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Impulse Buy Pricing

by mkitchen
8 replies
Just curious how many people have tested this. Generally speaking I know most Americans consider the impulse buy under $10. So it is theoretically possible that if you normally sell your product for $10-$20 and you drop it down to under $10 you could see more than double sales which would obviously create greater revenue. But then again it would make no sense if you product sells for north of $20.

This is of course in theory, and I am kind of too chicken to try it right now as $9.99 vs $19.99 is a substantial difference...

Any thoughts?
#buy #impulse #pricing
  • Profile picture of the author Phil Halloran
    Impulse buying has nothing to do with a price. It has to do with how you well you can copy write.

    Some people tend to think that numbers with angles in them can attract more attention, but that is only a theory. However, angles are scientifically proven to stick out more than other shapes.
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    It's not what you know, it's who you know.

    Stop thinking only about helping yourself achieve your goals, and start thinking helping others help you achieve your collective goals.

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    • Profile picture of the author mkitchen
      Originally Posted by Phil Halloran View Post

      Impulse buying has nothing to do with a price. It has to do with how you well you can copy write.
      I thought I would get this response. And although I do not want to start a war, there are plenty of people who will first scroll to see a price before they read. Of course copywriting is important, but every retail store has impulse buy sections for a reason... price under a certain amount sells more quickly when you wave it in front of someone.

      Any other thoughts?
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  • Profile picture of the author Stephen Allen
    I was always under the impression that impulse buying was associated with cost!! I guess not!!!
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  • Profile picture of the author mkitchen
    Other thoughts from anyone that has tried to target this impulse sweet spot?
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    • Profile picture of the author Phil Halloran
      Originally Posted by mkitchen View Post

      Other thoughts from anyone that has tried to target this impulse sweet spot?
      Did you not see the second part of my post? Try using numbers with 4s, 2s, 1s, and 7s.
      Signature

      It's not what you know, it's who you know.

      Stop thinking only about helping yourself achieve your goals, and start thinking helping others help you achieve your collective goals.

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      • Profile picture of the author ScoTech
        I recently did a 3 way split test on pricing. Normally my product sells for $29.95, and I wanted to see if a price of $19.95 would generate more impulse sales. So I set up 3 pages
        Page 1 - Price of $29.95
        Page 2 - Price of $19.95
        Page 3 - Price of $29.95 with exit script that reduces the price to $19.95

        The results:
        Page 1 - 21 conversions from 3152 hits = .67%
        Page 2 - 21 conversions from 2701 hits = .78%
        Page 3 - 33 conversions from 2688 hits = 1.23%

        That's an almost 85% increase in sales by reducing the price as people try to leave. And best part is the people who see the value and are willing to pay the original amount still pay the higher amount.

        I have discontinued the split test as the certainty reached 97% very quickly. You can see the script in action at SecretsToCheapFlights.com

        Anybody else had this kind of experience with exit blockers (I guess people wouldn't use them if they didn't work, duh!)?
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  • Profile picture of the author eugie17
    I think it has the very limited effect, maybe in the super market it's more effective, online the good content and free stuff you give will play a bigger role
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  • Profile picture of the author mkitchen
    ScoTech, very interesting stuff. Gives me some stuff to think about and try out myself...
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