Deciding whether or not to list your prices on your website is a long-debated topic. There are many varying factors to consider such as your target customers, your competition and your business. Studies have shown that customers want to see prices listed on a business website. However, there are many valid reasons why a business owner may choose not to provide them up-front.
Here is a list of the pros and cons you should consider before deciding whether or not to add prices to your website:
Transparency Builds Trust
The reason price comparison sites are so popular is because people are geared to check for pricing information before making a purchase. If your prices are listed, you are providing transparency which will build trust in your customers. Many potential customers have the mindset that if there is no price listed, it is because it is actually too expensive and out-of-reach. Even if your prices are on the higher side, customers will appreciate your decision to be open about your prices and list them for their convenience.
A big advantage of listing your prices on your website is that you will be able to weed out the prospects that cannot afford your products or services. This will save both you and the potential customer time because they will not have to draft, type up and send an e-mail just to find out that you’re out of their budget. You will also be saved from the burden of trying to convince a potential client that they can afford your services or that you are worth going outside of their budget.
Potential Customers Are More Flexible
Another benefit of listing your prices is that you know that when a potential client contacts you, they have most likely already seen your products/services and are planning to move forward with a purchase. If your prices are clearly listed, motivated prospects who may not be able to afford you now will have a set price point to start saving towards.
Listing your prices on your website decreases the need for inquiring prospects to contact you. The decrease of this one-on-one engagement also removes any chance you may have to upsell with additional products or services. If you choose to leave your prices off the website, potential customers will be forced to contact you thus giving you the chance to work your sales magic.
Competition Will See Your Rates
Providing a price list on your website may make you vulnerable to competition in your local industry. Competitors will gain knowledge of your rates and possibly use that to undercut you. A way to combat this is by only making your prices available once a product/service is added to the cart. Though this extra step may annoy your potential customers, it will make your prices a little less accessible to your competition.
You Might Not Have A Set Price
While listing prices for a product may be pretty straight-forward, it might not be that simple for services. Sometimes a one-price-fits-all may not work for the services that you offer, especially if you provide custom services with very specific details that may vary from customer to customer. A way to provide some insight to your potential customers would be to list a price range or a “starting from XX” listing.
Even giving customers are base rate is helpful in decision making. Some site visitors are just starting to plan their project and have no idea how much a kitchen remodel will cost. Others will want to know that a basic window is one price, but there are many options that can increase the quality and design, and therefore the price, of the window.
Deciding whether or not to list your prices on your website is ultimately a personal business decision. You can always try out both options to see what works best for you. Consider listing your prices for 2-4 weeks, then taking them down for another 2-4 weeks. Compare your number of inquiries and conversions to determine which method was most beneficial to you and your market.