Many people wonder what the best decision is when it comes to putting your prices on your website.
I have a simple rule of thumb for this.
- Prices on your website for standardised products or services
- Prices off your website for custom or bespoke products and services.
Prices on your website would be right for the following types of businesses:
- Companies with highly standardised products e.g., retail, fixed products, catalogues, etc.
- Businesses with highly productised services e.g., SaaS providers, online services, training courses, financial services, membership organisations, events, etc.
- Organisations that operate in markets that are highly price transparent, i.e., where the product can be easily searched and prices will appear in Google Shop or on Amazon.
In these markets, you need to help the customer make a buying decision. If it is the norm in your industry to communicate your prices, then you will need to do so too.
For companies with customised, complex or bespoke products and services, keep prices off your website
This would include consultancies, marketing agencies, bespoke software providers, high ticket services, construction, product suppliers with complex offerings, and so on.
If you were to put your prices on your website, what price would you put? Your day rates? This would have the undesired effect of anchoring your value at a low price point in the mind of the customer and encourage them to think of your service as a cost rather than an investment.
In this instance, the role of your website is to demonstrate the value of your offering and encourage people to make enquiries. Only once you have had a chance to discuss customer’s requirements should you then start to think about communicating a price.
There are some exceptions to these rules.
I know some high-end consultancies that publish their prices, but they do so because they have very clear positioning and a strong reputation in their market. For example, you sell customised cakes, where the basic product is always the same, but the finish is customised. In this situation you might find it helpful to put a range of prices on your website for each product category, e.g., luxury wedding cakes range from £100 to £250.
Personal Preference
Of course it also comes down to personal preference. If it’s important to you to be as open and transparent as possible when communicating your offering, and you want to put your prices on your website, then don’t let me tell you otherwise. (Just be careful of not setting price expectations too low in the minds of your customers).
Claim your free pricing analysis
Setting a pricing strategy doesn’t have to be complicated. We help customer’s unlock an additional 22% more revenue. Take the pricing challenge today