A Pricing Page That Sells! – Features of a Successful Pricing page

In this third installment in the series about required E-commerce website features, we are talking about the pricing page. Pricing pages are key to conversion. Designing the right pricing page increases checkout and ultimately Profits.

Then you put up a pricing page for your product, you must realize that you are trying to convince the customer to part with his money in return for your product. At the same time, your product may be in competition with multiple other products/services(both in your industry and elsewhere) for the same money.
So, here are a few thoughts – derived from years of experience working with retailers on their sites; as well as studying from the giants of the industry.

Make it Simple to Find the Price.

Do make it easily visible using bolded font; or colored text – or some similar mechanism.

Don’t make the customer go through multiple clicks before the price is revealed to him.  Make it easily visible by using a bolded font  Don’t use red font though, red still stands for danger; or inconvenience or something negative. Your price should come across as friendly.

Pricing page should be well designed.

Do use a professional to design your pricing pages for you. It is one of the most important pages on your web site. The UX of the page must be adequately pleasant to remove any unnecessary frustration the user might feel.

Salesmen can vouch for the fact that users normally feel apprehensive just before being told the actual final price on the product. That’s why your car dealer has such nice cozy rooms where he seats you – and offers you cool drinks/tea/cookies – before he springs the price on you.  You have to do the equivalent of that same selling tactic on your website using good design.

Don’t clutter things on the sales page. Don’t put the price in the middle of a hundred other things.

Make use of comparisons to sell (Anchoring).

Do offer multiple items to compare with. This makes use of the principle of Anchoring as aptly explained by Robert Cialdini in his books on persuasion.

So, if you have a product that you are selling for $127/-, I would offer the user two more products, one above and one below this price point. Make sure that the product at $127 has much greater value than the item at $127/-. Also make sure that the value provided by the next price point is not much different from the $127/- item. The user will consider each item’s price with respect to its value  and  hopefully arrive at the $127/- item as the best one to purchase.

Pricing Page Strategy

Don’t offer just one price to the user.  This makes him feel he has no choice – and makes him want to hunt around for better offers. When he has multiple choices, he will most likely settle for the one with the best value proposition.

Point to the best value provided. Make it easy.

Do point out the choice with the best value among all your products. Use different color and fonts to highlight the choice that in your opinion is the best value. This can also be customized to change depending on where the user is coming from. Talk to your marketing consultant about this option.

Limit the number of options available.

Do not offer more than 4 or 5 options. Multiple tests have shown that when the user has too many options to choose from, he ends up choosing none! This is because too many options do tend to confuse the user. Hence limit the choices to 4 or max 5 at a time. If there is a reason to offer more than 5 choices, move that to a separate view.

Use Tabular Data As Needed.

Tables are used all over the web  to make it easy for users to go through and comprehend a lot of data at one go.  When there are many options to be compared, as well as multiple features for each options, the table is the way to go. This helps the user go directly to the features he is interested in, and identify the option that matches his needs. This website does a great job with their excel budget template spreadsheet.

Use tool-tips where apt.

Tool tips should be used to avoid cluttering of the web-page. These are powerful objects to minimize the use of text on the screen. These help in showing extra information only when the user hovers over some text or image.

Tool tips need to be used judiciously to help users get more information regarding each item in your table.  This will help users to read more about each item.

Use the Psychological Power of Scarcity:

Scarcity refers to the ability of the seller to influence the purchase of the product by real or apparent discontinuation of availability of the product.  This can be done by maintaining limited availability of stocks or mentioning a deadline for service availability.  Another way is to announce an increase of price at a certain date.

Use Discount Coupons:

It was found that nearly 80% of users leave the cart to go hunt for discount coupons on the internet.  This phenomenon has gone up very much in the recent years as discount coupon websites have risen in popularity.

Offering a discount coupon at the right time – at the pricing page itself can restrict the losses due to customers leaving the cart to look for discount coupons.

 Offer Chat With A Support Person:

Having a chat with a customer support person makes it easier for the user to get any questions answered right from the pricing page. This reduces cart abandonment by a large factor.

