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Anyone else changing product pricing in this economy?

by mdunn123
14 replies
Ok this is not a whining thread about how bad the economy is, and how IM is dead and blah blah blah...

But for just about all my niches...even the VERY desperate and emotionally driven ones people just don't seem to be buying the way that they used. It's obviously a side effect of this economy but I was wondering if anyone else has had to lower their product prices to keep sales up or just to get new products and sites to convert?

I've had to lower the prices on just about all my products in the last month or two. While I'm only lowering them a little bit, for example from like $34.95 to $29.99 it is helping push sales through a little a bit. A year ago or even 6 months this wasn't the case.

And no it's not because of the holiday season either, I have two years of data that shows it's not that.

So anyone else?

Mike
#changing #economy #pricing #product
  • Profile picture of the author gotlinks
    I know a lot of people who lowered prices but I also know some who raised their prices so it goes either way for me.
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  • Profile picture of the author Derek S
    Yeah I fear we are heading into deflation both online and offline.

    Great for customers but not for sellers. Lets just hope our competition doesn't turn this into a price war lol
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    • Profile picture of the author gotlinks
      Originally Posted by Derek S View Post

      Yeah I fear we are heading into deflation both online and offline.

      Great for customers but not for sellers. Lets just hope our competition doesn't turn this into a price war lol
      They will, thats the problem!
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  • Profile picture of the author mdunn123
    Nothin like gettin paid pennies folks

    And yes...that was a sarcastic remark
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  • Profile picture of the author mdunn123
    I forgot to mention that I've just given up in some or markets all together simply because I had to sell high to make a profit with the type of support that I was offering. My competition in those markets is taking a huge beating, and just recently cut affiliate commission again from 40% to 25%. Not many affiliates who want to work for $8 a sale and that shows in their clickbank gravity.
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  • Profile picture of the author GeorgR.
    not long ago i increased the price for some of my products, this was when the dollar was REALLY, REALLY low aganst the EU. Its a bit better now.

    Sub PayPal charges and Clickbank fees...even IMers have to live off something, eat and pay their bills
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  • Profile picture of the author PaulGee
    Perhaps you need to look at fresh niches or even revamp your existing sales material or products. Knocking $5 off a product is perhaps not attractive enough, $10 would be better and might see a considerable lift in your sales. I know people who are finding an increase in sales during this recession. Depends on your niches and how desperate your customers are for your product.

    I wish you well whatever you decide.
    Paul
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    • Profile picture of the author Laughingbird-Software
      agreed.
      I wouldn't change prices necessarily, but I would definitely throw out some nice discounts.

      If you change your pricing, you're stuck. Changing the prices back at a later date will probably anger some customers. Offering monthly specials is the way to go.

      ... adds value to your products and services as well.

      - Marc
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  • Profile picture of the author Chris Lockwood
    What is this "competition" you speak of?

    I don't see many prices in the real world coming down, other than gas, which is just a return to non-bubble pricing.
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    • Profile picture of the author YellowDot Software
      Originally Posted by Chris Lockwood View Post

      What is this "competition" you speak of?

      I don't see many prices in the real world coming down, other than gas, which is just a return to non-bubble pricing.
      Ya food prices went way down and I'm still paying 6 bucks for a number 1 at chick fil a
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  • Profile picture of the author Vin_J
    sounds like testing time
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  • Profile picture of the author Bob Monie
    Its still a good time for Aussie affiliate IMers at the moment compared to back in July.

    In July the Aussie dollar hit 98 cents US. This means we wernt making much of a bonus when cashing our affiliate checks that were in US currency. Now the Aussie dollar is around 65 cents US so thats a pay rise of about one third.

    e.g. US$1,000 check in july = AU$1020
    US$1,000 check now = AU$1538

    This more than makes up for the drop in sales and the price mark down on our own products.
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  • Profile picture of the author Steve Peters Benn
    I can't say I have seen any change - but I think you need to get away from marketing to bottom-feeders to see any results.
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  • Profile picture of the author essmeier
    I'm putting more efforts into $7 products. Thousand dollar courses are nice, but I'm concentrating on stuff everyone can afford.

    Charlie
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