Prices Effect Conversion

igorhelpsyousucceed · 07-01-2009, 05:05 AM

Hey,

I am currently writing a copy for my
newsletter which which will consist of
4 interviews with different internet marketing experts.

I am charging $40 and I was wondering whether
there is a special direction I should go?

I have done a little research and there seems
to be a way of increasing conversion using the price.

Igor

Manfred Ekblad · 07-01-2009, 06:32 AM

Yesterday I mentioned the post over at Copyblogger. I can't link to it yet, just search on google for:

site:copyblogger.com How to Use Copywriting Anchors for Smooth-Sailing Sales

Here is another resource (which I can not link to)

site:changingminds.org price

MikeHumphreys · 07-01-2009, 07:47 AM

Sure, just test different price points for your product. You might find $27 converts better than $47... or vice versa.

Without testing, you strictly guessing.

The other thing is, you may opt for a smaller conversion rate because the higher price point is producing more total sales (i.e. $7 versus $47).

Raydal · 07-01-2009, 08:53 AM

Price is also closely tied with concept for your product
because people will always associate price with value.

It doesn't matter what great value you offer, if you set
a low price on your product people interpret this as the
amount of value you are offering OR how great YOU think
your product is.

Price is only ONE of the factors in the sale equation though.
There are positioning, market, competition, time of year,
credibility, offer ... all these add up to affect your final
results.

-Ray Edwards

hemux · 07-05-2009, 08:23 AM

The 4Ps of marketing are extremely important in getting conversions.

Product : The product needs to have value. Customers wont pay even a penny if its worthless. Iam sure you have written your newsletter with alot in mind so its definetly going to be worth something.

Place : Online obviously. But which people are you targeting?

Price : Closely linked with product. People have a common perception that a higher priced product is going to be more valuable. Now iam not saying that you should charge $1000. All iam saying is, keep the price at a level which would make the customers feel that the product is something valuable.
Keeping it in a range of $10-15 might get you conversions, but the revenue wont be maximised.

Promotion: Advertise somewhere useful. Dont go advertising in places where people would be forced to open your website. Try something where people would visit your website because they are interested

igorhelpsyousucceed · 07-05-2009, 11:59 AM

Thanks for the replies, but my question was a bit
different, maybe I wasn't clear.

I have read that a product which is priced $47.90
will more/less converting than the one priced $49.99 or $49.50

I was talking about the specific nubmers' effect on conversion.

Igor

07-01-2009, 05:05 AM	#1
igorhelpsyousucceed Mastermind Marketer Join Date: Jun 2008 Location: , , Israel. Posts: 653 Thanks: 106 Thanked 46 Times in 43 Posts Social Networking Contact Info	Prices Effect Conversion Hey, I am currently writing a copy for my newsletter which which will consist of 4 interviews with different internet marketing experts. I am charging $40 and I was wondering whether there is a special direction I should go? I have done a little research and there seems to be a way of increasing conversion using the price. Igor
	IgorHelpsYouSucceed-Internet Marketing Tips For Online Entrepreneurs

07-01-2009, 06:32 AM	#2
Manfred Ekblad Warrior Member Join Date: Mar 2009 Location: Malmö, Sweden Posts: 20 Thanks: 4 Thanked 2 Times in 2 Posts Social Networking Contact Info	Re: Prices Effect Conversion Yesterday I mentioned the post over at Copyblogger. I can't link to it yet, just search on google for: site:copyblogger.com How to Use Copywriting Anchors for Smooth-Sailing Sales Here is another resource (which I can not link to) site:changingminds.org price
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07-01-2009, 07:47 AM	#3
MikeHumphreys Copywriter and Marketer War Room Member Join Date: Apr 2005 Location: Philly Suburbs, USA Posts: 2,014 Thanks: 130 Thanked 177 Times in 105 Posts Social Networking	Re: Prices Effect Conversion Sure, just test different price points for your product. You might find $27 converts better than $47... or vice versa. Without testing, you strictly guessing. The other thing is, you may opt for a smaller conversion rate because the higher price point is producing more total sales (i.e. $7 versus $47).
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07-01-2009, 08:53 AM	#4
Raydal Copywriting Coach War Room Member Join Date: Jan 2003 Location: Punta Gorda, FL, USA. Posts: 2,372 Thanks: 44 Thanked 428 Times in 222 Posts Social Networking	Re: Prices Effect Conversion Price is also closely tied with concept for your product because people will always associate price with value. It doesn't matter what great value you offer, if you set a low price on your product people interpret this as the amount of value you are offering OR how great YOU think your product is. Price is only ONE of the factors in the sale equation though. There are positioning, market, competition, time of year, credibility, offer ... all these add up to affect your final results. -Ray Edwards
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07-05-2009, 08:23 AM	#5
hemux Content Warrior War Room Member Join Date: Jun 2009 Location: Content World!! Posts: 31 Thanks: 16 Thanked 7 Times in 4 Posts Contact Info	Re: Prices Effect Conversion The 4Ps of marketing are extremely important in getting conversions. Product : The product needs to have value. Customers wont pay even a penny if its worthless. Iam sure you have written your newsletter with alot in mind so its definetly going to be worth something. Place : Online obviously. But which people are you targeting? Price : Closely linked with product. People have a common perception that a higher priced product is going to be more valuable. Now iam not saying that you should charge $1000. All iam saying is, keep the price at a level which would make the customers feel that the product is something valuable. Keeping it in a range of $10-15 might get you conversions, but the revenue wont be maximised. Promotion: Advertise somewhere useful. Dont go advertising in places where people would be forced to open your website. Try something where people would visit your website because they are interested
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07-05-2009, 11:59 AM	#6
igorhelpsyousucceed Mastermind Marketer Join Date: Jun 2008 Location: , , Israel. Posts: 653 Thanks: 106 Thanked 46 Times in 43 Posts Social Networking Contact Info	Re: Prices Effect Conversion Thanks for the replies, but my question was a bit different, maybe I wasn't clear. I have read that a product which is priced $47.90 will more/less converting than the one priced $49.99 or $49.50 I was talking about the specific nubmers' effect on conversion. Igor
	IgorHelpsYouSucceed-Internet Marketing Tips For Online Entrepreneurs