Posted By IndustryArchive.Org on 03/17/2018 Pricing Strategy

Why You Need to Display Prices On Your Website

By: Robert Hennessey

Why You Need to Display Prices On Your Website

The Debate Over Displaying Price 

Don't Display Prices 

Display Prices 

We don’t want our competitors to know
our pricing?

Establishes you as a market leader causing competitors to react to your pricing and value propositions.

Differentiates you from your competitors that don’t post their prices making it more likely for prospects to contact you.

It makes it too easy for prospects to shop our
products or services.

Giving prospects more information allows them to make an informed decision to engage that builds trust because you are transparent.

We don’t have any standard prices; we customize our services.

Display a range of prices based on your services and a customer-centric value proposition to increase buyer trust.

If we display our prices, potential clients may
think our prices are too high.

Many buyers assume that if you don’t display a price it’s because you’re expensive and won’t even contact you.

Weed out buyers that aren’t going to buy from you
because of their budget or unwillingness to pay for value.

We do not display our prices customers have
 to contact us then will discuss pricing after
 we have an opportunity to sell them.

While this may sound like a good idea for you many customers today are not interested in listening to your sales spiel to learn whether what your offering is affordable or within their budget.

Also, it is a waste of your time and theirs. And, it is highly unlikely you can convince prospects to pay multiples of what they can afford.

Providing at least a range helps the buyer self-qualify themselves and allows for you to create a customized solution.

The question of displaying prices or not on the website is one that almost all B2B firms debate, but often decide not to post their prices. But, is this the best decision?

These are all valid concerns to think through in determining whether you should display your pricing on your website. But, to make an informed decision about this topic you need to understand a little more about price and pricing.

Trust & Transparency Matter

If you were selling consumers, there would be no question about displaying prices on your website. In the business to the consumer world, customers not only expect to see prices they demand them or they will depart instantly. Why, because consumers need trust and transparency in what they will be paying for a product or service.

Do you think that the B2B customer demands less? Aren’t trust and transparency in purchasing your B2B products and services just as crucial to B2B clients? If you do not think so, you are just fooling yourself. Perhaps, we just think we can ignore these required attributes in the B2B selling process, and unfortunately, most B2B firms believe they can.

Many business-to-business firms confuse price and cost. Whether you display your price on your web page or not, remember the cost always exists in the mind of the buyer. B2B buyers, like all buyers, have an idea either about what they should pay for your product or services or what they can afford or are willing to pay.

Key Point: So buyers are already concerned about cost before you decided to display pricing on your website or not.

Now let’s look at some other elements other than price that contribute to cost and the buyer perception of price and cost. 

Note that price does not = cost because of other factors on the mind of your buyer.

Other Factors that Can Confuse Customers

  • Confusing Content

    • the confusing headline, competing for information on the page makes it difficult to know what is essential, and layout not focused directing the customer to what to do

    • the unclear marketing message, too much information and marketing information is not customer-centric  

    • the inability to establish the value of your products or services in the perception of the buyer

  • Causing Buyer Hesitation & Fearfulness  

    • is your solution to complicated to understand

    • do you have all the features the prospect needs and wants  

    • are you projecting a lack of trust or transparency  

  • Making It Tedious for Buyers to Make an Engagement Decision   

    • too difficult to read your message, hard to read fonts, white type on a black or dark background, layout presents multiple calls-to-actions and too many calls-to-action  

    • ask your potential client to do too much, or make too many changes to implement your solution

Therefore, your price whether it is the lowest, highest or somewhere in between doesn’t matter, if there is a negative price perception or hesitation on the part of the buyer. Often overlooked by most business people these psychological pricing perception factors, are many times causes that can derail a purchase or engagement decision too.

Key Point: Psychological pricing factors are as important or more than your price.

By minimizing these psychological pricing factors, you can make your price a constructive factor or a negative factor influencing your prospective customer’s decision making. Controlling your customer’s price perception as positive or negative is within your control.

The Power of Your Value Proposition

Whether it is on the landing page, on a call or in a meeting be sure, your potential client understands the value of your offer. The key to answering the question when to present your price depends on how well you have intensified your value proposition to the prospect. With high-value justification that positions your price positively, you can reveal your pricing right up front.

Presenting your price in the form of the highest perceived value possible is what makes price positive instead of price negative in contrast to just saying or displaying the price for your services or product is X dollars. Presenting your pricing can be done in some positive ways such as these.

  • Our price enables you to save $1,500 off of the ________. 
  • Things like “lifetime support, free updates, 100% quality satisfaction, etc. 
  • Use relative pricing comparisons like our service would cost less than a typical full page trade advertisement 
  • Money back or pay-only-for-performance guarantees

Be sure to call out the features with the benefits that distinguish you from your competitors. Every price requires a value justification; if you can’t justify your price, neither can your buyers.

Key Point: Be sure to link what matters to your buyers most, so they recognize the value-add in your price.

Key Takeaway 

Understanding these critical points about price, you can make a rational decision regarding the question should you display your prices on your website selling B2B products and services and say, yes. But with one important caveat, that you must position your price as positive and intensify your value proposition with the buyer.

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