Project Management Packages: Explore Your Pricing Optionson 11 December 2019
Today’s project management packages look different than a decade ago.
Not only do they have improved feature sets and greater accessibility, they also come with a variety of pricing approaches. These approaches address the constantly evolving business needs of different industries and individual organisations. We cover three of these below.
3 Pricing Models For Project Management Packages
Business project management tools that offer freemium pricing typically provide a basic set of features at no cost, then entice you to upgrade for advanced features. (Tweet this!) In lieu of or in addition to premium features, you may get additional user seats or storage space. The freemium model is intended to reduce the barrier to entry, so it’s easy for customers to get a feel for the product; once they’re familiar with it, chances are good they’ll be converted to paying customers.
Angelo Frisina, CEO of Sunlight Media, says freemium is the most common pricing model he sees in the market. He calls out Basecamp as an example. “It offers a personal plan that’s free for a few projects, and includes a small number of users and a limited amount of storage. You have to upgrade to the paid business plan if you need more than the free plan allots.”
A widely used pricing model for today’s project management applications is the subscription. For a monthly fee that varies based on your chosen tier of features and other capabilities, you maintain access to the solution. Some solutions also offer quarterly or annual billing. “Yearly plans generally work best, as most companies offer deals on annual plans, such as discounted pricing or two months free,” says Frisina.
Chane Steiner, CEO of Crediful, uses several guidelines when considering subscription-based project management applications. For example, he suggests that $120 is the highest monthly price you should consider paying in most cases because there are many comparable options for half that amount.
Steiner also says that you can find project management software packages for as low as $2 per month, but he wouldn't recommend those without doing your due diligence in assessing the product—feature set, customer service, reviews, etc. “I look for solutions that are about $40 to $50 per month. It's a good mid-priced range that typically gives me the features I need from a project management tool without running up the bill.”
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3. One-Time Fee
Project management packages with a one-time fee charge you once for lifetime use of the product. Unlike the first two pricing options, the one-time fee model is not as common as it once was. If offered at all, the one-time fee tends to be the less-prominent option, with restrictions such as limited user seats, upgrades, features, collaboration capabilities, and/or customer support.
Microsoft Project is a good example of a solution that offers customers a one-time fee option. While its cloud-based plans are all low-priced subscriptions (with an annual commitment), Project also offers a high, one-time purchase that covers a single PC, and excludes collaboration tools and advanced features.
Get all the project management features you need with an affordable monthly subscription to Glasscubes.
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- Store and share files in a secure location, complete with automatic version control. You can even create approval workflows and view clear audit trails of user actions.
- Assign and manage tasks for different members of the team, and track them to completion.
- Create customised workspaces for each project team in your portfolio. Team members can share resources and communicate with one another in their specific workspace, and you can access them all for easy oversight.
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