When consumers weigh the pros and cons of a purchase decision, they almost always consider the price closely. Indeed, whether you’re looking for a new t-shirt or a new car, no one wants to overpay for a product or service.
Unfortunately, many small businesses simply refuse to talk about price in their marketing or advertising content. While this might seem like a reasonable decision at first, the reality is that being upfront about your business costs could have a serious positive impact for your brand and your business. Here are three reasons why small businesses should be ready to discuss costs with their customers at all times:
Transparency Matters
Above almost all else, consumers want to engage with businesses that they trust. One of the best ways to earn a customer’s trust is to be transparent with them. Explain everything about your business –– from product development, to your core values, to your final prices. That way, customers will know exactly what your company is and what you stand for. If a consumer can’t find this useful information on your own site –– or on your social media –– odds are they won’t go looking for it themselves. Or, worse, they’ll hear about your company second-hand. Either you can control the narrative around your brand, or you can let others do it for you. The choice is up to you.
Impart Value
Just because your company doesn’t offer the cheapest products or services in your field, it doesn’t mean you should never talk about price with your customers. Rather, just the opposite is true. It’s key for small businesses to promote the value of their products and services, especially if customers can find cheaper alternatives elsewhere. Explain why your products offer better value and answer customer needs more effectively than others. Perhaps your products perform better than competitors. Or they have a longer shelf life. Or maybe you can offer much greater customer service than other businesses in your industry. At the end of the day, your product/service has unique value. Let the customer know about it!
Find Better Leads
Some leads may have a serious interest in your business, but they simply may not be able to afford your services. Being upfront about your pricing will let these leads know to look elsewhere. This is actually a good thing because it allows your marketing and sales team to focus on individuals who will benefit from your product/service and who have the money to afford it. Don’t waste your time –– or potential customers’ time –– by refusing to talk about costs.
Conclusion
At the end of the day, the more open and honest your company is, the better. Make sure to check out some examples of how other businesses have addressed the issue of cost before you do so yourself. For example, this blog from the Northwest Surgery Center explains bunion surgery costs –– as well as key information about the procedure. By studying how other successful companies talk about price, you too can develop a marketing strategy that resonates with your audience.