Nine Benefits to Put Your Fees and Prices on Your Site
- Trust. Many customers will not do business with a company who is not forthcoming about pricing and fees. They simply won’t waste their time talking with a sales rep only to find out that the price is too high (or too low, which may feel cheap or low quality to them).
- Price Range. Customers want to know what they’re going to pay for your service or product, or at least have a ballpark figure.
- Unaffordability Beliefs. Some customers believe, perhaps incorrectly, that if the price is not shown, then it must be too high. They reason that if they aren’t shown the price, they probably can’t afford it.
- Efficiency. People who can’t afford your services or products will not request a prospect sales phone call. Hear me out: do you want to spend time convincing people on the phone that they can afford you, when they really think they can’t or don’t see the value you are offering? It’s hard to have phone calls with people who have unrealistic expectations because they don’t know the fees. Trying to convince them is a hard-sell tactic that I choose to avoid.
- Branding. Pricing is a strategic marketing decision and helps to set your brand apart from others. Are you the low-cost leader? Are you the expert who people pay more for because you’re worth it? Your fees tell the prospective customer where you place yourself among the others in the industry and which target market you want to serve. There is no right or wrong pricing strategy. The key is that you’ve developed on through your marketing plan.
- Discounting. For products and classes, there’s typically no negotiation in pricing: either they purchase it or they don’t. You can always create a separate page with special pricing for existing customers or special groups, or offer coupon codes that give discounts, if you want a tiered pricing approach to products and classes. Or indicate that you have payment plans, if that helps your customer with a buying decision. If you offer special pricing for nonprofits, put your regular fees on your website and add a sentence about how nonprofit pricing is available.
- Budgeting. If people feel like they can’t afford you, but want to work with you, they now have a price-point from which they can start savings towards working with you. I have had a number of clients who tell me that they saved for three months in order to work with me.
- Honoring. Your customers are busy and time-constrained. They need information at the moment when they have time to do their research. Don’t make them jump through hoops. Try to be helpful in getting them all the information they need, not just in your pricing, but in the valuable benefits you offer.
- Information Gathering. People who are looking for a price range so they can get some budgeting ideas may be a perfect client for you. One of the important stages your customers’ sales timeline is the Information Gathering phase when they are researching possible solutions. Get to know your prospective customer’s process for making buying decisions and plan your marketing accordingly. This is especially true when marketing to women: they do a lot of research before they buy.
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