At some point, all business owners have probably had to undergo the controversial decision of whether or not to advertise the price of their product or service on their website. This decision is a strategic one, and although on the one hand, it might make you feel vulnerable, on the other it can establish a sense of trust between you and the customer. So, why is there still a great debate about advertising your prices even if it is one of the most important factors in the buying cycle?
It could give your competition an advantage
Small businesses might want to be clear with their prices for one simple reason: to generate leads. While it’s true that fair and transparent pricing is one of the best ways to entice a sale, not every person that visits your site will be a potential customer. Instead, it’s likely that your competition will take a quick look at what you’re charging so that they can undercut your rates. If your competitors know exactly what you’re charging for X or Y, they will have a huge advantage.
Price is different to value
If you do decide to display your prices, you should also set aside some room to convey value. After all, if the prices you are charging are the same as your competitors, it will be value that puts you in the lead. Always make sure you list prices with some context even if you are charging more than others, you might be offering a lot more and thus, better value for money. Make sure your leads know this. However, this could also be a reason not to display pricing. It may be that you’ve already evaluated your competitors and their pricing beats your value. If this is the case, consider how they can offer more at a lower cost and take time to reevaluate your strategy.
It’s all down to you
When it comes down to it, whether or not to display prices on your website is your choice. There is no rule of thumb to say that you should or shouldn’t so instead, make sure that you assess all factors so that you make the right decision for your company and your customers. By assessing lead generation via your website, you’ll be able to get a good idea of whether or not displaying prices is working or not. For example, if prospective customers aren’t getting past the price page, you might want to rethink your approach.