This blog concludes our three-part series of Know Like and Trust in pricing. We hope this has helped you consider pricing as part of your KNOW LIKE and TRUST strategy.
As a quick refresher, Know Like and Trust (KLT) is the marketing concept that people are more likely to do business with those they know, like and trust.
Last blog, we continued our series with a discussion on the “LIKE” aspect, exploring the vulnerable question; “Do they like my pricing, do they like me?” If you missed our previous discussion on “LIKE” in pricing, you can catch up on it here.
TRUST in PRICING
Our focus shifts to “TRUST” in pricing. A fundamental way to cultivate trust is to transparently display the total price, sparing your customers from any unwelcome surprises during the checkout process. After all, who wants bill shock? We’ve all been there—entering credit card details only to find an unexpected extra charge.
For Australian businesses, the ACCC (Australian Competition & Consumer Commission) has valuable guidance on how to display your prices to avoid creating false impressions. You can find more information via my LinkedIn post or directly on the ACCC website.
If you’re operating outside Australia, do check your relevant regulatory body for guidance on price displays.
TRUST and BRAVING
As a self-confessed Brene Brown nerd and fan, I’ve adopted a powerful tool from her “Braving the Wilderness” book —a weekly self-reflection using the BRAVING acronym to assess trust, particularly self-trust.
- BOUNDARIES — Did I respect my own boundaries? Was I clear about what’s okay and what’s not okay?
- RELIABILITY — Was I reliable? Did I do what I said I was going to do?
- ACCOUNTABILITY — Did I hold myself accountable?
- VAULT — Did I respect the vault and share appropriately?
- INTEGRITY — Did I act from my integrity?
- NON JUDGMENT — Did I ask for what I needed? Was I nonjudgmental about needing help?
- GENEROSITY — Was I generous toward myself?
For a deeper understanding of BRAVING, you can explore it further here.
BRAVING and PRICING
Self-trust, a sibling of self-worth, significantly influences how we price our offerings. By fortifying our self-trust, we, in turn, fortify our pricing.
To guide you in evaluating TRUST in your pricing, consider the following questions inspired by BRAVING:
- B – Are your prices crystal clear, reflecting all inclusions without hidden charges?
- R – Do your prices reflect the work that you are undertaking? Are you overpromising?
- A – Have you factored in leeway for extra time and allowed space for potential mistakes?
- V – Are you safeguarding confidential information in your pricing structure?
- I – Do your prices reflect your values? For example, if your value is family, are you pricing enough to spend time with your family?
- N – Have you accounted for changes in scope, and are you charging appropriately for them?
- G – Are you generous with yourself, considering both the time and cost involved in your work?
By delving into these questions, you can gain clarity on how you provide value to your clients, making them TRUST your services.
If you need help or require further clarification, feel free to book a call via this link.
