62jKXJ3sRR-BW6B0YyL96jNRpW4S-bQ04QN0_HW8WX-F01YK-0TW9kBPpV6-6Y3TW31vlK34nSM3_W5pYH9p2ydh-bW8Y9vS63yyk5YW2BK0nj4jqhC8W38QFG75MwkQMW7bnLzg7mjYqLW21mGlv5nKS2PW7DqqRq1N8Jt2W4zXkrs5tB0dDW7ltl0Y3Jz4_GW6C_GVc2CYXGhN1lHJhXK90VlW8MLZfx6Z7w7gW3x6HS61_9gXKW3Wr5bY30YY9YN6TC48JR9qNcW9fT4yT5F0SyvW7q-CxM7tV73wW927kYb3BNbb4W2wKvPt5d9pYQW6ld_T680YF9jW3Qb9DW8Hs2yyW3LYKYz60rKr0W4qkcNl5HzRVfW4BZVx46vf7H8W8WWfjd61TgSXW2t9QLG7tn3mhW8bVlf41W57Pb31rV1) (WTP) in different markets. Here, you should research the buying conventions and competitive landscape in the markets you want to sell into, and determine how best to price your products in each region. To do this best, also take into consideration the cost of living (or of doing business) and inflation. While it’s more difficult, true localization will have the biggest impact on your overall growth. [Average MoM Growth Rate Past Two Quarters](113/bNfN04/VWQgHW2bDvkfW85vqC92sWkp3W8JC1R54P7L3KN6WXHZZ3q3n_V1-WJV7CgB-fW1bd08Z3H9Q1SW9jzpTr1s7xLNW16Wgq32wvqW1W7SrS0s79x47tW7_SCrn8MpMMTW1xwBfJ8fznf1N4JCCHkzYzX3W61NT1h5MSkRjW4gydVm5wnG4jW8g08tc5b0p43W5R2TTS2mFX_fV68_-y5y4bP1W6FRRxs40rn4hW3T9YSq6WGVtqVtxg6B8XJW_sT_qp95fqyFRW82lbH52jpK9RW5_T54l1rvcJ8W3dxv3R7kphGMW3PdSmH37XrFQW8H8rhc6D76VdW8qj7df8W1hVpMMlfmM70H-4VSbWRL82hPP0W7FTRCk2VVB0yW2Q-FQr8Myvjn3d0p1) (Source: [ProfitWell](113/bNfN04/VWQgHW2bDvkfW85vqC92sWkp3W8JC1R54P7L3KN6WXHZZ3q3n_V1-WJV7CgKRcW6r214K70H2nNW3cg-C7869YtTW2cnKSH6_KzbFW2MD8V17MxW2CW1H04wb2-vYz4W6Mz7Nn7zjdPCW7HWMbD89xJCjW6FqX9W8_7RZ_W7pVwDP56_MNWW5PHGRs6srk31W3_9BsS2y0M6qW5qK_3_2SJDYmDxQ9c692LXN24h4MNmq7K5N6v_gMfyPLRmW6f7Nxq87qhdMW7Dy9445cxVMQW4LhJGl5ytSCbW7CMJqs7NVwRwW81pRj_29WkdzW6fsh132rvzj0MQXBg0PG69CW4-Bw7h8gDGs0W3QglVY8_3XqFW6bGQqT7Hzmq5W26wjbz30pJrb31pR1)) Payments Different markets have different local payment methods and preferred ways to pay. So, while a customer might see your pricing and be willing to pay, you could still lose them if they can’t pay via a payment method they’re used to. For example, in [China 81% of customers pay using AliPay](113/bNfN04/VWQgHW2bDvkfW85vqC92sWkp3W8JC1R54P7L3KN6WXH-f3q3phV1-WJV7CgM5wW1g71sV1CWXvnW82Cs0f9jHMNCW7Drsx186qBn9VFJQxy1c3CylW5qz_p_2Y4hytW8cglHD1k1f1zW54x2y52DlFTrW5jQFK14K6Gn4W14SLbF8ZY1sDVpcBXP8094t6W7bvqnC3XDmTLVZ47kz71FBxLW8xShf_2vLDfHW3ncJ356Q-Ns7W3v9T5q8_W24MW71jjSb5dfkQkW3GJ8c_32Ss-LW2qn3C32sbZhZN8PQs98CT0HFW7_KBg95NYJW-W4Q6dTx5kdYNLW1sh4mx1GKkH4W6MMmyh6vPyP5W3Plm9W52tRfrW7yw9Cq2ZFJ9sW1Twnvz7fzFfLVD1T2V45WFC2W47c68s8TY35M3pvL1), whereas in the Netherlands iDeal is the most popular payment method. In other markets, like Germany, PayPal is extremely popular for low-value transactions and in others, credit cards win out. Our data shows that enabling local payment methods has a real impact on growth. Companies with at least one alternative payment method available grew 22% faster than those without one in 2021. Check out the impact on growth by payment method below: [Impact of enabling payment methods] Product Once customers have purchased your product, it’s crucial to help them launch and ensure they start experiencing the value from it as quickly as possible. For those selling internationally, this means researching your target market and creating an onboarding and in-product experience that’s both accessible and in line with local expectations. This starts with translating your onboarding, in-product, and UX copy into local languages and extends to: - Date and time displays (e.g., dd/mm/yy in the UK vs mm/dd/yy in the US) - Script displays (e.g., left-to-right languages like Hebrew or doubt-byte languages like Japanese). It also helps to work with native speakers in addition to translation or localization software as a way to quality check and smooth out the customer experience. Customer Support Once you have international customers using your product, consider how you will support them. Creating a local customer support system involves: - Translating documentation, support articles, and FAQs so customers can troubleshoot and self-serve their way to a solution. - Providing prompt solutions across time zones so every customer receives good service, no matter where they’re based. - Offering different ways to contact you to suit local preferences. In Asia, WeChat is popular, and businesses globally are starting to use Facebook Messenger and Whatsapp alongside traditional phone and email channels. How a Merchant of Record makes expanding to new territories instant and effective The secret to going global is thinking locally and making sure every customer gets the same great experience, no matter where they’re based. The most efficient way to do this is using the Merchant of Record approach (MoR). The MoR model shields you from the mechanical elements of payments and compliance. This is especially effective when expanding internationally. An MoR, like Paddle, allows your team to test expansion into an international market, without fully investing in it. The financial infrastructure and legal processes are done for you, minimizing the burden on your go-to-market teams. If you’re ready to accelerate customer growth in new territories, speak to a billing specialist today. 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