Website Pricing Strategy for Products

Offer testimonials / Social Proof:

The pricing page is one of the most important pages where you can place the testimonials from happy clients. Social Proof can help a lot when a client is getting ready to pull out his wallet and make a payment. Again, this can be customized depending on the user to display a testimonial that means the most to the customer.

Display Trust Badges :

User are getting over issues of fraud etc due to advanced security options being available. It still helps to display trust badges from third parties such as Verisign Inc.

Display Payment Options:

How To Stop Failing Businesses

Related Article: How To Stop Failing Businesses

Display all the different payment options such as credit cards (Visa, MasterCard, Discover, American Express and other options such as Paypal need to be displayed on the pricing page.  These may vary from country and locality.

Shipping Charges:

If you charge for shipping, and if it varies by item, it would be good to show this on the pricing page itself. This needs testing though as the probability of users abandoning cart due to shipping issues varies from site to site.

Delivery Time:

Whether  you have a standard delivery time for every item on the site or the delivery time varies from item to item, it makes sense to display this on  the pricing page. The idea is to answer every query and every objection that the customer might have at the time of purchase. Try to avoid this common pricing decision mistakes.

Related Article: How To Stop Failing Businesses

How To Stop Failing Businesses

How To Stop Failing Businesses

95% of all small businesses fail within the first 5 years. The problem is that all the knowledgeable sources never mention How To Stop Failing Businesses.  Having dealt with numerous clients over a long period of time and having averted failure many times over, I decided to take a whack at this question. I will try to deal with this question over several posts.

So, What Are These Failing Businesses Doing Wrong?

The first and major reason for failure is that the business was created for the wrong reasons. There should be one and only one reason any business is created. That there is a need in the marketplace and this business provides the solution.

Here are a few reasons I see why entrepreneurs start their own business.

  1.  They’ve been fired, downsized, laid-off or otherwise made redundant from their work.
  2. They had a fight with their boss and think that working for oneself would be better.
  3. They are working way too hard at their job and think that working for oneself would be easier.
  4. They know they have a marketable skill and friends say they should make a business out of it.
  5. They see someone else making money from home and decide they want to do the same thing.
  6. They see an establishment going out of business and think they can do better.
  7. They start a business to save on taxes.
  8. They retired from a job and need a new source of income.
  9. They have a hobby that they want to make money from.
  10. They invented a better mousetrap and think the world will beat a path to their door.

By no means do I imply that your business is certainly doomed to become one of the failing businesses; if you’ve done your homework before starting your business.

 Identify your market before you start your business.

Better still – Identify your market before you identify your product!

Failing businesses do NOT understand their market.  Most people first come up with a doohickey which they try to sell. This is a great mistake made by many rookie entrepreneurs. To be able to Failing Businessessell something to a market, you need to know the market intimately. You need to know their likes, dislikes, the jargon they are familiar with and the dominant emotions in their minds. You need to identify the current conversation going on in the market and know exactly what it is they are concerned with. In short you need to understand that market inside-out.  You can get help from small business marketing companies.

Many entrepreneurs I know and respect don’t put their money in things they cannot understand. Case in Point is Warren Buffet. He decided to stay out of the dot com fantasy since he had no understanding of the market. And we can safely say that he came out of the Dot Com Bust without a scratch.  The success of a work from home jobs depends on the individuals motivation.

 Start your business only when you find a need that you can solve in the market.

Go out and find the most pressing need in your market. Ask questions to your consumers. Find not only what they need, but also whether they are willing to pay money for it. The more pressing the need the more likely that you will succeed.

You are passionate about the solution:

After you fulfill the first two criteria, the most important need is for you to be passionate about your product or service.  If you are shy or unsure about it, stay out of business. If you are hesitant to ask your mom to buy it, don’t get in to the business.

Crunch The Numbers :

There are many costs for running a business, some seen, many more unseen.  Make sure you work with an experienced accountant who can give you a good picture of what to expect.

Watch Out For Your Customers :

You need to be passionate about serving your customers and client communication.  Make sure to communicate with your client or customers.

Takeaway from Failing Businesses:

The most prominent reason why most small businesses fail is that those businesses were not based on a real problem/solution equation in the market.

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