Should You List Prices on Your Website
There are pretty strong stances on each side, so what should you do? Well, the short answer is, that depends. I know, I know, what a cop-out. But it’s true. There are so many factors going into that decision, and you need to evaluate before you decide yay or nay. What is your market? Who are you targeting? Do you create custom quotes or are all of your packages pretty cut and dried? Do you sell physical products or do you primarily sell services?
First, let me start by saying that I am absolutely a fan of listing prices. Below I’ll break down why and why I believe you, too, should perhaps starting thinking about showing your prices as well.
People don’t think they can afford you if you don’t list your prices.
If you don’t have your prices listed, potential clients tend to automatically assume that you’re out of their price range. The thought process tends to go along the lines of, “If I have to ask, I can’t afford it.”
Likewise, as a consumer, do you prefer to see prices listed when you’re interested in purchasing something? These prices could be on anything from a coaching package you’re interested in from a reputable coach or a cute dress at a little boutique clothing store – and anything in between. For me, I’m much less likely to inquire with that coach or the salesperson at the clothing store if I can’t see a price. Instead, I assume they’re extremely expensive and I’ll click off the site or leave the store and go somewhere else. Furthermore, I would prefer to save myself the embarrassment of asking what the price is only to be told it’s more than what I can afford. This could be a reality for your potential client as well.
Listing your prices gives people the opportunity to evaluate if your service is even a possibility for them. It will automatically eliminate those who think you’re too expensive because there isn’t even a starting point to go from.
It saves time for both parties.
Time is a precious commodity that business owners never seem to have enough of. After all, there are only 24 hours each day and there always seems to be a never-ending list of things to do. Having your rates listed saves time for both you and the person on the other side. Those who are ready to invest in their businesses can see right away what you offer and for how much. Additionally, you’re not having to waste time filtering through people who either aren’t at the point in their business to invest or simply can’t afford to work with you right now.
Unfortunately, sometimes no matter how good a connection with someone, time is wasted for both parties if the financials just don’t line up. Coordinated schedules, hopping on the phone or exchanging emails back and forth takes a lot of time. When you finally connect with someone and find out they can’t afford you, both time and energy have been wasted. Additionally, many people simply don’t have the time or patience to wait to hear back to find out your prices. Instead, it’s faster and easier to just click away and go somewhere else with clearly prices clearly listed.
As a consumer, I prefer to at least know a starting point or a price range so I can know if I’m at least in a ballpark before I spend time reaching out to someone.
When you have your prices listed, you no longer have to waste time with people who aren’t going to hire you because you’re out of their price range. Fewer inquiries will come in, but the ones that do are serious and can most likely afford your prices or at the very least really want to work with you.
Including your prices shows honesty, consistency and transparency. Listing prices gives prospective clients everything they need to make a decision and people appreciate full disclosure up front.
As mentioned previously, as a consumer, I typically don’t buy something if there are no prices listed. I have starting prices listed and appreciate seeing prices when I’m looking for a service myself.
Furthermore, though this is few and far between and constitutes extremely bad business practices, some companies charge more money for the same service if they think they can make more money. Transparency in pricing eliminates that.
Being upfront about pricing also shows that you have a well-thought-out business plan and pricing structure.
It weeds out people who can’t afford you and people who are not your ideal client.
So we’ve already mentioned not listing prices makes a lot of people automatically assume they can’t afford you. But what about people who truly can’t afford you? Listing prices helps weed those people out. That may sound a bit harsh, but you need to remember who your ideal client is. A big motivator for putting prices on your website is to turn people away. You won’t resonate with everyone and you won’t be in the price range of everyone. However, it’s important to keep in mind as people’s businesses grow, so will their budget (hopefully, at least). Just because they can’t afford you now doesn’t mean they won’t be able to down the road.
Additionally, putting prices on your website is a great way to pre-qualify people. You’ll attract clients who have a higher likelihood of actually working with you and there won’t be the sticker-shock of them finding out your prices until they speak with you. You will have fewer people reach out to you, yes, but the people who do will have a much higher likelihood of actually working with you. As a business owner, you want to find clients and makes sales, of course, but you shouldn’t be solely focusing on convincing people that they should pay your prices. If people are serious, they will move forward and decide to work with you after seeing your fees.
Providing prices helps deter people who have unrealistic expectations of what your service would cost. By being upfront with the cost it helps eliminate people who are not serious or cannot afford your service. Finally, providing prospective buyers with some sort of pricing is one less obstacle for them for them to take a step to buy from or contact you.
People don’t want to be pitched to.
When prices are not listed, if someone wants to inquire then the next step is to contact the service provider. Either way, they have to contact said provider by giving them some sort of contact information. Depending on who that service provider is could mean that people are then pitched to, have to deal with high-pressure sales tactics or are bait-and-switched into giving their email address.
Most people don’t want to deal with this nor have the time to listen to a ton of pitching. Furthermore, depending on the service provider, it can seem really sleazy. If people know your prices from the get-go they can then inquire, get clarification or see if you can tailor a package or product specifically for them, without you needing to do a ton of sales tactics to make a sale.
At the end of the day, whether you decide to list your pricing or not depends on your specific business and your clients. While I’ll advocate all day long about why you should, I also understand every business is unique. Do what works best for you.
However, if you were on the fence, hopefully, the benefits to showing your prices I mentioned above will help you make your decision. : )
What do you think? Team show or team no-show? Let us know in the comments below!