PulseAd · Pricing & Margin Model

Start here · the bottom line

Where the margin actually is

Before the pitch: real payroll says the managed service runs at a services margin today, not a software one — and the single lever that moves it is accounts per PSM. Everything else in this doc serves this number. Targets: delivery people cost ≤25% of net revenue, tech & other COGS ≤~15%, gross margin ~60%+.

Background

Built from real numbers, not assumptions: we take monthly P&L and PSM payroll, derive the true delivery cost per account, and project gross margin forward — the foundation that lets us price accounts, justify the cost base, and focus the business where the margin is.

Gross margin today

~52%

at ~1.7 accounts/PSM

Target gross margin

~60%

at ~3–4 accounts/PSM

People cost target

≤25%

of net revenue

Tech & other COGS

≤~15%

AI/infra, data, tooling

Accounts / PSM

~3–4

1.7 today → 3–4 via agents

The re-rating lever · one ratio

Accounts per PSM is the dial from agency to software margin

Today

~52%

gross margin · agency economics

1.7 accounts / PSM
~$2.4K delivery / account
agents assist

→

agents absorb the repeatable work

Target

~60%

gross margin · software economics

3–4 accounts / PSM
~$1.2K delivery / account
agents run delivery

KR delivery ($4.1K/PSM) gets there; US delivery ($10.4K) needs 2–3× the leverage — so delivery stays in Korea.

PSM cost bands — US vs KR

Real KR payroll (Nov 2025); US = target for a future delivery layer. Loaded / month.

Band	US loaded	KR loaded
Junior PSM	$7.5k–$9.6k	$900–$2.2k
Mid PSM	$10.4k–$14.2k	$3.1k–$3.7k
Senior PSM	$15.4k–$21.7k	$5.4k–$6.2k
Lead PSM	$20k–$30k+	$12.2k

A US PSM costs ~2–5× its KR equivalent — which is why delivery is KR-based and US is reserved for relationship coverage.

The margin horizon — a transition-stage model, not the destination

The ≤25% / ~60% target is the right starting profile, not the ceiling — it should climb as the business matures.

Timeframe	Delivery people cost	Gross margin
Now / early scale you are here	≤25%	~60%
Next operating phase	18%–22%	65%–70%
SaaS-like maturity	10%–15%	75%+

Rule

PulseAd's initial delivery model targets ≤25% people cost of net revenue and ~60% gross margin after delivery labor and non-people COGS. Exceptions are allowed for strategic logos, new-product learning, or expansion — but every exception must have an explicit path back to the target margin profile.

Why it climbsPSM is necessary for enterprise adoption, Korea gives delivery leverage, and product automation converts service work into software margin.

The model

From a flat take rate to an evolving rate card

Today every client sits on the same legacy deal: a flat % of ad spend — an agency take rate that comps at 1–3× revenue. The model is to migrate each existing client, and land every new one, onto a base + % rate card: the Korean rate (KRW) for Korean brands, the US rate (USD + relationship premium) for US brands. Same clients, same Korea-based delivery — a different revenue shape that earns a SaaS / vertical-AI multiple (8–15×).

Today · legacy

Flat take rate

~11.5% of ad spend. No base, no floor. 100% media-linked — it reads as agency revenue and collapses when spend dips.

Agency multiple · 1–3×

→

migrate the book · land new logos here

Target · the rate cards

Base + %

A committed base (recurring ARR + a floor) plus a thin, aligned %. Korean clients in KRW, US clients in USD. Delivery stays in Korea.

SaaS / vertical-AI · 8–15×

The take rate is what we're leaving; the base is what re-rates us. Every client moves one of two ways — Korean rate or US rate.

Why it works

Same dollars, different shape. A committed base is recurring software ARR with a floor; the thin % aligns with the client's growth instead of taxing it. Delivery cost doesn't move (KR pods), so the margin holds — and Skai proved the destination is real.

