If you are asking, “Should I share my prices on my site,” we think the answer is yes. And based on our June 7th LinkedIn poll, most of you (83%) agree. But let’s talk about why.
First of all, if you haven’t already been sharing prices, the idea might make you feel exposed and vulnerable. However, in all good relationships, being upfront with expectations and staying transparent only makes the relationship stronger. Honestly, if someone doesn’t like you when you’re being yourself, is that a relationship you really want to pursue? We would say that sharing prices on your website is no different.
Who is this about anyway?
Any Marketing 101 class will tell you that marketing is all about the customer. The goal is to demonstrate to the customer that your product is a good fit for them and worth the price. But you cannot demonstrate your value if they aren’t listening.
For this reason, your website must be about the client experience; getting them to stick around long enough to trust you and see your value. It’s kind of like being a good host. Disney World does this really well. From the grand entrance with a child’s favorite characters hugging them to colorful rides, parades, and even fireworks – every moment is magical. In the same way, websites must consider the customer on every part of every page.
Realistically, you only have a small window of time to capture someone’s attention. Either they are going to find the information they are looking for, or they’re heading to a competitor site. It only takes seconds, and we’re not exaggerating. According to jetpack.com, people spend on average 52 seconds on a website (across all industries, so this is a broad generalization). That’s it.
In order to keep more of your prospects, you’ll need to give them what they are looking for as quickly as possible. Not to mention as clearly and beautifully as possible (all the more reason to stick around on your site, right?).
What is your customer looking for?
When you planned your website, did you think of what information your target customer was looking for? Right off the bat, we can think of at least three important bits of information anyone would need to make a large purchase:
- Do your products or services meet my need?
- Why should I choose you over the competition?
- Can I afford these products or services?
The self-proclaimed ‘world leader in research-based user experience’ (how’s that for a quick differentiator), Neilsen Norman Group, notes that B2B websites are typically harder to use than their consumer-focused counterparts. While this is partly due to more complex product offerings, it’s also partly due a failure to provide customers with clear and relevant information. Pricing was at the top of that list:
The most user-hostile element of most B2B sites is a complete lack of pricing information. And yet, when we asked users to prioritize which of 28 types of B2B site information mattered most to them, prices scored the highest by far (29% higher than product availability, which ranked second).-Jakob Nielsen
In short, people come to your website to find out the price of your products or services (among other things). Give the people what they want.
Why share your prices online?
Beyond the benefit of creating a better site experience for your customers (which is huge), we gathered a few more reasons to share your prices on your site:
- Builds Brand Loyalty
What’s better than saying that your brand stands by honesty, integrity, sustainability, authenticity, and all that good stuff? Well, showing that your brand stands by said principles. Talking about your integrity is kind of cliché (not that having integrity is ever cliché), but displaying clear, up-front pricing on your website shows that you’re not pulling any punches. And that’s the type of thing that builds trust in your brand.
2. Improves Your Game
Before you show your prices, you’re going to feel like you have to prove why you’re worth the investment. That’s a good thing. You’ll want to couch your price point with differentiators, testimonials, benefits, and whatever highlights your value to the customer. That’s exactly what you need to do; if you’ve done your job well, your price point won’t be the main reason why customers run.
Showing your prices also helps you to better define them. If your pricing table is too confusing to fit on a web page, you probably need to simplify.
3. Saves Time (Yours and Theirs)
Rather than require an hour-long phone call in which you are both convinced that you are a good fit only to end with, “I can’t afford it,” have your customers self-select. They see that your price is not even in their ballpark, and they move on. Saves you both a phone call or email. If a customer loves your services and desperately wants to work with you but is unable or unwilling to pay for them, no amount of convincing will change that. You can offer periodic discounts if you really want to help those who are priced out.
On the other hand, if the prospect is only looking for the lowest price offer, they are probably not a good client either. If they do stick around, they’ll nickel and dime you to death. Your price should reflect your value and how much you are willing to be compensated for your work, so no need to apologize for it.
4. Avoids Awkward Conversations
This may not be at the top of your list, but it’s way up there for us.
Prospect: “I think this is what I’m looking for. What price are you charging?”
Business: “Well, it depends on a lot of factors. What were you budgeting?”
Or how about:
Prospect: “Oh wow, your price is that high? I don’t think I can afford it.”
Business: [awkward silence…. Now, what do you say? “Nice chatting with you, goodbye?” – which means – “I only have time for real prospects and you’ve wasted enough of my time.”]
If people know your prices before making a phone call, you won’t have to worry about figuring out how to broach the subject or how to respond. Price becomes a non-issue. 😅
5. Prevents Making Assumptions
Not showing your prices often says, “My product is very expensive.”
Is it, though? What if your prospect has the budget and is expecting to pay for the value they want to receive?
It may also mean, “My pricing structure is complicated. Prepare to be confused.” That idea alone is enough to scare away some prospects. A simple statement saying that customers get individualized pricing depending on the project could help to clear away that cobweb. A starting price point or price range would then help show that your pricing isn’t going to require a degree to figure out.
Don’t make people assume. You know what that does.
6. Attracts Your Target Clients
Your target market will have a specific need and budget. Someone serious about a big purchase is going to likely gather a bunch of information before making a final decision. If they see your prices and are still interested, then congratulations! You have yourself the foundation for a budding relationship. 😍
Summing It Up
If you are a small business owner wondering, “should I share my prices on my site?” – we recommend you give it a try! Providing price information helps you maintain a good user experience on your website, helps your target customers find you, and saves precious time – among other benefits. If you need to improve your website (and get those prices up), but don’t have the time or expertise, we can help.