Why? When purchasing a product or service, what is the first question that comes to mind? Yes, how much does it cost? Consider how you may respond to that query on your own business website.
Despite this, the majority of company owners are still hesitant to post their rates online. It’s a topic on which we frequently disagree. So, we’ve come to share our thoughts on why you SHOULD opt for open pricing to boost your website conversion.
It has been proven that business websites with an open pricing policy for their services have a greater conversion rate. Customers are more likely to make a purchase when the pricing is freely displayed on the website or product page. This is due to their ability to comprehend the worth of what they are purchasing and how it compares to other available options. Most eCommerce marketing services ensure that prices are clearly displayed on the website so that people can make a purchase decision.
Here are a few reasons that you should go for open pricing of services:
1. Trust and credibility
Many clients will refuse to do business with a company that isn’t transparent about its price and costs. . If you display pricing on your site people can easily make decisions and trust you for your transparency.
2. Price Points
Customers want to know or at least have an idea of, how much your service or product will cost them. This saves their as well as your time. Simply they will not waste time speaking with a sales representative only to discover that the price is too exorbitant (or too low, which may feel cheap or low quality to them)
3. Beliefs about Unaffordability
Some clients mistakenly feel that if the price isn’t displayed, it must be too high. Because if they aren’t shown the price, they will most likely believe that they are unable to afford it. And you can lose out on a potential customer.
4. Effectiveness
People who cannot afford your services or products will not request a phone call. Do you want to spend time on the phone telling folks that they can afford you when they truly can’t or don’t recognize the value you provide? It’s difficult to hold phone conversations with people who have unreasonable expectations since they are unaware of the costs. Trying to persuade people is a hard-sell strategy.
5. Branding
Pricing is a strategic marketing tactic that helps to differentiate your company from the competition. Your pricing notifies a potential consumer where you stand in the industry. There is no such thing as a good or bad pricing strategy. The important thing is that you’ve progressed through your marketing strategy and you are transparent about what you’ll cost for the services you offer.
Businesses should follow the practice of quoting the price based on their services. Placing the pricing page can help customers decides whether they can go with your services or products. People appreciate transparency and you will get quality leads who are convinced and are willing to do business with you. It shows that you have universal pricing and provide services at the same cost to all the website visitors. This thus increases the credibility in your audience and boosts your website conversion.
Some advice on pricing your services or products:
If your company relies on lead generation, it may be worth it to put your prices on a downloadable document that requires a customer’s email address to view.
Putting a promotional offer front-and-center on your website is still a terrific option if you’re wanting to make quick purchases or get some easy leads into your organization.
Pricing “page” gets to your website, those people who are seriously interested in buying (while also improving your Google rankings!)
“pricing-related”, “packages-related” and “cost-related” phrases are extremely commonly searched keywords eg. SEO packages. If you mention costs on your website, you could see a significant increase in Google traffic to your site.
Hope this article helps you in your decision of whether to go for open pricing or not.