Entrepreneurs and freelancers have a myriad of considerations as they build their businesses. From determining the rate that fits your services to understanding what that pricing says about you. Another issue that is often confusing: Should you list your prices on your website?
There’s no single answer to this because it comes down to knowing what you need to accomplish. Do you need more prospects, or do you need better qualified prospects?
Goal: Find More Prospects
When I started my current business, I talked to anybody interested in working with me. In fact, my goal was to talk to as many prospects as possible. I even put that on my website. I wrote, “I would love to talk to as many people as possible about their financial coaching needs. Please just click here to schedule yourself an appointment slot — we’ll chat for 20 minutes about your unique situation.”
It’s hard for any new business to completely understand their market if they haven’t spent time in the trenches talking to them.
This system worked well when I started out because I didn’t fully understand my ideal prospect yet. It’s hard for any new business to completely understand their market if they haven’t spent time in the trenches talking to them. I talked to dozens of people before I could accurately anticipate what they were thinking, saying, and doing. Once I was confident that I understood my prospects, only then could I effectively sell my services to them.
If your website is not generating enough consult requests, then consider not listing your prices. By not listing the prices, you allow yourself more opportunities to determine the unique value of your services, and to also pull potential clients into your sales funnel.
Goal: Find Better Qualified Prospects
As helpful as I found the early days of fielding every possible prospect, at some point you may find yourself overwhelmed by the number of consults. That’s when it’s time to think about listing prices. When I could no longer schedule everyone who wanted to work with me within a month or so, I knew it was time to add a vetting feature to the process.
I added the pricing section to my website, and I also designed an intake form. These steps allowed a twofold vetting process. Potential clients could select themselves into the prospect pool if they were willing and able to afford my fee. Then, before I even talked to them, I had a second feedback mechanism–the prospect intake form–to indicate their suitability for my services.
When I could no longer schedule everyone who wanted to work with me within a month or so, I knew it was time to add a vetting feature to the process.
For business owners, understand that your prices act as an initial prospect filter based solely on the cost. If you still need to streamline the prospect pool, consider an intake form as a secondary filter based on suitability.
Make the Final Decision: To List Prices or Not?
If you’re not reaching your income goals and sales targets, then you likely need to find more prospects and refine your skills and acquisition process. The more prospective clients you talk to, the better you become at having sales conversations — an important skill. You also streamline your ideal client profile, which has long-ranging benefits on your product and service offerings.
If you’re swimming in prospects, then it’s time to add filters that generate a more selective pool of prospects. This frees up your time so you can streamline your services and offerings now that you fully understand your prospective client profile.
And if you’re somewhere in between these two options, consider listing your prices alongside a caveat. You might try writing: “As I build my practice, I am interested in talking to everybody. Even if you think this is out of your price range, let’s set a time to chat for 15 minutes and see how we might work together.”
There are many decisions that factor into how you build your business, and the client acquisition funnel is arguably one of the most important. If your client funnel isn’t serving you, it’s time to consider an alternative approach that may just take your business to the next level.
ABOUT MINDY CRARY
Having the diverse combination of finance and coaching experience (along with an actual sense of humor that didn’t require any particular certification), Mindy helps both you AND your money succeed. From growing your wealth to the actual person behind it, Mindy bridges the gap between the energetic, spiritual and practical financial services industry with a creative twist. If you want to feel more confident about your finances (without relying on a spreadsheet!) check out Mindy’s excellent (and FREE) Profit Clarity Blueprint.