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Should You Put Prices on Your Website (Pros & Cons)

Dollar icon under magnifying glass

The question as to whether you should put prices on your website is a hotly debated topic.

And the reason is there is no definitive answer.

It comes down to your market and what works for your product/service best.

For simplification purposes we’ve prepared the pros and cons in table format to allow you to ‘digest’ quickly and make an informed decision.

Putting Prices on Your Website

# Factor Pros Cons

1.

New brand

Time is precious when growing a brand and this approach can ‘pre-qualify’ potential customers who should be aware of your price (because you’ve listed it).

As Forbes concludes here: Price is arbitrary and value is fundamental. So you may be limiting yourself as a brand by setting prices and not knowing your worth.

2.

Price range

Most people want to have a rough idea (ballpark) what they will pay for your product or service – hence a price range is a great idea.

Potential customers may misinterpret what price range they fall into - not understanding their needs (before speaking to you).

3.

Transparency

Upfront approach can build your ‘credibility’ quicker and weeds out bargain shoppers (the people you don’t want to work with).

May scare potential customers off before you’ve had the chance to talk to them and justify your prices with the ‘value’ you provide.

4.

Trust

Simple: Prices establishes trust. And as CMO reports here, customer trust is more vital to brand survival than it’s ever been.

Price is not a sole indicator of trust. But rather the ‘connection’ and ongoing 'relationship' between your brand and the customer.

5.

Unaffordability beliefs

Quick decision can be made by the potential customer on ‘affordability’ before taking the next step to contact your brand.

Some people may deem your services ‘unaffordable’ without looking across your entire website, which stresses value for money.

6.

Budgeting

Maybe a potential customer can’t afford you now, but now they know the price, they have a target to work towards and may come back to you in the future.

It may be a bad assumption to make (but it’s one made across many industries): “If a customer can’t afford you now, then they won’t be able to afford you in the future.”

7.

Discounting

You can better reach your target audience by showing you discount for existing customers or special groups (for e.g.).

Why discount when you’re offering so much value that you’ve proved that the price is a tiny thing compared to the value that you get.

8.

Efficiency

People who cannot afford your product or service will not get in contact with your brand and pursue alternative options.

Your potentially missing the ability to form good relationships with others and sell (part of the art of selling – summarised by Smart Brief here).

9.

Demonstrate your success

Not all your target audience perceive high prices negatively. Instead, they may see you as in-demand, the authority and the go-to brand.

Unless you’ve demonstrated your success across all marketing streams, then success may only be able to achieved through personalised and one-on-one relationship building.

10.

The buyer’s journey

The ‘information gathering’ that takes place during the awareness, consideration and decision stages of the typical buyer’s journey – are great reasons to list your prices.

One of Warren Buffet’s most famous quotes is: “Price is what you pay; value is what you get.” So if your brand can demonstrate more value than all competitors, why list prices?

Not Putting Prices on Your Website

# Factor Pros Cons

1.

New brand

Establishes a ‘value’ approach and as Latana summarises here: “This sets you apart from your competitors by highlighting your unique value.”

Why not at least set a price range? As this can give them a ballpark price and better inform them as to whether they can afford your product or service.

2.

Customised product / service

If you’re a brand (like a builder or web designer for e.g.) then it makes sense to customise a quote based off what the customer needs from you.

But if you don’t establish any baseline (like prices start from for this package for e.g.) then you may lose customers that see price as the make-or-break factor.

3.

Competition

Allows you to concentrate on delivering the ‘highest value’ and ensures the competition must do ‘investigative work’ (which is not hard) as to what you charge.

If all your competitors display prices (and you don’t) then your potential customers may feel more comfortable dealing with your competitors.

4.

Value and selling strategy

You have the opportunity in a one-on-one personalised conversation to build a relationship and establish value that makes the price seem insignificant.

Your website (your greatest asset) should solve the prospects problem/s and lead them to the conclusion that the price they’ll pay for your product/service is worth it.

5.

Rapport

As Tony Robbins summarises here: “Building rapport with customers is the linchpin of a successful company.” So maybe you feel you need to establish this connection with people for you brand to succeed.

If a person is the perfect fit, but they can’t afford you, it does not benefit either of you. Because you should at least offer some free information on your website (for e.g., videos) before the prospect call is scheduled.

6.

Price fixing

Makes it harder for competitors to engage in price fixing - for e.g. matching your brand’s prices on their website and other marketing materials.

Your competitors are smart and have the same access to your price information that your customers do. Give it time and they will know your prices.

7.

Uniqueness

Standing out from your crowd (of competitors) is fundamental to success and maybe it’s the uniqueness of your brand’s offering that means you don’t want to list prices/limit worth.

But your website and Unique selling proposition (which every brand should have) is your opportunity to establish clearly how you differentiate from other brands and why you fulfill the prospects need.

8.

Ongoing marketing

You know the ‘money is in the list’ (specifically email marketing) and you don’t want to jeopardise losing someone based off prices before they enter your conversion funnel and you’ve had a chance to build a relationship with them.

People looking at prices are in the ‘information gathering’ stage of the conversion funnel and need to be handled differently (with the right information sent to them) to move them further along the conversion funnel.

9.

Price shoppers

A price shopper is unlikely to make the next step to contact your brand if they don’t know your prices – and that’s a good thing – because in most cases these are not your ideal clients that will build your brand better.

Listing your prices allows you to weed out people shopping on price alone. You can get them to exit before they waste your time - and that’s both now and later (potentially leaving you in the future for someone cheaper).

10.

Worth

Your brand may not want to set prices because you want maximum success and you’re not prepared to put a value on that success (as you believe it may limit it).

Although difficult to measure, every brand should know its ‘worth’ – and you can check out this useful resource from Step Change on how to do it.

White building with data has a better idea text signage

Conclusion

As 26th U.S President Theodore Roosevelt once said: “In any moment of decision, the best thing you can do is the right thing. The worst thing you can do is nothing.”

So accept to do the right thing (and make the best choice) you need to test putting prices on your website vs. not putting prices on your website.

But just don’t do nothing – as this gets you no closer to making the best decision that will maximise conversions for your business.

Over to You…

Do you agree with Should You Put Prices on Your Website (Pros & Cons)? Or is there something missing, or you would like to add?? Would love to hear from you in the comments – any feedback is greatly appreciated.

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