B2B SaaS billing has quietly been going through an incredible transformation that is affecting all players in the ecosystem. That change is in response to businesses growing rapidly, fueled by innovation and energy, then skidding to a halt because of billing limitations. As consumers increasingly demand a value-based model of paying only for what they use, SaaS companies are struggling to update their billing architecture to model off of the value they provide their customers.
To address this growing need, Chargify acquired Keen to integrate into their platform in order to completely disrupt the market with a brand new product, Events-Based Billing. Harnessing the power of event data, Events-Based Billing lets you step beyond standard usage-based billing to provide ultra-personalized billing for your user. Read along while we explain exactly what Events-Based Billing is, how it can help your business, and how it’s different from other similar products out on the market.
What is Events-Based Billing?
Events-Based Billing is the next generation of billing for technology companies. It’s centered around the idea of value-based pricing, meaning you only pay for the value they receive from your product. With Events-Based Billing, you can take the massive amounts of event data you are already collecting through Keen and submit them to Chargify.
Your data is sent in real-time, without having to modify or remove all the valuable attributes that provide insight into the products and services you are delivering to your end-users and customers. Once you’ve analyzed your data, you can determine the most valuable pricing for your products and services.
Events-Based Billing allows Keen customer’s to bill based on any defined aspect of their event data such as videos watched, servers accessed, data stored, emails or SMS messages sent, etc. Sounds good so far, right?
Filling A Hole In The Market
We saw a trend emerging in the technology market around B2B SaaS companies. Industry-leading companies like AWS, Twilio, Datadog, and more all have value-based pricing models. We’ve talked to numerous customers who have tried to implement an Events-Based Billing model themselves to compete with these giants, but it is very difficult to do without the right infrastructure.
Our powerful APIs allow data to be streamed into the Chargify system based on your business-specific attributes, meaning you don’t need to trim down or remove data to make it fit. Using our query API, it gives you the ability to dig deep into your data and analyze it for the best billing and pricing scenarios. We’re bringing this to the masses so that any company of any size can now bill in any manner that fits their business.
Keen Customers Use Events-Based Billing To Leverage Data In New Ways
We have fully integrated Keen event data streams into the Chargify platform, meaning Keen customers who want to bill based on specific events can build out automated billing and revenue operations nearly instantly.
Think Events-Based Billing can add value to your business operations stack? Current Keen customers can work with our customer success team to set up a live demo of how their data can be used in Chargify. Reach out to our team to see how we can put your data to work.
Already a Keen customer, but aren’t ready for Events-Based Billing (yet)? No worries! Current Keen customer data and dashboards will not be affected by this change. You’ll still be able to use our amazing Keen platform in the same way you do now!
How does it differ from other products?
Currently, there is no other company in the market that offers Events-Based Billing out-of-the-box today. Billing models have been evolving for years. Over the years, perpetual license turned into subscriptions, which has turned into usage. Each of these models are useful in their own way, but they all have inherent limitations.
Keen has taken our complete end-to-end data management platform and integrated it with Chargify’s industry-leading billing and revenue management tool. Events-Based Billing can maintain all details surrounding event data and allows you to pick and choose how to price and bill using the complete event. This opens up new ways to bill and invoice that aren’t currently possible with usage-based billing models.
Simply put, the era of value pricing is here. Events-Based billing will let you expand your services and increase your engagement with your end-users. It will allow you to increase your revenue in a whole new world of ways. What will you do to put your event data to work?