Who sets these strange prices?

by Paul D Brady

Posted: 14 years ago 14 replies

INTERNET MARKETING

Hi all Warriors,

As a frustrated online marketer and someone who is now writing two ebooks to promote, there has always been one burning question which I still have not found the answer to.

Who says every single product or program has to be either $27, $47, $97 or any other price ending in 7? :confused:

Maybe I've missed the point, but I plant to offer my products for $20 or $25 - easier for me to calculate...

Cheers to all

#prices #sets #strange

nota-bene 14 years ago

$7 is the new 99c!

IMO it is all to do with the psycology of pricing and the perception of savings! Consumers maybe wised up to the fact that $9.99 was still $10, whereby $7 IS under $10 and therfore they can compute the saving!
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dmarze 14 years ago

I never price my products at $27, $47, $97. Go with the price you feel is right.

D.Marze
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mr2monster 14 years ago

As always.... testing is the only way to find out what price is best for your product.

the $7 prices were essentially copied from people that "had tested" and found a better result by using them.

my intuition says that it's not the most effective anymore since everyone is doing it.

"Whenever you find yourself on the side of the majority, it's time to pause and reflect." by Mark Twain
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- jagsenghera 14 years ago
  
  These price points have been tested and proven to convert more but I suggest you test different price points in your market. Its all about testing what works.
  
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Fernando Veloso 14 years ago

I did a small test and discovered the $9.99 had more sales then the $7.

But I didn't ask people WHY they choose the first one... and the test was so small I can't figure if it was relevant or not.
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codelover 14 years ago

I think the idea is to create a sense that the product has been priced precisely because people tend to trust more in numbers like that than round numbers. But like the 9.99 price tag it has been overused so it has lost some of its original purpose.
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mark z 14 years ago

Someone said those are "tested", best performing prices.
But also, we all know trends are changing.
Good old $9.99 became $7.
Who knows what`s the next "tested" price?

Anyway, I suggest you to test which works best in your projects case.
Maybe you`ll become a game changer?

Maybe to launch $9.97?
Nah, ... they`ll think you`re shaving for those 2 cents lol
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davtom 14 years ago

Not all of my products have a 7 at the end of the price.

I haven't tested, but somebody who does good volume in internet marketing has told me that he tested the 7 figure and found that it made no difference. However, he uses 7 because it is what affiliates are used to seeing, and it keeps things simple for him.
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andwings2go 14 years ago

Originally Posted by Paul D Brady

Who says every single product or program has to be either $27, $47, $97 or any other price ending in 7?

I ran some cell phone stores way back in the long long ago when the economy was strong, and I purposely avoided any rounded prices and the ancient $9.99. I couldn't have something simply marked $7 it would most certainly be $6.99. Even $7.00 looks unprofessional to me. Instead of the $9.99, I would go $10.99 and custs would still call it 10 bucks.

So, how much of real world marketing strategies work here in this new realm that I discovered last night and have been up all night reading about?
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DogScout 14 years ago

A friend of mine tested $9.95 and $10 even. The $10 even converted at 5 times the rate of $9.95 all other things being equal. Of course that was in his niche & with one product. Each niche and each product would have it's own best converting price. Test, test, test.

1 is lower than 9, no matter how many zeros are after it. Lol.
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Fernando Veloso 14 years ago

Don't forget the GEO side of it:

In US/CAN/Uk etc the $7 is very common, while down here the most common is the .99.

My wife is always teasing me with this: stop the 7 thingy and change prices to 9.99, 19.99 or 29.99.
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- um1001 14 years ago
  
  If it's an IM-related product, I would price it ending in 7 - it's something Internet Marketers have conditioned themselves to pay.
  
  The average consumer hasn't been conditioned, so if you have a product targeting "everyman" then set it with 9:
  
  Eliminate your ugliness gene now! $19.95
  
  Get Ranked #1 in Google The Day Before Yesterday Using Outsourcing! $17
  
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Lightlysalted 14 years ago

Pick a new number, i agree that $7 has become the new $9
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