The model · every client's path

Each client's transition — and how we sell it

Every existing account moves off the flat take rate onto its target card by HQ; new logos land straight on the card. Korean brands → Korean rate; US brands → US rate. Tier is set by monthly Amazon managed spend.

Transition map

Current flat take rate → target card & tier. Whales hold near today's rate; small/mid lift; the base becomes committed ARR.

Client	HQ	~Spend/mo	Today	→ Target
Korean brands → Korean rate (KRW base + %)
Beauty Selection	KR	~$159K	~11.5% flat	Korean · Scale
IUNIK	KR	~$87K	~11.5% flat	Korean · Growth
Wish · Aekyung	KR	~$41–53K	~11.5% flat	Korean · Growth
Samyang · HSAD · Meebak	KR	~$18–28K	~11.5% flat	Korean · Core
L&P · TORRIDEN · House of B · Ezahm	KR	< $10K	~11.5% flat	Korean · Launch
US brands → US rate (USD base + % + relationship premium)
KISS	US	~$102K	~11.5% flat	US · Scale
PharmaResearch	US	~$161K	custom	US · Scale (custom)
IVY USA	US	~$34K	custom	US · Growth (custom)
LOVB	US	~$14K	~11.5% flat	US · Core
New logos → land on the card (no take-rate stage)
New Korean brand	KR	by spend	—	Korean · by tier
New US brand (e.g. Avarelle)	US	by spend	—	US · by tier

Migrate with no bill jumps: re-paper at current price, converge over 1–2 renewals. Whales hold near ~11.5%; the win is the committed base (recurring ARR + floor), not a higher rate.

The talk track — what we say to sell the move

What the client hears

"Your cost stops being a tax on your own growth." A flat platform base + a small aligned rate replaces a % that climbs every time you spend more.
"Predictable, budgetable, in your currency." Korean clients get a fixed KRW base; US clients a fixed USD base — no FX surprise on the committed part.
"You get a committed team, not a meter." A dedicated pod, and (US) a named relationship owner — the base buys the platform and the people.
"Commit annually, save 10%." Flexibility is the default (30-day out); commitment is rewarded.

What it does for us

Converts media-linked % into recurring base ARR — the line that earns the software multiple.
Puts a floor under revenue so a spend dip (another Wish) no longer zeroes the account.
Holds delivery in Korea — base + thin % keeps gross margin on target while the relationship sits where it must.
Re-rates the book account by account: every dollar moved from take-rate to base comps at 8–15× instead of 1–3×.

The operating model · Korea GTM

The Korean rate card

The Korean book runs on a single base + percentage managed-service card, tuned to how Korean brands buy: one inclusive monthly number, bundled scope, month-to-month flexibility. The platform base is billed in KRW (FX certainty on the committed part); the percentage rides USD Amazon spend.

The price stack

One stack per managed account — a fixed platform base plus a variable layer that splits into software and human work.

Platform base (KRW)fixed

+ 3% optimizationagents run the account

+ m% managedhuman PSM layer

= base + (3% + m%) of monthly spend

The base is the monthly minimum (and the SaaS-recurring line). The managed layer m declines as the tier grows — small spend is too thin for 6% to fund a human, so it sits higher at the bottom.

Service modes

Same platform, add humans.

Self-Serviceagents run it, no humanbase + 3%
Hybridpartial human oversightbase + 3% + ½ mgd
Managedfull PSM ownership — core ICPbase + 3% + mgd

Korean clients buy a partner, not "software" — one inclusive number, results-aligned. The SaaS framing is the investor story, not the client pitch.

Tier structure — Managed service

Platform base in KRW; managed layer declines 10 → 8 → 6 → 6 as the tier grows. All-in is the full Managed rate (base + 3% optimization + managed) at a representative spend — Self-Service and Hybrid are lower (see service modes above).

