Applicable to the following Sastrify plans:

Legacy*EssentialsProPlatinum
✘✘✔✔


* Legacy includes all plans signed before February 29, 2024. 

Introducing "Pricing Benchmarks": The fastest way to prepare for negotiations and know if you are paying a fair price for your current volume.

IN THIS ARTICLE

What is "Pricing Benchmarks"?

Pricing Benchmarks is a built-in feature within Sastrify platform that instantly provides data-backed pricing benchmarks so you’re better equipped for upcoming negotiations - be it a new purchase or a renewal.

 

Through the Sastrify platform, customers can input various parameters, such as:

  • Number of licenses

  • Current pricing

  • Payment terms & more


From there, we’ll compare your price point against our extensive datasets. Based on this comparison, we deliver an accurate, real-time benchmark that enables you to understand precisely where your pricing stands in the market.




With this information at your fingertips, you can assess whether it's worth asking for a discount and how much you can save. Either way, you will be more confident in your negotiations and feel more empowered to make good purchasing decisions.

How to use Pricing Benchmarks

Price Benchmarks can be accessed from Optimization > Price Benchmarks.



To use this feature:

  1. Start by clicking on the "New Benchmark" button
  2. Fill in the details of your current contract or offer, which consists of: tool (or vendor) name, product (or SKU), plan/tier, volume (total number of licenses purchased), and its unit price per year.
  3. Click "Run Benchmark".

Definitions on terminologies:

Plan/Tier: The Subscription plans or tiers (otherwise also called SKUs) of a tool are typically referred to as "Subscription Plans". These represent the different packages or levels of service that customers can choose from when buying the tool.

Volume: Depending on the tool your are benchmarking, volume can be “users”, “GB”, or “events”, etc. Different SaaS tools sometimes define their volumes differently. 




As an output, you will be presented with a results page that contains the following components:

  1. Details from contract or order form: Contains the previously submitted information about your contract or quote. You can easily change your entries by clicking on the "Go Back" button located on the bottom left.
  2. Data and range accuracy: Provides information about the amount of comparable data we use as benchmarks, as well as the confidence level of the data based on the amount of data points available for comparison in your specific volume range.
  3. Price benchmark: Shows the comparison of your current pricing with the highest, average and lowest price per license per year of the comparable contracts.
  4. Change volume range: Gives you the ability to compare your price to specific volume groupings.
  5. Price Chart (per year): shows the comparison of your current pricing with the highest, lowest and median price per license per year of the comparable contracts.
  6. Currency drop-down menu: Allows you to change the currency of your benchmark results to ensure that the currency being compared is the same as your contract.
  7. Copy results link: Allows you to copy the link of the generated results for easy access in the future, for internal sharing, or for inclusion in the communication medium of your choice. 


Disclaimer: The benchmarks provided by Sastrify are based on a specific sample size of historical price points. A price benchmark can be a powerful tool to shift bargaining power in your favour, but success is not guaranteed. Furthermore, the benchmark does not necessarily represent the maximum possible discount and should always be challenged. Achieving best-in-class prices depends on factors such as timing, contract setup and negotiation approach. 

Frequently Asked Questions


Q: How many tools are available to benchmark?


A: At the time of this writing, the application currently offers a wide selection of 34 tools covering the major SaaS vendors in the market. 


Q: I cannot find a particular tool that I originally wanted to benchmark. Will the list be expanded?


A: Yes, of course! Sastrify will continue to work towards significantly increasing this number in a progressive manner.


Q: The contract or offer of my subscription has several line items (or multiple products or services), how should I proceed with the Price Benchmarks app?


A: For a case such as this, you need to perform the benchmark exercise individually for each of the product or service.


Q: How does Sastrify collect the datasets for the Price Benchmarks?


A: Sastrify collects benchmarks from a number of trusted and legitimate sources, including: our first-hand experience from vendor negotiations that Sastrify supports as lead negotiator, conducting extensive market research, as well as price comparison analysis and data aggregation from multiple, reputable industry sources, and scanning vendor pricing websites to identify special offers or price increases. A benchmark provided by Sastrify represents a combination of the above sources. Please read this article to learn more.