When asking businesses if they talk about price on their website, only about 20% say that they do. Considering most consumers will have the question of price at the top of - or close to the top of - their minds, it is a vital feature to have on your website. So why aren't more businesses advertising prices on their website?
81% of shoppers conduct online research before making big purchases. (Retailing Today, 2014) (Source: https://www.hubspot.com/marketing-statistics)
It seems that the biggest concern businesses have with talking about price on their website, is their competitors. Adam Steinhardt and Zaahn Johnson discuss why letting your competitors see your price isn't such a bad thing after all.
It's not hard for competitors to see your price
Even if you're not talking about price on your website, competitors can easily make an inquiry to your business about your price without you knowing. So why should you be concerned about it being on your website? Yes, it makes it easier to see. But isn't business transparency what we're all aiming for anyway?
It helps you to build trust
As stated, talking about price on your website means greater business transparency. This in-turn leads to consumer trust in your brand. If you're willing to talk about price on your website, it gives the impression that you have nothing to hide. It also helps consumers weight up the value vs. cost of your product, making it easier to make a purchase decision.
What if you have a difficult pricing structure?
If you don't have a straightforward price for what you offer, it is important to detail what process needs to be undertaken to arrive at a price. For example, the price of marketing services can vary greatly. If you explain what steps you go through to arrive at a price (social media, plus website, plus design etc.), it will give customers a better understanding of why you offer that particular price.
At the end of the day, you should be proud of the price you charge for your product or service. Talking about the price of your product is an important part of online product advertising and content marketing. If you would like help discussing your website needs, feel free to contact us at The Kingdom.