Don’t Hide Your Expertise
No two clients are alike. Some face simple challenges while others are more complex. Because of that, placing the same price tag on their needs doesn’t make sense.
You have so much to offer. In fact, your service is probably superior to your competitors. Then why compete on price?
Posting your rates on your website highlights how much your time is worth, but it hides your expertise.
This leaves their biggest question unanswered – do you possess the solution to their problem?
When you sell low ticket items, like a product or a class, post your prices. Services, however, are different. Especially, when you work privately with your clients.
People Buy on Emotion
We believe price is the first consideration. That’s simply not true.
Harvard research proves that buying decisions are rarely based upon logic. Emotions drive our decisions. Then logic justifies those choices.
As the legendary copywriter Joseph Sugarman states, people buy Mercedes for status rather than features. The decision’s emotional, not logical.
What’s Your Preference?
Out of curiosity, I posed this question to my followers: What do you think about posting your prices on your website?
Immediately after the post went live, responses flew in.
Transparency was the primary reason for rates to be posted on a website. They want potential clients to be fully informed about their fees before contacting them.
Some felt this pre-qualified a potential client. Others don’t enjoy discussing their rates.
Now if you value price your service, then you lean away from posting your rates. This pricing strategy emphasizes outcomes. Since it’s not time based, a price cannot be determined before you assess the need. It’s similar to a doctor. Surgery would never be prescribed prior to the exam.
The Downside to Posting Your Rates on Your Website
Our brains influence all of our decisions. When someone comes to your website and finds your pricing page, this creates an anchor. Basically, they connect your value to that number. This has disadvantages.
- Listed prices create preconceived expectations and false assumptions. Many times I’ve heard of entrepreneurs who found out a potential client worked with someone else that had higher prices. You value your time more than your clients do.
- When you mention a price that’s higher than what’s listed on your website, this creates suspicion. Don’t do anything that risks your integrity.
- Mentioning any price makes the client fixate on price. Naturally, they’ll compare your prices with other services online. As a result, you lose their attention.
Things Clients Actually Want
Price is not the only factor that ideal clients consider. Are you a good fit for them and are they a good fit for you? Three primary factors influence their decision.
- Price. Can they afford your services? How do you differ from lower priced alternatives? Are your prices so low that a potential client questions your credibility?
- Client Experience. How well defined is the client experience? Can they reach you in-between scheduled appointments? How quickly do you respond to their concerns?
- Delivery. Does your business actually fulfill its promises?
Selling value differs from competing on price. This approach emphasizes what matters to them. Then they discover how your service resolves their concern.
The Ideal Pricing Strategy
If you’re selling time, and you value transparency, then list your prices on your website. Either your rate fits into their pre-conceived notion of what your service is worth, or they move on.
Don’t list rates when you value price your services. Offer a free consultation. Then focus on their needs. When done correctly, they’ll naturally ask you “how does this work?”
By the way, value pricing actually prices the clients rather than your services. Unlike the traditional hourly rate, it’s not one rate for all clients.
You can actually adjust your prices up or down – depending on the complexity of the client.
So leaving the pricing for later allows you to match different clients to their corresponding prices. Since you quote a set price, time is irrelevant.Posting prices on your website undermines your value. Clients who value your solution will happily pay more than your hourly rate to fully solve their problem. Read full post. #getpaidwhatyoureworth Click To Tweet
Final Thoughts to Posting Your Rates on Your Website
Posting prices on your website undermines your value. Your ideal clients want proof that your services can effectively solve their problems. Offer a consultation that highlights their concerns. Clients who value your solution will happily pay more than your hourly rate to fully solve their problem.
Follow these recommendations for a business to be successful, and grow while keeping your passion alive. Are you tired of doing work for free because you don’t know how to charge for it? Discover how to get paid what you are worth and attract clients who understand your value. Right NOW claim your FREE RESOURCE to create value based pricing.