Pricing
How much does a website cost?
This is the first question asked by nearly every business owner when approached with the proposition to create a website. And rightfully so.
As a business owner, costs are one of the greatest areas of concern because it impacts all areas of the business. And in many cases, costs can make or break a business.
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But is this the right question?
Some may say it’s just semantics, but there is a very real difference between cost and investment, and it’s important to consider how one’s perception in this area can impact decisions.
Cost
My simple definition of ‘cost‘ can just be something of value that is spent or exchanged for something else of value. Whether that value is perceived or real is another discussion.
Learn more about Cost : Value
When it comes to cost, there’s usually some context involved. For instance, those involved in renovating homes are concerned with value received from the cost of the project. This is why Remodeling by JLC has published a Cost vs. Value report every year since 2002. While value here is often attached to the resale price of a home, it can also be realized in the benefits and enjoyment received by the homeowner from the improvements.
Many businesses and financial investors also use cost-value analysis in determining where to allocate their resources. So let’s take a look at defining investment next.
Investment
According to Investopedia, an investment can be defined as “an asset or item acquired with the goal of generating income or appreciation.
Learn more about Expectations of Appreciation
“Appreciation refers to an increase in the value of an asset over time. When an individual purchases a good as an investment, the intent is not to consume the good but rather to use it in the future to create wealth.”
We usually associate investing with money or finances, but that’s not the only area of application if we’re seeking a true definition.
As The Motley Fool points out, “Most people make investment decisions on a daily basis — even if they aren’t putting money into assets like stocks or real estate. If a person pays college tuition and attends classes with the hope of gaining knowledge and skills that will benefit them in the future, that person has made a decision to invest in themselves. They are devoting time and money with the goal of gaining new knowledge that will be rewarding — financially or otherwise.”
In both definitions (financially or otherwise), there is a stated goal or expected positive outcome as a result of the expenditure. So then…
The key difference between cost and investment is the expectation of a return on an investment (ROI)
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With a basic understanding between cost and investment, we can now address the first question, by asking the right question.
Is Your Website a Cost or Investment?
My approach has always been to look at a business’ website as an investment. There has to be a purpose and goal behind its existence. That is the essence of design.
However, it is up to each business owner to make the determination as to whether or not their website and online presence is a necessary cost, or worthy investment.
And in the end, customers will draw their own conclusions, once they see the end result.