Updated: May 18
Let's talk about something a little tabu. Money! Very few like to talk about it, yet most of us have it front of mind when we purchase something. And we don't like to spend too much for what we are buying. For most people, price matters and we want value.
Something is only expensive if the value to the price doesn't match. There are 4 reasons why anyone buys anything.
Pain in the present: They're experiencing a problem and need it fixed immediately.
Pain in the future: They're anticipating a problem and want to start planning for it now.
Pleasure in the present: They're looking for something to fulfil an immediate need or desire.
Pleasure in the future: They want to invest now to reap the rewards later.
Whichever category you customers fall into, you need to find a reason why you are different than the competitors where the price is not front of mind. It's not a problem if your price is higher. As long as you offer something that makes it worth it. You need to focus on why you are better. The area where you are different is: customer service. How can you make a difference to their current situation?
Unless there is an obvious or legal reason why you don't want to tell your price, don't be afraid to put it on your website. People will make a decision based on if they feel it's good value for what they are looking for.
If you don't publish the price, customers could think you are charging more than what they have in mind which is the reason why you keep it hidden. You might lose them for a reason that is completely preventable. If the price is too high anyway for the potential customer, you don't have to spend time trying to convince them of what is already a lost customer. It saves you time.
If you have loyal customers, the price is secondary. They already know what they are paying for and just want to find more information. Perhaps a friend is asking and they can't remember. You don't want to make the customer having to email or call and ask... then the sale is already lost.
If your prices are fair, you don't have to hide them. Be honest and explain your value. The right customer will listen and believe you.
Retention and loyalty marketing covers many aspects of the customer journey. Put yourself in the buyers shoes. You want to make their buying journey as easy and exciting as possible. It doesn't matter if you are selling a dream trip to the Maldives or IT services. You don't want to give them a single reason to move away from you. Make it personal.
Anna Seefeldt, your practical, no-nonsense marketing and business consultant, founded the company to assist with all your marketing needs. Anna lives in Singapore with her husband and two children.
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