Price on Request: Should You Hide Prices of Goods and Services?
Have you ever wondered about the price of a product just out of curiosity and not for the sake of buying it? And when you found out the price, have you often had to turn down what you wanted? Many retailers are afraid that they might scare off consumers with price, so they want to prepare their customers to make a purchase first.
There is a considerable amount of time between the time a consumer finds out about your product and the time he finds out the price. He is more likely to deal with his own objections to the price than he would be if he knew the price right away.
This is especially true of expensive goods. There is a reason why luxury goods are never advertised with their price: by arousing desire and expectation in the target audience, price becomes a lesser barrier to purchase.
The lack of prices makes the customer think that the products and/or services are so exclusive that they actually give the customer a status symbol of wealth.
Trying to hide the price in order to increase perceived value can have a downside. Without direct pricing, customers think you have something to hide. Customers are left to assume that there are hidden fees, small print exceptions and questionable commercial offers. This makes people think your product is out of their price range.
Many B2B companies hide prices on their website for fear of dumping among competitors. They also expect to receive a call from the client and tell them about the value of their offer. Regular consultations help consumers and companies build relationships. However, the time spent on consulting increases the cost of attracting new clients. Moreover, some B2B buyers may ask a number of questions, but they will still refuse to buy any of your products.
If you get a lot of inquiries but don't make sales, it means you weren't persuasive or your products/services don't have the value that your customers actually want.
If your product is competitively priced, then it's worth emphasizing it in your marketing materials. Thus, price is an important part of your value proposition, and its absence can cost you sales.
For a significant part of B2C customers, active communication with company representatives can cause additional trouble and leave a negative impression. Hidden prices on product pages are more likely to force visitors to look for other options than to make them want to contact you directly.
The issue of pricing policy is a very delicate one. There is no single right answer for every business, the target audience and the type of products or services offered are very different in the market.
Based on observations, it is worth noting that for start-up entrepreneurs openness and transparency in relations with clients are better suited. But the luxury segment may well afford a short distance with the client to create more intrigue.