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persuasionwizard
Joined: 03 Oct 2007
Posts: 35
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 Posted: Sat Oct 06, 2007 8:25 pm Post subject: Which price is appealing to buyers? |
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Hi everyone,
Do you know if prices without the cents convert higher?
For example, does $47 convert higher than both $44.97 and $49.97? I was just thinking that prices with cents might give people the impression that they are more expensive since there are 4 numbers. Anyone who has some advice regarding this?
Thanks in advance!
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etj4582
Joined: 20 Feb 2007
Posts: 127
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| Posted: Sat Oct 06, 2007 8:53 pm Post subject: |
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For some reason, the number must end in "7" to convert well on the net.
I don't know why, because offline consumer research has shown higher conversion rates with a ".99" at the end - as in $29.99.
I'm currently redesigning a sales page for one of my ebooks. I am currently charging $49 for it. I will be changing it to $47, to see if it converts better.
I'd be very interested to hear other peoples thoughts on this.
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purdue512
Joined: 16 Mar 2007
Posts: 20
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| Posted: Sat Oct 06, 2007 9:18 pm Post subject: |
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I'm not sure why 7 would do better than anything else.
The .99 is well-established in the consumer behavior world.
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Larry Chamberlain
Joined: 01 Aug 2003
Posts: 1126
Location: London, England
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Getagrip7
Joined: 21 Dec 2006
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backgammonnn123
Joined: 10 Jan 2006
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etj4582
Joined: 20 Feb 2007
Posts: 127
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| Posted: Wed Oct 17, 2007 1:53 pm Post subject: |
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My thoughts on it are this:
In the off-line world, the .99 is meant to make you think the price is under a certain threshold.
Like if you are buying an item for $49.99 - you won't think of it as $50 - at least this is old school thinking.
On the net, people may expect the prices to be cheaper than the off-line world, so you price it with a 7, such as $49.97 or $47.
I'd like to see some real research on this if anyone has it.
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HRG
Joined: 24 Oct 2007
Posts: 19
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| Posted: Sat Oct 27, 2007 6:02 pm Post subject: |
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I've done no research to back this up, but I feel that cents on lower priced products (such as under $20) can seem natural, but I wouldn't put cents on higher priced products.
I'd have to do testing to prove or disprove this theory.
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bkbiloxi
Joined: 11 Oct 2006
Posts: 59
Location: Biloxi, MS
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| Posted: Sun Oct 28, 2007 10:02 am Post subject: |
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I believe you need to take a look at a couple of things and then test this on your own.
For example: What good does it do for me to convert better at $7 than $9 if I need $8 to make a profit? Before you say that's stupid, hang on just a minute. What if I have a back end product for $50? So my increased coverts may make sense on the back end product.
Look, we have to get out of the mind set about one time sales or one shot approaches and start looking at marketing strategies over the life time value of a customer.
There are many things to consider in marketing than just what my price ends in.
How about perceived value?
Once you get all of that out of the way and you finally get to your price (investment) or cost figure, then you can test.
It seems that a lot of products in the teens do better at $17 when you get to product prices in the 40's some test show that $47 does better than $45.
The bottom line is that you need to do some split testing and then ask yourself "what is the final outcome if I do this" or "where do I want to end up with this customer?"
I still have customers today who bought from me on eBay over 5 years ago. I got my butt kicked on eBay but I've made many, many times the money I lost back on my continuing business. So when people tell me that eBay sucks, I just laugh. At first blush eBay does not make you much money, but I've made a bunch of money from my eBay customers on my follow up work after directing them to my websites. The .60 cent eBay auction fee was just the cost of doing business just like Adwords or any other form of advertising.
So we need to take a long look at all our marketing strategies and not give a lot of weight to any one as being a win or a loss. Make sense? Sometimes we get hung up on all these "all truisms" spouted by the "one shot" sale gurus.
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Last edited by bkbiloxi on Sun Oct 28, 2007 10:17 am; edited 2 times in total |
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Larry Chamberlain
Joined: 01 Aug 2003
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Publisher-For-You
Joined: 04 Jun 2007
Posts: 205
Location: Gainesville Florida USA
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| Posted: Sun Oct 28, 2007 1:09 pm Post subject: |
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| bkbiloxi wrote: | | So we need to take a long look at all our marketing strategies and not give a lot of weight to any one as being a win or a loss. Make sense? Sometimes we get hung up on all these "all truisms" spouted by the "one shot" sale gurus. |
Hey, great post, thanks. Yes, it seems that back end sales are the name of the game these days, as competition on PPC, eBay etc elbows so many out of direct sale profits.
Mean no disrespect to previous posters, but I share your outlook that we spend too much time worrying about little things. Especially these speculative sales psychology issues, like what color the headline should be, and what size font etc etc.
The forums tend to be flooded with these kind of questions, yet it's not often you read someone who is truly and sincerely struggling to increase the value of their product.
What do YOU care about when you're buying online? Forget about what you think somebody else is doing for a moment, what do you do? What matters to you?
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