Are you staring blankly at your sales page, wondering if you should share your pricing upfront?
This huge debate amongst business owners can create profound uncertainty.
So if you struggle here, you are not alone.
While some say this is a must, others recommend revealing pricing only after sales conversations.
However, this decision is deeply personal. So how do you decide what is best for you?
Let’s take a look at a few scenarios.
Scenario 1: Comparison
While window shopping, you see an item you like in two different stores.
Although the items seem similar, the price is prominently displayed in one shop window but not the other.
Do you go into both stores seeking the best deal or buy the item with the price listed?
How do you decide?
1. Value
Let’s be realistic here. Like most people, you are probably in a hurry and don’t have much time. If this is a low-priced item, you may just buy the option with the price listed.
Why would you do that?
It often feels more straightforward when the price is accessible, creating an easy purchase, with no need to hunt down the salesperson to have an awkward conversation inquiring about the cost.
Giving pricing upfront is a great way to stand behind your offer and build trust by providing transparency.
It also saves time by weeding out bargain shoppers and others who can’t afford your product or services.
But will they get sticker shock before you demonstrate your value?
If this is a higher-priced item, you may want to take additional time to determine what is suitable for your circumstance.
So what does this mean for you?
Good news! There is no need to overthink lower-ticket items because, as demonstrated, providing the pricing upfront is generally the best option.
Your time is precious, and you don’t want to waste it pitching and explaining low-cost offers, so make the price visible to avoid the extra back and forth.
Higher-priced items deserve more consideration.
2. Pricing
So, let’s say you go into both stores and find out that one of the items is much more expensive than the other.
But why?
Are the items the same design or quality?
Would one suit you better than the other?
And how does the value compare to the price?
So what does this mean for you?
If your competitors show their pricing up front, assess if sharing your pricing would be a competitive advantage or not. Visibly highlight your prices if you have similar or lower pricing than businesses offering comparable services.
However, if you are at a higher price point, it may be best to share your costs later in the game. Showcase your product or service’s value in your marketing materials and during sales conversations.
3. Unique Selling Model
Perhaps you are surprised to learn that the item in the store without the pricing listed is specially customized to fit your needs.
So what does this mean for you?
If your product or service depends on unique requirements, you may have to adjust pricing based on individual situations. In these circumstances, you would not publish your prices.
Consider streamlining your offer when possible, as it has many benefits. Not only do the complexities of customization create extra work, but most customers prefer simplicity as too many choices can lead to indecision and no sale. In the end, most clients will choose the standard option anyway.
Create visible standard pricing when possible, with additional features built as an added cost.
4. Scarcity
So, let’s say that one of the stores has a line out the door and one store is empty.
What are your initial thoughts when comparing the stores?
Even if both stores have the same quality items, you may feel that the higher-demand store is better.
So is it worth it to wait in line to get this item?
So what does this mean for you?
If you are almost sold out and do not want to spend extra time in sales conversations, it can be a great idea to increase your pricing, make it visible on your sales page, and even create a waiting list.
Yes, some people cannot afford it or won’t want to wait. However, many people will gladly opt in for the perceived extra value.
Scenario 2: Mystery
Now imagine walking into a beautiful boutique. The sales representative behind the counter immediately offers you a small kraft paper box roughly the size of a jewelry box and says, “This amazing box is $50.”
Hmm. You think to yourself. Is this a good deal? It seems to be a nice store, but what the heck is in that box?
Is it a box of mints, or is it a diamond ring?
What do you do here? Would you buy the box not knowing precisely what is inside?
1. Familiarity
Maybe. If the brand was well-known and had excellent authority and credibility, you might buy it without knowing much about what was inside. Perhaps you have even bought “mystery offers” from well-known brands yourself.
If you have already established a know, like, and trust factor, you may believe that whatever is inside that “mystery box” is worth it.
So what does this mean for you?
If you have established yourself as an authority brand, presenting a “mystery offer” may build excitement and a buzz while creating that cash injection you crave.
2. Changes
Or perhaps the offer is still in development.
The details are not specked out yet, but you could be part of the elite group to test it at a higher level of support with a lower price tag.
You most likely feel like it’s a great deal and want in without a complete understanding of what’s entailed.
So what does this mean for you?
If you are still testing your offer and the pricing needs frequent adjustments, it may be best to avoid consistent updates to sales pages by sharing the pricing during sales conversations instead.
Scenario 3: Connect, Create, Convert
On another day, you walk into that same shop where a new salesperson engages you in a deep conversation.
She asks you what you are looking for, and as you describe what you need, she listens intently to your answers and is curious to learn more.
You feel deeply connected because she cares about your needs and understands you.
Based on your answers, she presents you with a small Kraft paper box and says, “This special box will solve your problem. It is $50.”
How does this feel different from the first two scenarios?
My guess is that the box is much more valuable.
How does this work?
No matter if you proudly display the pricing on your website upfront or wait until a sales call or dm conversation, the following is key:
Connect to your ideal client by understanding their wants, desires, and needs.
Create the best solution based on their needs. Develop an offer that is jam-packed with the most value for the price.
Convert sales by highlighting your value so well that your content and conversations sell for you. Let your content do the heavy lifting to pre-sell your offers.
Pro Tip:
Some individuals will feel you are too expensive whether you decide to put a number on your sales page or not.
Before investing valuable time, always include a form asking about their affordability for investment.
Recap
Whether or not you decide to publish your pricing upfront is personal. By evaluating the options, create the best decision that is right for you.
Scenario 1: Comparison
- Value: Display pricing on most low-ticket offers. Evaluate whether sharing high-ticket costs upfront is right for you.
- Pricing: Assess if upfront pricing is a competitive advantage in the marketplace and share when appropriate.
- Unique Selling Model: If there is a high level of customization, share pricing individually. Standardize your offer to publish costs when possible.
- Scarcity: Increase pricing and create a published waitlist when in high demand.
Scenario 2: Mystery
- Familiarity: Once established as an authority, a “mystery offer” may build the buzz your audience craves.
- Changes: If pricing needs frequent adjustments, avoid sharing upfront.
Scenario 3: Connect, Create, Convert
- Connect to understand client wants, desires, and needs.
- Create the best solution jam-packed with the most value for the price.
- Convert sales by highlighting value in your content and conversations.
I hope these examples help you decide whether sharing your pricing upfront is best for you.
Michele x
If you need help building your vision by creating a step-by-step strategy you can actually stick to, email me the word PROGRAM.