Tier	Monthly spend	Base (KRW)	≈ USD	+ Opt	+ Mgd	= Var	All-in (Mgd)
Launch 온램프	< $12K	₩1,500,000	~$1,070	3%	10%	13%	~26%
Core 코어	$12K–$40K	₩2,000,000	~$1,430	3%	8%	11%	~17%
Growth 성장	$40K–$100K	₩3,500,000	~$2,500	3%	6%	9%	~13%
Scale 스케일	$100K+	₩5,500,000	~$3,930	3%	6%	9%	~11.5%

FX ≈ ₩1,400/$1 · base quoted VAT 별도 · spend = Sponsored Ads + Amazon DSP · committed base in KRW, variable in USD (mixed-currency invoice). Month-to-month, 30-day notice (final month at trailing-3-mo avg); annual commit −10%.

Managed margin by spend band

Managed all-in revenue, effective rate, and gross margin at the bottom and top of each tier's band. GM = revenue − KR delivery at ~5 / 4 / 3 / 2 accounts-per-PSM by tier (whales get more attention); fully-loaded GM (the ~60% company target) runs ~10–15 pts lower.

Tier	Spend (min → max)	All-in /mo (min → max)	Effective take rate	Managed GM
Launch	$3K → $12K	$1,460 → $2,630	49% → 22%	44% → 69%
Core	$12K → $40K	$2,750 → $5,830	23% → 15%	63% → 82%
Growth	$40K → $100K	$6,100 → $11,500	15% → 11.5%	78% → 88%
Scale	$100K → $200K	$12,930 → $21,930	13% → 11%	84% → 91%

Within a tier the base is fixed, so the effective rate falls and the margin rises as spend grows toward the band's top. GM shown on the delivery basis (revenue − KR PSM), consistent with the PSM-ratio sections.

How many accounts per PSM clears the margin interactive

The same Managed economics, broken out by accounts per PSM — the real lever. More accounts per PSM = fewer PSMs = lower delivery cost = higher GM. Drag spend to move each tier through its band; drag target to re-set the green bar. Green ≥ target · amber within 30 pts · red below.

Spend in band mid

Target GM 60%

			ACCOUNTS PER PSM →
Tier	Spend	All-in /mo	1.5	2	3	4	5	6

Columns = accounts per PSM. Cell = Managed delivery GM (revenue − KR PSM at $4.1K/PSM ÷ accounts). The leftmost green cell in each row is the minimum leverage that tier needs to clear the target at the current spend.

Holds

Whales land at ~11.5% all-in — right where they pay today. Small/mid accounts lift +30–155%, which is exactly what funds proper delivery staffing.

Watch

Launch all-in runs ~26% (base-heavy on tiny spend). Fine if you cull the smallest — the base is the profitability gate, not the %.

Service modes · margin math

Self-Service & Hybrid: thinner rate, more accounts per PSM

Managed isn't the only road to 60%. Lighter modes earn a smaller take rate — but agents do the delivery, so one PSM can carry far more accounts. Same 60% target, reached through leverage instead of price. The dial is always accounts per PSM.

Self-Service

base + 3%

feasible 8–12 accounts / PSM

Agents run optimization; the PSM only monitors. The rate is thin, so the volume one PSM can hold is what funds the margin.

Hybrid

base + 6–8%

feasible 5–7 accounts / PSM

3% optimization + half the managed layer. PSM co-pilots, agents execute — the middle on both rate and load.

Managed

base + 9–13%

feasible 3–4 accounts / PSM

PSM owns the account end-to-end. The rich rate is what pays for hands-on delivery — margin comes from price.

Accounts per PSM & the margin it earns, by tier

Each cell, top to bottom: the accounts a PSM targets at that tier (they thin out as accounts grow and demand more hands-on time), the resulting delivery GM (revenue − KR delivery at $4.1K/PSM), and the break-even — the accounts-per-PSM where that tier+mode crosses 60% (sit above it and you clear the target). Background colored by GM: green ≥60% · amber 30–59% · red <30%.

