- Video
The pricing tiers of any industry
You're affordable compared to what? A Ferrari or a Freddo?
▶Play the video: The pricing tiers of any industryEvery industry has tiers. Cheap, mid and premium. Your business sits in one of them, whether you like to admit it or not.
Price is the fastest way to tell people which one. You can write “luxury” all over your website, but without a number it means nothing. Same with “affordable”. Affordable compared to what? A Ferrari or a Freddo? (A Freddo is a cheap bar of chocolate in England, and not a very nice one.)
Numbers create context. Context builds trust, because it tells somebody where you sit.
If your service costs £20,000, say so. The right people won’t be scared by that price. The wrong people will, and that’s good, because you don’t want the wrong people.
It’s selling and repelling. Your website should sell to the right people and put the others off. You’re not trying to attract every Tom, Dick and Harry. You only want the Tom. More on that in should you put prices on your website?
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Read the full transcript
Every industry has tiers, cheap, mid, premium. And your service or your business is going to be in one of those tiers, whether you like to admit that or not. And price is the fastest way to communicate which tier you're actually in. You can write luxury all over your website all you want, but without a number on there, it means naught. And you can say affordable as much as you want, but if there's not a price on there, it means naught.
You're affordable compared to what? A Ferrari or a Freddo? By the way, a Freddo is a cheap piece of chocolate in England that isn't a very nice piece of chocolate. If you're in America, compare it to a Hershey's, something like that. The point is that numbers create context.
Context builds trust. It tells somebody where in the tier that you sit. If your service costs 20,000 pounds, say it because the right people wanting to purchase your service won't be scared by that price. The wrong people will be scared by that price. And that's good because we don't want to attract the wrong people.
Remember back when I was talking about selling and repelling? That's what the website should do. You want to sell to the right people, but repel the other ones. You're not trying to attract every Tom, Dick, and Harry to your website. You only want to attract the Tom and not the Dick.