We get this question a lot! There really is no right or wrong answer here. Whether or not to list your prices on your website simply depends on your personal choice and marketing strategy.
There are both pros and cons to publicly publishing your prices. What you choose has a lot to do with the relationships you have built or are seeking to build with your dream customers. When making this decision, it is important to consider who your customers are and what are their expectations. Not every target market will respond in the same way to your choice to list or not to list your prices. Here are a few reasons why or why not to list your prices on your website.
Reasons to List Your Prices on Your Website
- Truth & Transparency. Many business owners want to make sure that there are no secrets between themselves and their customers. These companies place high value on honesty and disclose as much information as possible to prevent their customers from feeling like the wool has been pulled over their eyes with hidden costs.
- Positioning. If your competitive advantage is based on pricing (low-cost leader, high-end provider, etc.), publishing your prices on your website will help solidify your place within the market.
- Increase conversions. Prospective customers are more likely to buy on the spot or submit inquiries when they already know they can afford your prices.
- Filter out lookie-loos. Listing your prices is a great way to avoid site visitors who are just window-shopping with no intent on buying. It also allows you a way to target only those who can actually afford your offerings.
Reasons NOT to List Your Prices on Your Website
- Build value. When you market products or services that require education and training as part of your customer acquisition strategy, it is best to not list your prices on your website. Many info products, coaching and consulting services, and live events follow this train of thought. Businesses in these fields educate consumers on the value of their offerings to justify their prices.
- Specialized product. If your products or services include a high level of customization, it may be difficult to list prices as your prices will fluctuate from one customer to the next.
- Strict competition. In highly competitive industries, you could literally find yourself caught up in the middle of a pricing war. By not disclosing your prices, you can avoid the possibility of someone using your prices to undercut your business.
- Flexibility. It’s easier to increase prices over time when there is no published record of what prices were before. Those who do publish their prices usually do so with a disclaimer that prices are subject to change; however, it can be a headache to explain to existing customers why they are no longer receiving last year’s prices.
- Test pricing. Many startups and aspiring entrepreneurs have no idea what to charge. You may be introducing an entirely new product or service into the marketplace, be targeting a new or unknown customer profile, or simply may not know your worth just yet.
Do you publish your prices on your website? Why or why not? Tell us in the comments below and if you have found value in this post, please do share it with your networks. Get answers to more questions like this by joining us in our free online training and accountability group.