Tier	Rep. spend	Self-Service +3%	Hybrid +6–8%	Managed +9–13%
Launch	$8K	12 / PSM74%60% @ 7.8/PSM	7 / PSM66%60% @ 6.0/PSM	4 / PSM51%60% @ 4.9/PSM
Core	$25K	11 / PSM83%60% @ 4.7/PSM	7 / PSM82%60% @ 3.2/PSM	4 / PSM75%60% @ 2.5/PSM
Growth	$60K	10 / PSM90%60% @ 2.4/PSM	6 / PSM89%60% @ 1.7/PSM	3 / PSM83%60% @ 1.3/PSM
Scale	$160K	9 / PSM95%60% @ 1.2/PSM	5 / PSM94%60% @ 0.8/PSM	3 / PSM93%60% @ 0.6/PSM

The break-even line is the real tier story: Launch needs heavy leverage to pay — Managed break-even (4.9/PSM) sits above what a hands-on PSM can carry (~4), so it lands at 51% — while a Scale account clears 60% at well under 1 account/PSM. Big accounts are profitable at almost any load; the smallest pay only in lighter modes. Agents are what push the target load up toward — and past — each break-even.

Korean rate · margin proof

Korean rate card → PSM ratio for the margin target

Each Korean tier's all-in revenue sets the accounts-per-PSM a pod must hit to clear the gross-margin target. Whole-account GM at KR delivery cost (~$4.1K/PSM loaded). Cells shaded by GM — same color legend as above.

Gross margin by accounts-per-PSM

Korean tier	All-in rev/mo	1/PSM	2/PSM	3/PSM	5/PSM	8/PSM
Launch	$2,110	−94%	+3%	35%	61%	76%
Core	$4,180	+2%	51%	67%	80%	88%
Growth	$7,900	48%	74%	83%	90%	94%
Scale	$18,330	78%	89%	93%	95%	97%

Accounts-per-PSM required to hit each margin target:

Tier	Break-even	30% margin	60% margin
Launch	~1.9/PSM	~2.8/PSM	~4.9/PSM
Core	~1.0/PSM	~1.4/PSM	~2.5/PSM
Growth	~0.5/PSM	~0.7/PSM	~1.3/PSM
Scale	~0.2/PSM	~0.3/PSM	~0.6/PSM

Pod sizingA Long-tail (Launch/Core) pod must reach ~3–5 accounts/PSM to clear 60%; Growth/Scale clear it at ~1–2. Whales carry the margin; the long-tail needs the agent leverage.

The operating model · US GTM

The US rate card

US clients run the same stack as Korean clients — base + 3% optimization + tiered managed — but priced in USD with a built-in relationship premium. Delivery still runs on Korea pods (that's the margin); the premium funds US-based relationship ownership — the renewals, exec comms, and escalation a US enterprise buyer expects and a Korean PSM can't cover in-market.

Tier structure — same numbers, dollars not won

The headline base is the Korean number in USD instead of KRW — the ~40% difference is the US relationship premium. Managed layer is unchanged (10 → 8 → 6 → 6).

Tier	Monthly spend	Base (USD)	vs KR base	+ Opt	+ Mgd	= Var	All-in (Mgd)
Launch	< $12K	$1,500	+40%	3%	10%	13%	~32%
Core	$12K–$40K	$2,000	+40%	3%	8%	11%	~19%
Growth	$40K–$100K	$3,500	+40%	3%	6%	9%	~15%
Scale	$100K+	$5,500	+40%	3%	6%	9%	~12.5%

All-in at representative spend (Launch $8K, Core $25K, Growth $60K, Scale $160K). No FX exposure — billed in USD. The ~40% base premium over the Korean card funds the US relationship layer.

Delivery stays in Korea

Why the premium funds relationship, not delivery.

A US PSM costs ~2–5× a KR one ($10.4K vs $4.1K loaded for a mid). US-delivering collapses the margin — a dedicated US senior on one whale clears only ~16–22% GM, and even a US mid ~48% (grid below). So US accounts get the same Korea delivery pod; the US premium buys a US Senior PSM for the relationship only.

GuardrailNever US-deliver. KR pods deliver; the US Senior PSM owns trust, renewals, upsell, exec comms, escalation.

