Why aren’t you posting your prices?

Do you hesitate to put your pricing on your website?   My good friend, Christine Dyer of Bridal Tweet, started a great discussion on LinkedIn.  She mentions two big reasons to post your fees.   Read the post and comments.  Pricing is a core topic here so I couldn’t resist offering a thought or two.  (Guess pricing strikes a nerve, huh?)

 

My response about putting your price on your website:

Do you hesitate to post your price range or illustration as Darren experimented with, ask yourself why? What are you avoiding?

As humans, our brains are  programmed to avoid loss, even when there may be an eventual long term gain. That’s why marketing messages that tout, ‘buy now before the discount ends’ attract so many consumers. Who wants to miss getting 30% off, right?

Same basic logic applies to entrepreneurs. You also want to avoid loss and regret. So, you decide not to post your prices, sparing you from the anxiety of brides seeing the price and not calling. Funny thing is, they won’t call if they don’t get any price indication. You know the old expression, if you have to ask, you can’t afford it.

Your Thinking May be Faulty

Timothy Wilson,  respected social psychologist and author, researched how emotions impact our decision-making.  We decide things based on our emotions but then justify with logic.  That’s called a rationalization.  My favorite juicy rationalization- If I walk the lake, I deserve the cocktail at happy hour.  You’ve probably done some internal bargaining too.

Marketing gurus encourage us to use the emotion of fear to motivate sales.  Well, it works both ways.  Fear also motivates you, but not in a good way.

Fear may get your client to buy your services, but it may also be preventing you from doing important things.  Like  putting those prices on your website.   Or, charging the right price.  If you haven’t added a price range to your site so clients can qualify themselves, you gotta ask yourself: what am I afraid of?

My clients tell me they are afraid of these things:

  • clients having sticker shock
  • customers who say the price is too high
  • clients who say it isn’t worth the price
  • scaring away customers
  • not making any sales

 

Money  Matters

All reasonable fears that lead my folks, entrepreneurs just like you,  to decide that money doesn’t really matter.  That helping others is what’s most important.   True, but here’s another way to look at it.

On an unconscious level, you are removing the threat of loss and replacing it with an delusion.  Now, I know this sounds woo woo. Stay with me.

When I hear someone say, ‘I do this because I love helping people, not the money.  This is my calling’ it makes me wonder.   Does she mean that or is she afraid?  When you put yourself on a high pedestal like that it makes asking for money seem ugly.  Mother Teresa didn’t charge, right?  So, in a way you  relieve yourself of the responsibility for making money because you’re doing good.  

Nice thought, but faulty business thinking.  Unless you can get clear about what your price is and why that’s so,  you won’t get the amount or quality clients you deserve.  Worse yet, you won’t be able to help anyone because you’ll be burned out or out of business.

The cost of feeling safe is that you undervalue your contribution.  You call your value in question (why so little?).   Not a good solution to fear, and part of the reason I think so many entrepreneurs throw in the towel.
After giving so much, they are disappointed at the results and heart-broken.  Don’t let that be you.

 

Don’t Leave Clients in the Dark

Give yourself a fighting chance.  Most of us do our preliminary shopping online.   I know the first thing I do is look at the website.  And, if there isn’t one or it doesn’t share pricing, well….There are tons of other providers besides you, and in the din of all that noise, buyers are looking for ways to shorten their list.  No prices = move on.  You need to put your prices on your website. Even if, you think….

  • your warmth & charm work best in a in-person consultation.  You won’t get the chance to wow’em if they don’t come in because they’re afraid of being embarrassed over their budget.
  • your services are personal and difficult to price.  Yeah, we’re all special, buddy.  If you can’t quantify your benefits, you won’t get many clients.

What’s your experience?  Prices or not prices?

 

PS My pricing study needs just 25 more participants.  I plan to publish the results, which so far are fascinating.  Interested? Take the survey

 

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