by Paul Lynch
You’ve heard all of the talk about subscription billing and an economy that’s pointed to as the future to go along with it. And for the most part it’s been just that. Talk.
You’ve probably gotten invites to the big customer events, maybe seen a quarterly earnings report or two, and you’re probably still asking yourself “when is my company going to be able to bill like the big guys?”, “how can we possibly keep up when our billing tools limit us?” and “what’s next?”
We’ve heard you, and we’ve listened. We’re happy to share with you what we believe is the next phase of billing for every B2B SaaS company.
Your company is sitting on massive amounts of data gathered from your customers and their interaction and behaviors with your products. In a good scenario, you’re capturing that data and have it stored away somewhere for future use. In a more typical scenario, you’re not collecting that data in a usable way at all.
Regardless, say you’re a software company and you’re generating loads of event data (like how often someone uses a feature, how much they use it, etc.) Wouldn’t it be great to bill based on the actual value your customers get from your product?
Currently, there’s no elegant way of packaging your data up and making sense of it in order to bill based on it, like the Amazon’s (AWS) and Twilio’s of the world do. It’s a serious competitive advantage for them.
But it’s really hard to do.
To bill on this data, generated by the events like I mentioned, you’d have to send the data to your billing platform in real-time without having to cut off all the valuable attributes that provide insight into the products and services you are delivering. Then, the data has to be analyzed, sliced and diced, etc. to come up with the best, most valuable pricing for your products and services.
Sounds great, but you don’t have the market cap or resources like Amazon and Twilio to build it out for yourself.
Luckily, that’s not a barrier anymore.
Over the years, we’ve not only invested quite a bit of time and effort into listening to what you, our customers, want and need from a billing perspective, but we’ve put our money and resources where our mouth is when it comes to bringing those needs to life in a way that will make a real difference for your business.
We’re extremely excited to announce the launch of “Events-Based Billing”, and it’s exactly what you’ve told us that you wanted in a “perfect billing world.”
How did we do it? Well, after gathering feedback and doing our research, we put together a skunkworks team led by our VP of strategic initiatives, Laith Dahiyat, to put the wheels into motion.
To pull off building this platform, we’d need to build a foundation to handle a lot of events-based data. That’s heavy infrastructure. We’d also need APIs to allow customers to stream lossless data based on business-specific attributes. After some soul-searching, late nights of strategy sessions, a lot of coffee and scrappy thinking, the path forward jumped out at us.
In fact, it was sitting right down the hall. With Laith’s leadership, Chargify started working with Keen to build what would become the Events-Based Billing functionality we’re launching today. We gained momentum fast, and it was clear that we were headed in the right direction. Because of that, we decided to double down on our working relationship between the two companies.
Keen + Chargify
Today, we’re beyond excited to announce that we’ve acquired Keen, a leader in customer-facing metrics and a powerhouse in the world of analytics. The team is amazing, their product and history of streaming huge amounts of data is world-class, and they were the missing piece to this puzzle.
What does that mean for you? Well, you’re most certainly in the 84% of companies that will be billing based on usage by 2021. And, even better, with Events-Based Billing you can move beyond usage and its headaches. No more submitting batched data, using unstandardized data formats, and feeling limited when it comes to what you end up finally billing for.
No more talk, it’s time for action. And that action is 100% real-time, streamed and lossless business events data turned into a comprehensive billing solution that’s long been an advantage for 1% of the companies on the planet. That advantage is now yours.
Sign up for Events-Based Billing today.