The US book today

Four accounts · ~$35.8K/mo. The relationship seat is funded at scale.

KISS Scale · US enterprise~$11.8K/mo
PharmaResearch Scale · custom / off-platform~$18.6K/mo
IVY USA Growth · custom / off-platform~$3.8K/mo
LOVB Core · sub-scale~$1.6K/mo

A dedicated US Senior PSM (~$18.5K/mo) is fully funded at a ~$74K/mo US book (S&M ≤25%). At ~$35.8K today it runs lean / at leadership — the premium pre-funds the seat as the book grows.

Same card, dollars not won: the US premium buys a US relationship, the Korea pod still does the work. Grow the US book to ~$74K/mo and the US Senior PSM seat pays for itself.

US rate · margin proof

US rate card → PSM ratio (if US-delivered)

The same math on the US card at US delivery cost (~$10.4K/PSM) — the proof behind "never US-deliver": a US-staffed pod stays red until it carries far more accounts. Same color legend as above.

Gross margin by accounts-per-PSM — US delivery

US tier	All-in rev/mo	1/PSM	2/PSM	3/PSM	5/PSM	8/PSM
Launch	$2,540	−309%	−105%	−36%	+18%	49%
Core	$4,750	−119%	−9%	27%	56%	73%
Growth	$8,900	−17%	42%	61%	77%	85%
Scale	$19,900	48%	74%	83%	90%	93%

Accounts-per-PSM required to hit each margin target (US delivery):

Tier	Break-even	30% margin	60% margin
Launch	~4.1/PSM	~5.9/PSM	~10.2/PSM
Core	~2.2/PSM	~3.1/PSM	~5.5/PSM
Growth	~1.2/PSM	~1.7/PSM	~2.9/PSM
Scale	~0.5/PSM	~0.8/PSM	~1.3/PSM

Why KR-deliverAt US cost, even Core needs ~5–6 accounts/PSM for 60% and Launch ~10. KR delivery hits the same margin at a third of the leverage — so US accounts get a Korea pod, and the US PSM is reserved for the relationship, not the work.

The anti-pattern · what we're leaving behind

The take-rate card — and why we're killing it

This is the prior model: a straight percentage of the client's ad spend — no fixed base, no floor. It's how PulseAd bills today (~11.5% blended) and how every agency prices. We show it here precisely because it's the thing the Korean and US cards are built to escape.

Take-rate card (legacy · % of spend)

Pure percentage of monthly ad spend. The two right-hand columns are the whole problem.

Tier	Monthly spend	Take rate	Fee at rep spend	Committed base	Floor
Launch	< $12K	18%	~$1,440	$0	$0
Core	$12K–$40K	16%	~$4,000	$0	$0
Growth	$40K–$100K	14%	~$8,400	$0	$0
Scale	$100K+	13%	~$20,800	$0	$0

100% of revenue is variable and media-linked. $0 committed base = no recurring software fee; $0 floor = revenue craters with the client's spend while the PSM cost stays fixed.

Multiple

A pure % of media reads as agency revenue → 1–3×, not software ARR (8–15×). Same dollars, a third of the valuation. This one choice is what comps PulseAd as an agency.

No SaaS fee

Zero committed base ARR. Nothing recurring to underwrite. "NRR" is just whether the client spent more on ads this month — media inflation, not product expansion. Investors discount it hard.

Perverse

Revenue tracks the client's spend, not value or cost-to-serve. You earn more when they over-spend (a media tax) and your revenue collapses when they cut — Wish −73% — while the fixed PSM cost stays. Penalized for their efficiency, exposed to their volatility.

What the new cards fixThe Korean/US cards add a fixed base (committed SaaS ARR + a floor), keep only a thin aligned %, and put a human relationship on top — converting a media tax into recurring, defensible, software-grade revenue.

A take rate is an agency's revenue line in a SaaS costume. It's the exact multiple we're escaping — every dollar of fixed base we add is a dollar that re-rates.

