Sharing your prices on your website is a hot topic, and it's one I have heard frequently debated by coaches, strategists, and business owners alike. I've heard arguments for, and adamantly against, and everything in between. It's a fine line, really - on one hand, you want to be transparent with your potential clients and customers about how much your products or services cost. On the other hand, you don't want to scare them away with prices that might seem too high or too low.
For me, sharing my prices is a no brainer. I want to be on the same page as my potential clients. I've had a few discovery calls that ended awkwardly when I shared a price that was WAY out of budget for that particular client. The call would end on a sour note, with me feeling like I wasted my time, and them feeling slightly embarrassed because they were surprised by the price. That's why I include pricing on both my website and my calendar link to book a call with me - because unless it's a party, no one likes to be surprised! I know there are lots of people who feel differently, so this blog post will cover both the pros and cons of listing your prices on your website, and help you make an informed decision for your business. Let's dive in!
Why You Shouldn't List Your Prices
There's definitely an argument for not sharing your prices up front. While there are benefits to sharing prices on your website, it's not always the right choice for every business. In fact, there are a few potential downsides that you might want to consider before making the decision to share prices on your website. Here are three "cons" of listing your prices on your website:
Competition: Depending on your industry, sharing your prices on your website could give your competitors an edge. They might research prevailing prices and purposely offer the same service at a less expensive rate than you. Plus, if your prices are higher than other businesses, potential clients might "price shop" or even decide to go elsewhere.
Personalized Packages: Sharing prices on your website can be tricky if you offer customized products or services, as the final cost can vary depending on what the customer needs. Clients tend to latch on to the number that they see on your website and might be disappointed when they find out their project is more complicated or involved, and therefore more expensive.
Too High or Too Low?: Sometimes, sharing prices can backfire because it might discourage people who are on the fence. If your prices are higher than they expected, they might leave your site without finding out any more information. If your prices are much lower than they expected, they might assume your product or service is low quality. By booking a consultation call, you have a chance to talk about the details of your services and value you provide, which will give them a greater understanding of your pricing structure.
Why You Should List Your Prices
Now that we've talked about why you shouldn't list your prices, let's take a look at the other side - why you should definitely share your prices. There are some pretty compelling advantages to sharing prices on your website, and I fall firmly in this camp. I always make sure my prices are clearly listed in multiple spots on my website, so that there's no question. So let's jump right in to help you decide whether sharing prices is the right move for your business! Here are three "pros" of sharing your prices on your website:
Transparency builds trust: When you share prices on your website, it shows that you're being upfront and honest about what you charge. This builds trust with potential clients and makes for a better customer experience. Plus, it increases the chances of turning those potential clients into paying customers.
Saves time: Nobody likes wasting time. Sharing prices on your website can save both you and your potential clients time by avoiding back-and-forth inquiries about pricing. Instead, they can quickly determine if your product or service is within their budget. And you'll save time by cutting down on inquiries and negotiations.
Helps qualify potential clients: Not everyone can afford your product or service, and that's okay! Sharing prices on your website can actually help you weed out potential clients who aren't willing or able to pay. This means you can focus your energy on leads who are more likely to convert into paying customers, instead of wasting time on those who can't or won't.
Factors To Consider
So you're probably thinking, thanks a lot, Kristen. You've given compelling arguments for and against sharing your pricing on your website. Now how do I know which will work best for my business?
I like to run my business and treat my clients the same way I would want to be treated. I like to know prices up front, so that's why I make sure my clients have the same experience. I would recommend that you start by asking yourself whether or not you like to know prices up front, or if it's not something you really care about. The answer won't always be straightforward, so, let's take a look at some other factors you may want to consider before sharing prices on your website.
Your Competitors: Take some time to think about your competition. Do you have a lot of direct competitors? Are there a lot of people providing the same set of services or products that you're providing? If you answered yes to either of these questions, sharing prices on your website might give your competitors an edge.
The Nature of Your Products or Services: The nature of your products or services can also influence whether you should share prices on your website. If you offer customizable products or services, the final cost might vary depending on the client's specific needs. In such cases, it may be better to provide a price range or offer a free consultation to determine the final cost. On the other hand, if you offer standardized products or services, sharing prices might be easier.
Your Target Audience: Your target audience can also play a role in whether you should share prices on your website. If you cater to a price-sensitive market, sharing prices might be essential. However, if you cater to a premium market, you might want to avoid sharing prices upfront.
Your Branding: Your branding can also influence whether you should share prices on your website. If your brand is associated with transparency and honesty, sharing prices might be the way to go. On the other hand, if your brand is associated with exclusivity or luxury, sharing prices might not be necessary.
Your Sales Process: Your sales process can also affect whether you should share prices on your website. If your sales process involves a lot of negotiation and customization, it might be better to avoid sharing prices upfront. However, if your sales process is straightforward and transactional, sharing prices might be more efficient.
Alternatives To Sharing Prices
Still not feeling convinced that sharing your prices is the best move for you, but want to provide a transparent, supportive experience for your potential clients? Want to share your prices but not sure if that really makes sense because you provide customized services? Here are some alternatives you can consider:
Provide a Price Range: Instead of sharing specific prices, you can provide a price range. For example, if you're a web designer, you could say that your prices range from $2,500 to $5,000 depending on the complexity of the project. This gives potential customers an idea of what to expect without committing to a specific price.
Offer a Free Consultation: Another alternative is to offer a free consultation or discovery call. This allows you to understand your potential customer's needs and provide a customized quote.
Use "Starting At": One of the strategies that I use when sharing prices for custom services is to include the words "Starting At" or "From" along with the price. This makes it clear that the price listed is a starting point, and that anything more complicated or involved will raise the price. It is helpful to give potential clients a ballpark of your pricing.
Services Guide: Create a service guide listing all your prices, and add a form to your website where someone can enter their name and email address and you'll send the guide right to their inbox. This might deter competitors or nosy nellies from checking out your pricing, because they probably won't want to provide you with their contact information.
For me, deciding to share my prices up front seemed like an obvious choice. Not only does it create a more transparent client experience, but it saves me time (and a few awkward moments). But, like everything in business, there's not a one-size-fits-all answer. What works for me and my business may not feel right for you. Take the time to weigh the pros and cons and make the decision that's right for you and your clients.