There’s a big debate around pricing. Should I put my prices on my website? Should I put prices on my social media posts, when I’m talking about my products or services?
It seems like a no-brainer, of COURSE you should put your prices next to the things you’re promoting. You’re a business and you want people to buy, don’t you?
But it’s not that simple.
- Lots of business owners worry their competitors will see their prices and simply undercut them.
- Some worry their prices will be criticised by social media commenters, and they don’t want to go down that path.
- Others just don’t like talking about money, it makes them feel really uncomfortable.
- Some say ‘but it depends on what they want, it can vary wildly’
- And some know their prices are high, so they want to have a conversation with you in order to demonstrate the value of what they are offering.
What If My Competitors See My Prices and Undercut Me?
First of all, believe me if your competitors want to find out your prices they will find a way to do it. Leaving your prices off your website or social media won’t stop them. But there is something deeper going on here. Why are you worrying about competitors?
Stop worrying about what you can’t control and, literally, mind your own business. If you’re fearful of displaying your prices because you’re worried someone else will swoop in and steal business from under your nose, you are not focusing on your business or your customers; you are focusing on other people’s businesses, and that’s not good.
Here’s another way of looking at it; you are great at what you do. Your Super Customers love what you do and they can see the value in buying from you – they won’t buzz off to a competitor just because they’re a bit cheaper, as long as you look after them well.
People buy people and your Super Customers buy because of YOU and how you do things. Yes, some people will shop around and go for the cheapest option but is that really the type of person you want to attract? Bargain hunters? Let them go to your competitors.
Meanwhile, you focus on building a profitable, sustainable business where you make a decent living working with amazing customers, who love what you do and keep coming back. Be proud of your pricing because what you sell is worth every penny and more.
Where you put your attention is where the magic happens, so put your attention on your own business and think about how to make it even better, and you’ll have magic happening in no time.
What If Someone Comments On My Prices?
Well, first of it, if they do then it says everything about them and nothing about you. If someone makes a snarky comment about your prices when you share your products and services on social media, it usually comes down to one of 5 things:
- They are not in a good place financially right now and your post has triggered them
- They are not your Super Customer and can’t see the value (but other people will)
- They are a competitor trying to undermine you
- They feel they can do it cheaper themselves (let them crack on)
- They are just a troll with nothing better to do
So, tell me, which of these has anything to do with you and which do you have any control over?
None. Exactly. So, let it go.
Delete the snarky comment, block the commenter without a second thought and focus on all those people out there who love you and love what you do.
Do NOT let this put you off posting your prices!
I Don’t Like Talking About Money!
I hate to break this to you but if you want to build a business, you have to get comfortable talking about money, pricing, profit and all the other squirmy things.
Usually when we don’t like talking about money it’s because of our money beliefs, which is a whole other blog post, but suffice to say you’re going to have to deal with this one.
And actually, putting your prices on your website and social media means you DON’T have to talk about money or pricing as much because it’s right there, out in the open, where everyone can see. By sharing your prices, you avoid those ‘how much?’ conversations you dread – they can see ‘how much’ and can take it or leave it. If they choose to leave a snarky comment, see the previous point!
The Price Depends On What They Want
I get it, you don’t have a one-size-fits-all kind of business. Customers need to tell you what they want, then you come up with a price. That’s fine, but do your prices start at £20, £200 or £2000? It matters, because it’s potentially a big waste of time. Let me explain:
People need to rule themselves in or out without your involvement – it’s not fair on them to make them contact you just to be told you are way out of their price range, and all the embarrassment that is likely to bring. We all have a budget in mind when we shop, whether it’s for websites or wedding dresses.
We know what we can afford. We know we will stretch or even blow that budget for the right product or service but we need to know a rough price bracket, to be able to go further.
If your potential customer’s budget is around £20 and your starting price is £200 you are wasting people’s precious time: your customer’s precious time, because their budget isn’t sufficient and YOUR time, because you have to reply, explain, haggle or whatever else you do when people contact you to ask about pricing when it’s clear they can’t afford it.
It’s so easy to say ‘prices start from’ or ‘the example shown is [this price]. It’s easy to put sample costs or bundles together. It’s easy to explain where any additional costs lie, so why not do it? At least you will know then that the enquiries you receive are genuine and based on a realistic expectation of cost.
People Won’t Buy If They See My Price, I Have to Explain The Value to Them
I see this a lot with coaches and consultants and it drives me crazy. If you have to ‘hop on a sales call’ or ‘have one of your team call me’ just to talk about your prices, then I know you’re going to try to do the equivalent of either virtual strong-arming me or brain-washing me. I don’t like the thought of either.
Why not reframe this? Instead of relying on a sales call, why not demonstrate the value up front and in public? It won’t take much to convince your Super Customers about the value of what you’re offering if you can show them how it can help them and back it up with true stories of people it has already worked for.
A great sales page includes prices. It also includes all the reasons why the product or service is a perfect fit for the right person, all the ways it can help them, the benefits it brings, plus testimonials, answers to questions they might have and a ton of other well-thought-through content that shows you are trustworthy, credible and know your stuff.
If you are offering a £100, £1000 or £10,000 product in the coaching, training or consultancy world you just have to show how the right people can make their investment back, and more.
If you can’t do that on a sales page, it probably means you’re not that confident in it, which means you might need to work on your product and the value it brings, rather than rely on convincing people on a call.
Also, you are much less likely to attract bad-fit clients or those with buyer’s remorse if you are straight with them up front.
Why You Should Show Us Your Prices
Hopefully you can see now, why putting your prices on your website and social posts is important? It shows us you are confident in your product or service and in the value you, and it, bring. It’s good for business and it’s good manners. Why?
Well, when you don’t put your prices anywhere, you are thinking of yourself, not your customers and that’s not a great way to run a business.
When you don’t share your prices, the message you are giving out is ‘this is expensive and I’m going to have to convince you to buy’. You might not think that’s what you’re saying but I promise, this is how your potential customers will take it.
Not sharing your prices puts the onus on your customers to find out – either by contacting you to ask (something many people definitely won’t want to do) or by digging around and trying to find them a different way. Does that sound like a way to sell lots? Hmm? Nope. You’re making potential customers work way too hard to buy from you and the likelihood is, they won’t bother.
Not sharing your prices means you are missing on ‘out-of-hours’ buyers and impulse buyers. I have lost count of the number of times I’ve seen a product or service on Facebook, Instagram or a Google search (often at 10pm or 2am some other unsociable hour) and bought because I loved it and the price felt fine – I would not (and could not) have bought if there had been no price. Just saying!
If you’ve been hiding your prices, it’s time to step out into the open and share them, loud and proud. Your customers will love you for it, your business will be better for it and you’ll sell more – what’s not to love?
Claire Mitchell is a best-selling author of the Awesome Marketing Planner and founder of The Girls Mean Business, a mum and business owner. She has been featured in Marie-Claire, The Guardian, Closer Magazine, Essentials, The Huffington Post and on the BBC.