The delivery model

Pod staffing strategy

Delivery is staffed in pods of 1–2 PSMs that each carry a cluster of accounts — you staff the pod, not a fraction per account. Korean clients are served end-to-end by Korea-only pods; US clients get a Korea delivery pod. KR PSMs protect margin (ops, QA, reporting, delivery); US PSMs protect the relationship (renewals, upsell, exec comms).

Pod 1 · KR Key

Own & grow the largest Korean relationships end-to-end — spend growth + retention (the NRR engine).

1 KR Senior + 1 KR Junior · 4–5 accounts

Pod 2 · KR Long-tail

Repeatable, automation-first delivery to many small Korean accounts at the highest accounts-per-PSM.

1 KR Mid (+Junior after re-pricing) · 6–9 accounts

Pod 3 · US Delivery

Campaign ops & performance for US Growth/Enterprise accounts at KR cost. Delivery only.

1 KR Senior + 1 KR Junior · 3–4 accounts

Pod economics

Each pod carries a cluster; the rate card's job is to make a full pod clear ~75% GM.

Pod	Accounts	Cost/mo	Rev/mo	People %	GM
Pod 1 · KR Key	Beauty Selection, IUNIK, Wish, Aekyung	$7,300	$38,970	19%	~76%
Pod 2 · KR Long-tail	Samyang, HSAD, Meebak, L&P, TORRIDEN, House of B, Ezahm	$3,400	$11,825	29%	~66%
Pod 3 · US Delivery	KISS, PharmaResearch, IVY, LOVB	$7,300	$35,766	20%	~75%

Blended KR delivery clears the ~60% margin target at ~21% people cost — the lever is accounts-per-PSM (1.7 → 3–4) as agents absorb the repeatable work, so the team scales the book rather than the headcount. Cull/automate sub-pod accounts (Hana, Best Innovation).

Standards for new accounts

Korean client → assign to a KR pod (Key or Long-tail) within its 4–9 account capacity; spin up a new pod when full.
US client → Pod 3 (KR delivery). Add a US Senior PSM for relationship only when the US book ≥ ~$74K/mo.
Minimum engagement = the Launch base. Below it, automation-only or decline — sub-scale accounts dilute a pod's margin.
The margin lever is accounts-per-PSM, not adding heads — never staff ahead of the leverage target.

Price the pod, not the account: a full KR Long-tail pod needs ~$20K/mo to fund 2 PSMs — exactly what the new card's small-account uplift delivers.

Rollout · migrating the live book

Rollout: moving the live book onto the cards

The model is clean on a blank sheet. The live book is not. Migrating ~17 existing accounts off the flat take rate onto the base + % cards — Korean clients → Korean rate card, US clients → US rate card — lifts small and mid accounts (+30–155%) and holds the whales roughly flat. The execution risk is churn on the lifted small accounts and protecting the whales, not a give-back.

The legacy-book migration jump

Increase from each account's current billing to its base + % card rate. Whales sit on the right (≈flat); the small accounts on the left carry the biggest % jumps — and the churn risk.

The rules that keep it from breaking

No bill jumps. Re-paper at current price first, then converge over 1–2 renewals. The big moves are on small accounts; whales re-price near-flat and stay grandfathered.
New logos land on the card. No take-rate stage — new clients start on base + % from day one, so there's no migration to manage and no give-back.
Steer, don't menu. One card by HQ (Korean or US); qualify the tier and service mode. Don't let clients arbitrage down to the cheapest mode everywhere.
Year-1 growth lock. Tier held the full term; re-rate only at renewal.

Where execution still bites

Small-account churn

Launch/Core accounts re-price +30–155% to their new card rate. Phase the smallest, most price-sensitive clients — or let the unprofitable ones self-select out (that's the intent).

Concentration

Top 4 accounts = 71% of managed spend. One churn (e.g. another Wish) dents ARR and NRR materially — guard with the floor and annual terms.

