4 Ways that Publishing Your Pricing Can Increase Your Conversion Rate

Publishing your pricing for your products or services can be a bit of a touchy issue for many B2B companies. There is always a fear that putting your pricing “out-there” on your website can scare potential customers away if the price isn’t right, or that it will allow your competition to use that information against you. We’re here to tell you that, we don’t believe that. We actually think that publishing your pricing on your website can have significant benefits for your organization, we have our pricing published and it has helped us discover some of the key ways that it has helped our website conversion rates.

Web usability expert, Jakob Neilsen, has stated that not publishing prices on your B2B website is one of the number one mistakes that company’s make and,  according to Jakob, “Price is the most specific piece of info [sic] that customers use to understand the nature of an offering, and not providing it makes people feel lost and reduces their understanding of a product line.”

We agree with Jakob and to help you understand why we agree, here's our list of 4 ways that publishing your pricing actually helps increase your website conversion rates:

1. It builds trust and brand confidence. If you publish your pricing on your website, it shows that you’re not afraid to stand by your products. If you are willing to publish a price (whether it is on the high or low end of the spectrum for your industry) it shows that you believe your products are worth that price. Displaying your prices with confidence breeds that feeling in potential customers.
2. It allows you to comment on your pricing. Publishing your pricing gives you the opportunity to explain how your prices are built-up. You are able to tell your customers which features they get for which price, differentiating your products within the market and keeping the buying cycle as simple as possible. Nothing is worse than reading about a product and finding out you can’t get what you want for a price you can pay.
3. It makes your promotions' value obvious. Publishing your pricing allows you to put on effective price-based promotions. Offering someone $200.00 off your products (for example) has little or no relevance if they have no idea how much your products cost in the first place. Communicating the value of your promotions can increase the leads they bring in. 
4. It forces your leads to qualify themselves. If a lead comes to your website and can’t find the pricing, they may take the time to contact your sales team for further information, only to find out that they don’t have the budget for your products or services. This wastes valuable sales cycles and time. By publishing your pricing, potential customers have the ability to qualify themselves as hot leads (if they like your pricing) or to go somewhere else if your pricing doesn’t work for their budget. Don’t be afraid of scaring people off! Customers that aren’t able to afford your products, or who are looking for the cheapest solution on the market, tend to be the ones who leave as soon as some less expensive option comes along.  

Posted by Amberlie Denny at July 5, 2010 8:00 AM

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