Banks fall into two categories – those that display pricing on their website and marketing materials and those that don’t. Most banks don’t put pricing on their website and use a variety of reasons – pricing is complicated and is best discussed in person, all our pricing is customized, we don’t want our competition to see it, and, our favorite, we have never done it that way. If your bank falls into this category, then read on because the chances are that tactic is hurting you in more ways than you know.
The Importance of Price
Track your new accounting opening your journey, and you will find that most retail, small business, and commercial accounts research your bank online. This either happens before introduction or directly after introduction but in more than 68% of the cases, new bank customers stop online before committing to the product. Once you get into adult age, the younger you are, the earlier you check out a bank’s online or mobile website for information.
Say, for example, you are a small business, and you want to figure out how to scan your checks remotely. You pull up your bank’s remote deposit section, and most likely you see something like what is below. For the sake of discussion, we will call this Bank A:
Price, no matter how good your product attributes and solutions are, is one of the most important pieces of information to the bank customer. Do you really want to make it hard for them to find?
Why not save them valuable time and display it?
Be Proud of Your Price
For starters, your price is a major piece of information in the buying decision, and if your pricing strategy is right, there is nothing to hide or be ashamed of. Not displaying the price, sends a not so subtle message to both potential customers, and more importantly employees, that you are not proud of the price or don’t trust the potential customer with that information.
If your value proposition is clearly displayed, understanding the price will only serve to enhance the analysis moving the potential customer to a faster decision.
Back to our remote deposit capture example, here is how another bank, Bank B for reference, does it:
The reality is that it doesn’t matter if it is a loan, deposit or treasury management service, your customers are going to keep researching until they understand the price. From a psychological standpoint, most buyers, in any industry, want to know about the product or solution, the price and then will turn their attention and analysis back to the product. It is early on in a solution decision that the potential customer decides, yes, I can afford this product.
By owning the price and value conversation, you make it easy for the customer to understand the whole product decision and provide less catalyst to move that potential customer to the competition.
More Traffic, Better Quality – The SEO Impact
Displaying price not only helps the customer make their decision, but it also gets more potential customers to your site. Display a price and chances are your user’s “time on page” increases as they go more in depth with their research. More time usually equates to your potential customer becoming more comfortable with your solution and shortens the sales cycle.
Almost as important, displaying price will get you more clicks and provide more opportunities to drive search traffic to your site. Customers searching “remote deposit costs” will now find you before your competition. This is a step towards greater search engine optimization (SEO) for your bank’s site and is a way to drive traffic such as in the example below.
In fact, purchase the keywords of “remote deposit costs” for dollars per month, and you will find you get even more traffic. The more traffic you get, the more your page will be valuable and will rank higher for the next potential customer. Like real estate, your website and your brand, only increase in value with greater traffic.
It is by design that Bank B in our example above gets multiple times the traffic as Bank A.
Putting This Into Action
Add visuals, create bullet points around a clear solution, show how easy your products are to use, include price and then add social validation such as testimonials. Your bank will send a clear message that you value the customer’s time, are proud of your value proposition and are transparent. The result will be a winning product page that better converts customers and better leverage your staff’s time.
Insurance companies used to never display prices or quotes, but now almost all of them do online. Many also include the ability to get quotes from competitors or present a matrix of other competitor’s products. This further increases traffic and holds the customer on your page.
Don’t just take our word for it. It is simple to add a price to your page and then look at before and after traffic and see the comparison.
Submitted by Chris Nichols on March 20, 2017