Multi Year Pricing for Customers
In the coming months LB will be introducing Multi Year Pricing; a feature that allows you to incentivize Customers to purchase Products for multiple years. This feature will be available to both you and your Resellers.
With the current set up, your Customers are charged the same amount regardless of the number of years the Product is purchased for. Using this feature, you will be able to set a different price based on the number of years the Product is purchased for and hence tempt Customers to purchase Products for a longer period. For instance, if you are offering .COM Domains @ $10 for a single year, you will now be able to charge a Customer $90 for a 10 year registration instead of a fixed fee of $100.
There are several advantages of multiple year purchases such as:
- Greater Customer Retention: the tenure for which a Customer does business with you is greatly increased and thus gives you the opportunity to build Customer loyalty and drive renewals.
- Greater Upselling Opportunities: with a longer tenure, you have that much more time to upsell your additional Products and Services and hence earn more off each Customer.
- Greater Revenue Earned: through multiple year purchases, you can earn more on every Product sold and hence increase the revenue earned.
To be able to integrate the Multi Year Pricing feature, LB will first need to modify the implementation for Customer Slabs. As part of this process, LB will be removing the ability to create new Customer Slabs in the Control Panel. This will be implemented between the 15th and 19th of March, 2010.
Resellers who have already set Customer Slabs will not be affected by this change as of now and their slabs will remain as is.