Whales

Whales re-price flat-to-modest (Beauty Selection ≈0%, KISS +25%) — the win is the committed base, not the rate. Grandfather and re-paper at current price so no whale sees a jump.

The client-resistance ceiling — what the market will actually bear

Pricing power falls as accounts grow — the resistance ceiling runs ~18% at small spend down to ~12% at scale (blended ~14%). The base + % card tracks it at mid/large (~11.5% at scale) and deliberately sits above it at the small tiers — the cull.

From the rate cardThis is why the Managed all-in settles to ~11.5% at scale: mid/large tiers price right at the ceiling, so the headroom is in the committed base + new logos, not a higher %. Small tiers sit above the ceiling on purpose.

Benchmark · the four pricing shapes

How the industry prices — and which shape we are

Retail-media tooling prices in four archetypes, from a % media tax to flat SaaS. Today we sit at ① (the legacy take rate). The base + % rate card (Korean & US) moves us to ②/③ — a fixed base that reads like SaaS, plus a thin aligned %. Each card marks where we are today vs where the new card lands.

① Pure take-rate %

Pacvue, Perpetua · ~3–5% of spend

A SaaS minimum + ~3% of ad spend. Feels like a media tax; gets punitive above $250K/mo spend.

Where we are todayOur legacy take rate (~11.5%) lives here — a % of spend, all-in managed (we run it), not software-only 3%. This is the shape we're moving off.

② Tiered fixed fee

Quartile · $895 → $9,995/mo

Fixed monthly tiers that behave like a declining take-rate: ~9–12% at small spend, ~1–2.5% at scale. A fixed fee dressed as a %.

Our base behaves like thisA fixed base spread over rising spend falls as an effective % as the client grows — the same “% that declines with scale,” but anchored by committed dollars.

③ Flat SaaS subscription

Skai · $114K → $756K/yr

Explicitly replaces the “media tax” with predictable software fees (2.2–2.85% effective, software-only). The proven destination.

Our base lands hereThe committed base in our card is this shape — recurring, floored ARR (Skai's proven model), just at smaller logos. It's the part that earns the software multiple.

④ Enterprise modular SaaS

CommerceIQ · $150K–$1.2M ACV

Six-figure platform + module licenses; % of media is just one optional module (1–3%). Heavy implementation, large CPG.

Top-tier echoOur Scale tier + add-on layers (markets, channels, off-platform) point this way at the very top end.

Net: we're moving off ① (the take rate) onto a base + % that sits at ②/③ — the shapes where the software multiple lives.

Benchmark · the named field

Head-to-head with the named competitors

The previous section was the shapes; this is the vendors, at real numbers. We sell all-in managed (we run it), so the only fair comparison normalizes everyone to that basis — competitor software headline + a ~7% managed-ops layer. The ≈ all-in managed column does that; vs PulseAd reads each vendor against PulseAd Managed (~12–17%) on equal footing. All figures except Skai are reverse-engineered estimates.

Vendor	Model	Headline (as listed)	≈ All-in managed	vs PulseAd Mgd	Conf.
All-in managed — software + operations in one feepriced the way a brand actually pays to run Amazon · this is our basis
PulseAd · Korean rate (Managed)	base + %	base + % (KRW)	~12–17%	— KR clients	live
PulseAd · US rate (Managed)	base + %	base + % (USD)	~13–19%	— US clients	live
PulseAd · legacy take rate	% of spend	~11.5%	~11.5%	— what we're leaving	today
Software-led — platform fee only; managed ops billed separately at +5–15% of spend (≈7% mid added below)
Pacvue	hybrid	max($500, 3%)	~10%	in band	est ~70%
Perpetua	hybrid	$250–695 +~3%	~10%	in band	est ~med
Teikametrics	hybrid	$179 / $1,430 +3%	~10%	in band	base hi
Quartile	tiered fixed	$895–9,995/mo	~10–16%	in band	est ~med
Skai	flat SaaS	$114K–756K/yr	~9–10%	just below	pub 95%
CommerceIQ	modular SaaS	$150K–1.2M ACV	~5–10% at scale	below at scale	est low

How to read it. A software vendor's headline (~3%) + the ~7% managed-ops layer a brand pays someone to run the account ≈ ~10% all-in. The field clusters at ~9–12%; PulseAd Managed (~12–17%) sits a notch above, defensible on service depth — exposed only against the raw software headline (3–5%).

