Have you been debating as to whether you should display your pricing on your website?
Does the thought of putting your prices on display to the whole world scare you?
Well, you’re not alone. These questions and thoughts have been debated amongst many business owners. Ultimately, I think you need to do what is most comfortable for you.
However, if you’re still sitting on the fence, I will walk you through the benefits and challenges of adding them to your website.
Benefits
There are several positives to displaying your pricing on your website. For some businesses, like e-commerce, it’s crucial. But for others, like service-based businesses, it can become a grey area.
Below are the top reasons I would encourage you to show your pricing.
Transparency
Displaying your pricing creates transparency and can be reflective of a business’s values.
In general, people want information. They want to know the ins and outs (to a certain degree) before they decide to make a purchase.
Showing your pricing strategy reduces customers’ frustration and eliminates one of the barriers to making a sale.
It’s also an opportunity to communicate your value to your customer or client. What do they get for investing in your good or service? Engaging a copywriter is beneficial in helping to tell this message and how working with you is worth their investment in time and money.
Trust
It can help you build trust with potential clients. For example, have you ever visited a website that has no About page, no pricing, and only contains a list of their services?
How did that make you feel?
Did you feel like there was a real person behind the screen?
Research by Gartner found that 81% of customers will not do business with a brand they don’t trust. So the more relevant information you can provide and show you’re an authentic person or business, the more likely people will start to trust you and your brand.
Efficiency
It creates efficiency in your business. As a small business owner, you wear many hats and juggling to cover different aspects of your business can be challenging.
A price guide can act as a natural filter for people who are not your target market. You will save precious time on meetings, writing proposals and quotes, and sending emails. People can visit your website, obtain the information they need and decide whether they wish to engage with you.
It also avoids those awkward money and budget conversations. Let’s face it; most people get nervous or embarrassed when talking about money. Having your price guide clearly on display can help ease these feelings.
If you actively participate in Facebook groups, you will have seen that asking questions about how much services cost or how much they should pay is common. You can save time and promote your business simultaneously by replying to these questions and directing them to your pricing page or downloadable price guide.
Improves SEO
It can assist with search engine optimisation.
People commonly use the search toolbar in a conversation manner; they write how they would talk. So, asking a question is a common theme in search terms. Research by Google found that 14.1% of google searchers asked a question, and 53% of customers research pricing online before they make a purchase.
Frequent questions asked are “how much is…” or “how much should I pay for…”. Again, using a copywriter and a website designer with SEO experience can help direct people to your website and assist in converting their visit into a sale or enquiry.
Challenges
Now, let’s look at the challenges associated with displaying your prices.
Lack of research and understanding
The thought of displaying your pricing may be nerve-wracking because you haven’t spent the time researching the market, determining your business strategies or goals, or understanding your value. However, if a pricing strategy is researched correctly, you will likely feel more confident putting those prices out there for everyone to see.
Customised goods and services
Not all goods and services can be packaged up with a ribbon with a set price.
You may offer bespoke or customisable goods or services that are priced based a the clients’ specific scope or budget.
Don’t let this deter you from showing your prices. You can use words like ‘from’ or ‘customised packages available. Let the customer know they have alternate options to those being displayed.
Competitors
A common thought pattern is that if you display your price, your competitors can see it. They will use it in their research of their own pricing structure and sale offerings. Everyone has competitors, and in most cases, your service or good is not unique.
You may also think someone will copy your goods or services and pricing. Yes, copycats exist; it’s unfortunate, but the reality of business. However, you can’t let the fear of someone else copying your idea from stopping your business from reaching its full potential. Consider trademarks and intellectual property protection in your start-up phase may assist. If something does happen, you can seek out legal remedies.
Focus on the value you can offer your customers and businesses unique quality: you.
And remember community over competition. There is plenty of work to go around and worrying about what others are doing, will only detract from your business.
Money Mindset
Displaying your pricing can pose an issue depending on your mindset.
People, particularly women, may struggle with:
- knowing their worth;
- communicating their value; or
- it scares them.
We are often told not to discuss money or finances, that the topic is taboo in public (and even within the family and friends unit). But on the flip side, money is at the crux of the economy. People buy and sell goods and services every day. If prices were not communicated, then how does the market operate? It doesn’t. We need to normalise display pricing in services in the way it is accepted in goods.
As you can see, the benefits of including your pricing on your website tend to outweigh the negatives. Even the challenges have solutions or an alternate viewpoint to turn them into a positive.
And remember, your pricing is not set in stone. Pricing can evolve with your business, and a website is easily amended.
If you need help developing a pricing strategy for your business, book a free 20-minute Zoom Discovery Call with me today.
And, if you haven’t already done so, subscribe to my newsletter, Purpose by Design, and join a purpose-led and solutions-focused conversation.
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