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Even before the digital revolution, when digital marketing was nothing more than a ‘science fiction’ concept, the pricing of products and services was a major driving factor in customers taking action. Pricing is still the primary driving force for customers of today who make everyday purchase decisions considering their budget limitations and the value received by participating in the transaction.
The way people shop has now changed, and consumers have more control of the buying process than ever before; they know if they research enough online, they’ll find what they’re looking for, including the price of the product or service that will provide the solution to their problem (regardless if it is a ‘need’ or a ‘want’). It is a prospect’s number one frustration when they’re in the researching phase and aren’t able to find pricing listed or even approximate costs discussed on a website and you can be guaranteed it will quickly make them look for another website that does. Yet, despite this fact, many businesses still fail to address pricing on their websites.
At WEBO Digital, we come across different business owners every day who want to leverage the power of digital marketing to not only grow their business but also increase the visibility of their brand in the digital world. What we find during the conversation is out of a hundred business owners, only a few are positive about discussing pricing on their website. In contrast, what we have managed to understand through different customer surveys is that most, if not all of the customers want to know about the pricing of the product/service they are looking for early on in the journey.
Marketing today is not as straightforward as it used to be a few decades ago although the principles remain the same. You still need to first earn the trust of your potential customers before they will seriously consider buying your products or services. To do that, you need to be as transparent and as honest as you can. If you fail to discuss your pricing openly, your prospect begins to quickly feel you are hiding something from them and the possibility of a deal shuts down quickly from there. It’s simple; people want to know details around pricing before making an actual purchasing decision.
One of the core concepts of content marketing is to address every possible question your customers ask you.
Businesses that elect to avoid addressing pricing on their websites insist on a variety of reasons for doing so. The most common reasons for this include the following;
In contrast, most customers don’t choose to further engage with the businesses that are not open about the pricing of their products and services, as pricing remains one of the major concerns of the customers.
If you fear losing your customers from the first sight, remember this – you’ll lose more customers if you fail to discuss pricing on your website. On the other hand, not listing pricing on your website does not stop your competitors from researching your business and what you do.
Modern-day customers not only have more freedom but also have full control over the products and services they consume. That’s why most companies are incorporating the concept of inbound marketing into their marketing strategies. The message here is clear and straightforward – you have to win the trust of your potential customers for them to take action and convert with you.
Being as transparent and as straightforward as possible is the key to gaining any customer’s trust. Not discussing pricing on your website will only enable your competitors to take advantage of your failure to do so.
As the marketing activities have transitioned to the digital world in recent years, it’s become harder for businesses to continue to sell with the mindset of remaining vague about pricing until you have spent a bunch of time with the prospect. Cost and pricing have become vital in the current context of digital sales & marketing and it’s one of the most searched for subjects on the internet. No matter what industry you are in, your customers want to know at least some idea of how much your products or services cost.
It is very important to put in the hard yards in researching and fully understanding your ideal customer. It doesn’t matter what you sell; you don’t sell it to everybody. If you try to sell your stuff to everybody, you’ll end up having more prospects that aren’t a good fit, increased marketing overheads, and more meetings that will only lead to more rejections. So you don’t need to spend your time, money, and effort trying to convince prospects who will ultimately turn you down for the price of your products/services. Instead, you can invest your efforts to convince the right customer who wouldn’t shut the deal because of pricing.
If you are worried your pricing would ‘scare off’ your leads from the onset, then keep this in mind: the pricing you reveal on your website will save your time, money, and marketing resources by eliminating the leads who are not a good fit for your business anyway. You may have fewer sales appointments, but your conversion ratio will be higher, your time will be more productive and your sales conversions more profitable.
Isn’t it funny that you hesitate to reveal something you’ll have to show anyway at a point to complete your selling process successfully?
Let’s suppose you haven’t discussed pricing on your business website, and your prospect calls you to enquire further, what do you think their first query will be? You’re right, 9 out of 10 will ask you about the price of your services. Would you not answer it then. If so, don’t you think not addressing pricing on your website is just a waste of your time?
Educating your visitors about pricing will make sure you’ll later have quality leads in the next stage who’ll more likely convert. Revealing your pricing to your customers when they come searching for it will make sure you’ll start gaining their trust from the first interaction, which takes us to the next point.
Let’s just pause briefly on discussing customer behaviour and in turn focus on your behaviour from a potential customer’s point of view. Wouldn’t you appreciate the business that answers all your questions right off the bat? If you do, how is it a bad idea for you to be transparent with your prospects?
Transparency is one of the most critical things to help you build your brand’s trust among your customers. If you aren’t discussing pricing on your website, you aren’t likely to be considered as being genuinely open and transparent. Your customers will appreciate you more if you are more transparent than your competitors. Customers always compare different companies before choosing one and taking the next step in the buying process. Who do you think customers will call when they have to choose between a company that is transparent about costs and pricing on their website and the company that isn’t?
Search engines such as Google display web pages that cover the word(s) a searcher is looking for. You won’t believe, pricing of products has one of the highest search volumes on the internet. If you aren’t addressing it on your website, you are missing out the opportunity to be visible in front of a broad audience.
Understanding SEO in building the right strategy is the key to successful content marketing. And addressing as many queries of the target audience as you can is the only thing that’ll guarantee visibility and trust of your website. There are so many examples of companies that have managed to rank on top of search engine results, generating crazy numbers of sales after addressing pricing on their website. And it only takes a few hours (at maximum) to do it.
Being as transparent as you can and addressing as many of your prospects’ questions as you can is an opportunity for your business to stand out from your competitors in today’s marketing world. And it’s the key to successful content marketing.
After explaining why you won’t ‘scare off’ the right clients but only the clients that don’t fit your business by addressing pricing on your website, you might argue your pricing is complicated with variables. The fact remains that you’re going to want to help your client understand how your pricing structure works and what influences it anyway, no matter how complicated it is.
If your pricing is somewhat complex this is even more reason to write an article (or better still, create a video) addressing your pricing details and explain what factors influence the types of goods and services you provide to be more expensive and what things enable them to be cheaper. Work with your sales team to put together a list of FAQs they hear from customers regarding pricing concerns and then provide in-depth answers to each of them. It’s one of the primary things people come searching for on your website.
Converting leads is more important than just attracting them to your website. Providing them with what they come looking for is absolutely crucial for conversion. And not addressing pricing can be the significant factor why your leads are not interested in progressing further in the buying process with your goods/services.
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