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Reports · No. 14

The Price of a Token

Pricing moved from the seat to the unit of work. What that does to a go-to-market blueprint, and to the CAC model underneath it.

Why this matters now

For fifteen years the default software price was a seat. In 2026 it is a unit of work. Usage-based pricing has reached 38 per cent adoption across SaaS, up from 27 per cent in 2023, and 61 per cent of vendors now run a hybrid model that pairs a base subscription with a metered layer. Pure per-seat pricing, where headcount is the only value metric, has shrunk to roughly 8 per cent of the market, and IDC forecasts that 70 per cent of software vendors will refactor away from it by 2028.

Two forces did this. AI and compute-heavy features made flat plans dangerous, because a flat price hides a variable cost and the margin absorbs the difference. And buyers pushed back on paying per seat for software that increasingly does the work rather than helping a person do it. Credit-based pricing surged 126 per cent year on year as the fastest way to monetise AI features alongside existing plans, though most teams describe credits as a workaround rather than an answer, and the market is already swinging back toward predictability.

This matters at the blueprinting stage rather than at the pricing meeting. A go-to-market blueprint that assumes a fixed price per customer produces a CAC model that stops being true the moment consumption varies. The same change has already arrived on the buying side of a startup's own stack: HubSpot prices Breeze agents at roughly US$0.50 per resolved conversation, Salesforce sells Agentforce at US$2 per conversation, and Gartner found 56 per cent of marketing leaders increasing the share of martech budget on consumption pricing.

Evidence

Findings

Numbered facts, each with its source.

  1. 01

    Usage-based pricing reached 38 per cent adoption in 2026, up from 27 per cent in 2023.

    ValueAdd VC · 2026

  2. 02

    61 per cent of vendors run a hybrid model pairing a base subscription with a metered usage layer, and 37 per cent name hybrid pricing as their primary structure, the single most common answer in recent surveys.

    ValueAdd VC · Pricing.io · 2026

  3. 03

    Pure per-seat pricing has shrunk to roughly 8 per cent of the market, and IDC forecasts that 70 per cent of software vendors will refactor pricing away from pure per-seat models by 2028.

    ValueAdd VC · 2026

  4. 04

    Credit-based pricing surged 126 per cent year on year as a way to monetise AI features alongside existing plans, but most teams describe credits as a workaround rather than a long-term answer, and the market is swinging back toward simplicity and predictability after the credit surge of 2025.

    Mean CEO · Valueships · September 2026

  5. 05

    AI and compute-heavy products are accelerating the shift, because flat plans hide the real cost of serving a customer and the margin absorbs the variance.

    Fungies.io · 2026

  6. 06

    The same shift is visible in what a startup buys. HubSpot moved Breeze agents to outcome pricing on 14 April 2026 at roughly US$0.50 per resolved conversation, and Salesforce sells Agentforce at US$2 per conversation, as Flex Credits, or per user from US$125 a month.

    HubSpot · SaaStr · April 2026

  7. 07

    Gartner's 2026 CMO Spend Survey of 401 marketing leaders found 56 per cent increasing the share of their martech budget allocated to consumption-based pricing, alongside martech falling to 19.4 per cent of the marketing budget.

    Chief Marketer · May 2026

  8. 08

    The measurement consequence is direct. Median B2B SaaS CAC payback is 16 months on full-year 2025 actuals from 342 companies, and a payback model built on a fixed price per customer stops holding as soon as revenue per customer varies with consumption.

    Aleph · June 2026

Sources