“It’s all about the money,” says Kevin O’Leary on Shark Tank.
Robert Herjavec, who’s heard it numerous times before, looks at Kevin in mock surprise and says, “It’s all about the what?”
“It’s all about the money!”
You’ve attracted visitors to your site, you’ve informed them, even seduced them, and now it’s time for the big decision. They look at your pricing page, mouse hovered above the purchase button, and they think, “Is this product worth the money I’m going to pay?”
When the average conversion rate is around 2.5%, you can do everything right and still lose the majority of those visitors.
But, of course, you’re not average, right? You want to be better than average. That’s why you’re here.
Luckily for you, I’ve got some suggestions, which can help you tip the scale in your favor and improve your conversion rate. Using a combination of psychology, best practices, and testing you can figure out what works best for your site and your customers. The most important word in that last sentence is testing. Be sure to set up a testing environment that can track how changes to your pricing page affect your revenue.
Perfect Your Presentation
Let’s get this out of the way first because it is constantly one of the most overlooked parts of pricing pages. The thought process behind setting a price usually goes like this: you take what your product or service costs, add in an acceptable margin, account for variables like free shipping or discounts, and use that as the price to the last cent. There is nothing inherently wrong with that process, but it neglects a huge opportunity for sellers – finding out how best to present the final price.
Pricing strategy is worthy of a post in itself, but we will take a look at a few suggestions here:
- Cognitive biases: Biases like the Anchoring Effect are great at influencing the opinion users have of your prices. The Anchoring Effect works by listing your most expensive option first, thereby making all the subsequent options seem like a deal.
- Simplify the figures: Using round numbers and removing the dollar sign will make your prices easier to register in users’ minds and have been proven to increase sales. This study claims an 8% increase in sales by removing the currency symbol.
- Make it stand out: Your prices should ‘pop’ and contrast against the background. Just because a user has made it this far doesn’t mean they know where to look on your page – try using a bold font or different color to make your prices stand out.
Gain Their Trust
While some people only need an SSL certificate in order to hand over their credit card and personal information, others prefer a bit more showmanship before they can fully trust a site. Any of the following can provide the boost needed to turn browsers into buyers:
- Trust badges
- Social media indicators and buttons
- Obvious customer service information like a phone number and email
- Clear shipping and return policies
It’s worth mentioning that while all of these are fairly easy to implement, your mileage will likely vary so it’s best to test the location and frequency of each. For instance, if you use a trust seal, do your best to show it in the same place on every page.
Show Them The Way
If you offer multiple services or products, I’m willing to bet that you would prefer a customer choose one in particular. It might be because it has the biggest profit margin or is associated with the easiest onboarding process, but sellers usually favor one option above all the rest.
So how do you ensure your users pick that option more often than not? Easy, provide them with subtle cues that grab their attention and then guide their thought process.
- Limit the choices: If your pricing page is so crowded with options that it’s distracting, then your users are going to end up making no choice at all. Break it up into multiple categories or pages if needed, but try not to have more than 5 options per page.
- Frame the product: Framing means you put the preferred product front and center. Take it further by using a different color to highlight it against the others.
- Offer reassurance: Also known as the bandwagon effect, adding words like “Most Popular” or “Best Value” comforts and encourages users by letting them know which product other shoppers have preferred.
Create a Sense of Urgency
People hate feeling like they are missing out on something. It doesn’t matter if it’s a sale or a chance to win a once-in-a-lifetime-whatever, if you can make people afraid of losing an opportunity then many will act on it.
Let’s take a look at a few ways to accomplish this with having everything perpetually on sale:
- Strikethrough pricing: Striking through your prices and offering lower ones helps convey the idea that your prices could increase any day. If you can’t afford to offer a discount, then just increase the strikethrough pricing and use the original ones as the “discounted” options.
- Temporary bundled pricing: Cable companies are notorious for this. How many times have you seen HBO offered free for a certain length of time? This can be used numerous ways in addition to bundling products, including offering additional features and functionality – all for a limited time.
- Countdown timer or banner: If you can’t lower pricing or bundle anything to entice shoppers, consider trying to make it look like you did. Adding a simple timer with a “Limited Pricing” banner or wording will have the same effect and many people won’t realize the difference.
A quick note – overdoing urgency will come off as spammy. Nobody wants to feel like they are watching a late night infomercial so don’t flood the page with discounts, timers, and strikethrough pricing.
We’ve saved the best for last, in my opinion. Writing truly great copy is an art form, and when done correctly it can convert even the most undecided of shoppers. Quality copy begins with your landing pages and extends beyond your pricing pages and CTAs to your product descriptions and titles. Working together, there are few better ways to win over customers.
Afraid you’re not a gifted writer? Don’t worry, here are some quick tips to step up your copy game:
- Focus on the benefits, not the features: Users visit your site because they have a problem that your product can fix. Instead of listing the features of said product, try listing the outcomes. So, for example, instead of “Over 1000 Lessons and Videos Available”, try “Learn Faster than Ever with Access to 1000 Videos”.
- Use relevant and action-oriented verbs in your CTA: “Add to Cart” just isn’t cutting it anymore when it comes to CTAs, try “Get Started” or “Start Learning” instead. Try to tailor your verbiage around the product and user, so if you are selling drones, for example, try using words that match the product like “Get Flying!” Multiple companies have seen an increase in conversions by changing minor things in their CTA.
It should be clear by now that all pricing pages are not created equally. Given that shoppers are more informed than ever and have an ever-increasing number of options, not respecting this part of the buyer’s journey is a mistake. However, by gaining their trust and leveraging some psychological tactics, you should see an improvement in how your pricing page performs.
What are some strategies you’ve used on your pricing page? Let us know in the comments!