The auto insurance company, Progressive, was one of the first in the industry to share their rates alongside competitors directly on their website.
Making this change and putting this as a cornerstone of their marketing led to a growth of Progressive from $3.4B to $15B in annual insurance sales.
While other factors could have been in play, they are clearly on to something here.
Publishing your prices in comparison to your competitor is a scary thing, but it builds significant trust.
For example, I recently used TransferWise which is a service for sending money internationally. On the site, they literally list out their conversion rates and fees alongside all other competitors.
And one competitor was actually cheaper!
So I tried the competitor... and the experience was horrible. Their website kept giving me errors...
So back to TransferWise I came, and there I shall stay now as a loyal customer.
You may not always be the cheapest option.
That's a good thing.
So you don't have to hide this.
Instead, show your rates compared to your competition.
Let them know what their options are and, by sharing that information, you will build trust with the customer.