Sales 101 will teach you that the most important element of any interaction is the customer. This is true, of course. However, the phrase “the customer is always right” may have to be revised to “the paying customer is always right.” Whether you keep them happy or not, you’ll be out of a job pretty quickly if you can’t get these customers to actually pay for your product or service.
Whether you are targeting advertisers, investors, individuals, or other businesses, every company has a customer. For SaaS B2B companies in particular, it can be difficult to explain your price to your prospect. Often, the value of your service is not immediately shown, you may offer tiered levels of your solution, and there may not be a physical product that you put in your customer’s hands. Nevertheless, it is crucial for your business to list a clear price at the end of your sales deck. We have previously written about necessary items for every sales deck, but pricing slides deserve their own discussion. While I can’t tell you where to price your service, I will explain why listing any price at all is absolutely necessary, and show some great examples of how to do so by by current businesses.
1. Price is one of the most important factors for many customers
Unsurprisingly, price plays a big role in whether people purchase your product. While businesses and individuals value elements such as quality, ease of use, and durability, 50% of consumers acknowledge price as one of their top 3 decision making factors. Businesses are, and should be, concerned about their bottom line. Most companies don’t have limitless resources, and price will have to be discussed in order to make any deal.
2. Price demonstrates value
At the most basic level, money represents a store of value, and price demonstrates this value. While everyone loves a free lunch, after so many free meals, one has to wonder why they’re not paying anything. If you are unclear about your price, customers may begin to wonder whether the solution is actually worth using. Although pricing discussions can be awkward, you must show that you believe in your product, and believe it is worth what you are asking for it. By providing a high quality solution that will make your customer’s business more efficient, productive, or organized, you deserve to be compensated. That’s the beauty of the free market.
3. Price makes things real
The reality is that many people are willing to entertain a conversation about your business’ offerings. However, not all of them will stick around once you start talking about money. While the idea of losing prospective clients is scary, moving on from clients who were unable to purchase your product saves you valuable time to pursue new leads. Colleen Francis, author of Nonstop Sales Boom, says that by being up front with your price, you “retain control” of the sale. This doesn’t mean you should discuss price right away, but it does mean that you shouldn’t be afraid of scaring people off by discussing price at the right time.
4. Price shows you have nothing to hide
One of the most common mistakes businesses make regarding pricing is hiding theirs. If you aren’t up front with your price, people get suspicious and feel like you’re not telling them the whole truth. By showing your price, you can talk up all your great features and actually use it as a way to make it seem like a great deal. Counter any natural hesitation up front by proudly displaying your price. If you are confident, the customer will believe in your product.
5. Examples of great pricing slides
LeadCrunch gives us a great example of a pricing slide that breaks down a complex pricing structure into manageable chunks of information. As a professional viewing this slide, I can immediately begin to calculate whether the solution is feasible for my business. It also clearly shows which features are included with each package, and leaves plenty of flexibility for the customer to choose how to pay.
Richter’s pricing slide is straightforward and to the point. This slide epitomizes the idea of not having anything to hide. By displaying a clear price to their potential customers, Richter conveys that they believe in their product and believe it will bring value to your business. The slide also clearly demonstrates the value that their product is offering by illustrating the specific benefits their customer will receive for the price they pay.
While this screen grab comes from an old version of their desktop site, rather than their sales deck, Wistia’s pricing page demonstrates a creative take on clear pricing. With a short and straightforward description under each plan, users can be confident that they are purchasing the right plan for their business. Rather than hide their price, Wistia has decked it out in bright colors. It is clear they are proud of their product, and believe it will bring value to anyone who uses it.
Sometimes, your price may really be so particular to each customer that you can’t include it at the end of your sales deck without hearing what your customer wants first. Every situation is unique, and you must do what you ultimately think is best for your business and your customers. However, keep in mind the reasons why prominent pricing in your sales deck is important, and don’t be afraid of asking for what you deserve. Always remember that you are offering a product that will create value for your customers. While it may not be free, it will produce results.