Floating a business website is not only exciting but a mandatory thing to do in an Internet-driven world. That being said, many people encounter a number of doubts and incertitudes which need to be answered and clarified before plunging into the act of going live with a website. One of the most common questions that business owners and entrepreneurs have is about price listings.
Business owners and entrepreneurs often wonder if they should post their prices on their websites or should act smooth and elegant, and state that they should be contacted for a price quote. The answer is certainly, “it depends”. To decide whether one should post their prices on their website or not, one must evaluate the kind of business they are running.
Who Should List Prices and Who Should Not
Small businesses, entrepreneurs and people who work from their homes stand to gain if they list their prices on their websites. This is because, the kind of people who buy their products or services are price conscious. Similarly, professionals and consultants who typically work for corporations and wealthy individuals should not state their prices, as they would sound cheap. Publishing one’s prices on their website may come across as a very down-market and unprofessional thing to do, if the target audience is affluent, professional and corporate. It always helps to assess the kind of target audience that a business wants to attract.
Pricing Also Depends On the Kind of Services Offered
The question of publishing prices does not only depend upon the target audience. It also depends on the kind of products and services one offers. Commodities, goods and products that are manufactured are better off when their prices are listed on the website. Services that require a lot of research, analysis and background work come with a lot of variables. It is difficult to state a price and abide by it. You may feel you are being taken for a ride when you have to accept a price that you have stated on your website, but the actual work is back breaking. In such a circumstance, quoting an hourly rate or offering to send a quote after having an initial discussion is a better approach than listing a price menu.
Disadvantages of Listing Prices on Websites
There is also another school of thought which believes that nobody who sells services should list their prices on their websites. By listing prices, we are essentially pigeonholing our services into a price category leading to prejudiced judgments about our work. It is of course convenient and a lot of people may choose you because you have your prices listed. However, entrepreneurs and professionals who are good at what they do, and those who seek to grow professionally should not list their prices.
Price listings can cut short business dialogues during which a lot of networking can take place. Even if your client cannot afford you, he or she will have an opportunity to understand your working style and eventually come back to you, when they can afford your prices. Not stating your prices explicitly will give you the freedom to work harder and be motivated. It will allow you to charge an amount of money that reflects your experience, talent and knack.
The Pros and Cons of Listing and Not Listing Prices
There is no clear solution for this dilemma and it all depends on business practices that we choose to follow. Listing prices is very easy on the surface but may lead to discontent, lack of motivation and a poor quality of work eventually. You may also risk being treated with prejudice when you state your price. On the other hand, not stating your prices on the website may lead to a lot of potential clients feeling intimidated about your mysterious pricing strategy. It may also lead to a sense of lack of transparency, which many people in an Internet age respect.
To conclude, it is a good idea to list your prices if you offer products. It is also a good idea to list your prices if you offer services to small businesses, individuals and if your services do not entail a lot of variables. However, if you handle corporations, affluent individuals, and if your services require a lot of forethought and research, you shouldn’t be listing your prices on your website.