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Making up a price can increase your conversions

by barbling
7 replies
Do you offer

Basic
Silver
Gold

versions of your product?

If so, there was a really neat study done about creating a fake product:

How a Made-up Product Increased Conversions by 233%

Where there's a B- option - one that is $1 less, but showcases the product you REALLY want them to buy (the one that is one dollar more).

Neat stuff!
#conversions #increase #making #price
  • Profile picture of the author danieldesai
    What a coincidence!

    I very recently bought Managed WordPress Hosting from a certain web hosting provider, and what made me purchase it was the layout of the different packages.

    It was easy to see how buying the cheaper option didn't make any sense, as the core features I needed were in the higher-priced options.

    If you were to buy the "cheaper" package, it actually feels like you're losing something.

    Regards,
    Daniel
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  • Profile picture of the author vall444
    I agree, you can see some high conversions when you add packages like gold silver and platinum.
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  • Profile picture of the author DeadRooster
    Thanks, Barb!

    I love this kind of stuff.

    I'm sure Barb has probably already read it, but for those of you who want more stuff like this, definitely check out the book they mention in the article:

    Predictably Irrational: The Hidden Forces That Shape Our Decisions.

    Definitely one of my favorite books.
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  • Profile picture of the author Oziboomer
    Originally Posted by barbling View Post

    Do you offer

    Basic
    Silver
    Gold

    versions of your product?

    Where there's a B- option - one that is $1 less, but showcases the product you REALLY want them to buy (the one that is one dollar more).
    There is some interesting stuff from Sean D'Sousa on this type of pricing but he usually uses only two options.

    Part of the psychology is to prevent shopping around.

    If you see just one price there may be a tendency to look for alternatives. By putting two options in front of a prospective buyer they can comparison shop right there and then.

    Here is one of the articles on the subject.
    Pricing: Why Customers Choose The Higher Priced Product (More Than 95% of the time)

    There is more discussion about these options inside Sean's publications and it seems it is not so much about multiple prices and large differences in price...more the power of just giving two choices that are quite close in price but one has more benefits.

    BTW...there is a ton of good stuff to be read at psychotactics and the podcasts are good also.

    Best regards,

    Ozi
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  • Profile picture of the author maxsi
    Yes, good stuff to know.
    Actually I love funnels + different memberships (with different price) because you get the best return
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  • Profile picture of the author Hunter MI
    Nice case study! It's old too, surprised I've never seen that before. Thanks
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  • Profile picture of the author Randall Magwood
    Originally Posted by barbling View Post

    Do you offer

    Basic
    Silver
    Gold

    versions of your product?
    Unfortunately no, until my customers reach the final product, or service that i promote to them.

    That takes care of everything for me. It's a recurring income affiliate program that only grows and grows for as long as the customer i refer stays with them.
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    ==>> Free book reveals make money with affiliate marketing
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