What are the Benefits of Pricing Transparency?

Imagine this: You’re on a family trip, searching for a restaurant to grab dinner. You find a restaurant on Yelp that looks great and go to scan their menu… There are no prices listed anywhere.

Chances are, this restaurant will lose your business immediately.

Let’s talk about pricing transparency. Better yet, Andrew Marr, CEO and Owner of Digital Storyteller is here to answer the question: What are the benefits of pricing transparency?

Let’s see what he has to say in the video below.

Why is Talking About Pricing Awkward?!

So, as a business owner, the question about pricing always comes up. There’s no way around it.

We recognize, however, that there are many reasons why you might be scared to openly talk about your pricing. These fears could range from thinking:

• Your services are overpriced
• You’re not qualified or experienced enough to be charging your rates (Helloooo, imposter syndrome!)
• That you don’t want to face rejection (or acceptance…)
• That your prospect will raise an objection about your pricing
• It’s “mean” or you “feel badly” to charge a fair price

Or, you could just be plain shy! Or, you might have grown up with the idea that talking about money is taboo.

Regardless of what your fears are, as a business owner, you need to be willing to discuss your pricing—out in the open.

Our philosophy here at Digital Storyteller is to tell your prospects and/or your clients how much you charge. The fact of the matter is that they’re going to find out anyway.

Not convinced yet? Below, let’s discuss the main benefit of pricing transparency.

Pricing Transparency Leads to Trust

There are many benefits to being open about the pricing of your products and/or services.

Think back to our family trip dinner scenario… You can’t find any prices listed on their site or Yelp.

Chances are, within the course of a couple of minutes, this restaurant will have lost the potential for your business. The same rings true with your business if you fail to disclose your pricing.

Did you know that when a business voluntarily discloses its costs—regardless of what they might be—the prospect is more attracted to the brand?

Why? Because pricing transparency builds trust.

Try Your Best

Now’s the time to ask yourself: How transparent is my business? Be honest. If you were a prospect in your target demographic, who stumbled onto your site, would you be happy with the level of transparency there is (or lack of)? Or, as a result, would you start to look elsewhere for your product or service?

Did you know that, according to a recent survey, 86% of small and mid-sized businesses (SMBs) felt that a clear statement of pricing or costs was very or extremely important? Moreover, 38% of SMBs felt it difficult to build trust without pricing transparency.

We know, it’s not always possible to give a flat-out number as far as your services go. There’s a lot that can factor into what you charge.

At the very least, however, provide a range. Create articles and landing pages that explain to your prospects, “Even though we can’t give you an exact number, these are the factors that go into what we charge for our services. Here’s what XYZ clients typically pay for XYZ services.”

So, be transparent, it builds trust.

Our Pricing at Digital Storyteller

At Digital Storyteller, aside from our homepage, guess what page on our site is most visited? You guessed it—OUR PRICING PAGE! (See, analytical proof that people admire pricing transparency).

Again, in an effort to practice what we preach, here’s a breakdown of our prices for both ongoing content and website builds.

Speaking of including pricing on your website, interested in learning more about the qualities of a good site? Read on to learn how often you should redesign your website (and why…)