Effective take rate vs. monthly spend — like-for-like

PulseAd all-in managed (base + %) against the competitor all-in managed band (software ~3% + ops ~7%); the raw software headline marks the apples-to-oranges gap. The dashed line is our committed base as a % of spend — the recurring SaaS floor, ~2–4% at scale, right at the competitor software fee.

Defensible

Against an all-in managed comparable (software + 5–15% services), PulseAd Managed at ~12–17% is in-band, and the base-heavy option at scale (→2–4% effective) matches Skai's proven model.

Exposed

Against the raw software headline (3–5%), PulseAd looks 3–4× expensive. If the deck compares to that number, it's a glass-house claim a lead will expose in minutes.

US Pilot · live account, real numbers

US Pilot: Avarelle — Hybrid vs Quartile

Avarelle (Duogreen, a US acne brand) is a live US account on Quartile today. From their real invoices + QBR: ~$35K/mo Amazon ad spend, paying Quartile $3,752/mo (software-led — they still run it themselves). The pilot match is our Hybrid service on the US card — agents run it with a named operator, the closest like-for-like to Quartile's scope, with a path to full Managed.

Avarelle spend

$35K/mo

US Core tier · real (QBR)

Quartile fee today

$3,752/mo

10.7% · software-led

PulseAd Hybrid (pilot)

$4,450/mo

12.7% · agents + operator

Delivery GM

~85%

KR-delivered

What Avarelle pays Quartile today

Real recurring invoice (E80A5035 series, Mar–May 2026) + DSP media pass-through.

Line	Monthly
Amazon PPC	$1,866.62
Promo Management	$795.00
Pro Suite (software)	$310.93
Amazon DSP (platform)	$779.93
= Fee subtotal	$3,752.48
+ DSP media (pass-through)	$1,500–$2,500

~10.7% of spend, software-led with a CSM. The invoices flag an annual price escalation (T&C §2.1) — a subscription that ratchets up each year.

Same account on the PulseAd US card (Core)

$35K/mo spend = US Core: base $2,000 + 3% optimization + managed layer, in USD.

Mode	Monthly	Eff.	vs Quartile
Self-Service base + 3%	$3,050	8.7%	software-only
Hybrid base + 7% · pilot match	$4,450	12.7%	agents + operator
Managed base + 11%	$5,850	16.7%	upgrade path

Like-for-like: Quartile's software + light management maps to our Hybrid ($4,450, 12.7%) — agents run it with a named operator, vs Quartile's $3,752 where the brand still does the work. Within ~19%, agentic, KR-delivered at ~85% GM, with a clean path to full Managed.

The pitch

"Quartile gives you software and a CSM — you still run it. Our Hybrid pilot ($4,450) puts agents on the account with a named operator — same scope, comparable price — and you step up to full Managed once it's proven."

For us

A US pilot logo at 12.7% (Hybrid), KR-delivered at ~85% GM, booked as base + % (committed ARR + a floor) — a competitive pilot price with a built-in upsell to Managed.

US Pilot, like-for-like: Quartile $3,752 (10.7%) software-you-operate → PulseAd Hybrid $4,450 (12.7%), agents + a named operator, ~85% GM, with a path to full Managed.

Synthesis of rate-card.md, pricing-prop.md (Sims 1–4), series-a.md, take-rate.md, exec_summary.md, and six reverse-engineered competitor estimates in src/docs/competitors/. Margin & PSM figures from real payroll (IN_Payroll, Nov 2025); the Avarelle comparison from live Quartile invoices + QBR. Competitor pricing is directional, not contractual — only Skai publishes real prices. All percentages are of ad spend, not GMV.