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What can you say from this Price Stat on WSO

by Raja Kamil
13 replies
Hey guys;
I just figured out some interesting stats from my w+ dashboard.

This is from one on my wso.

See the price stat below.



What will you say about those figures. :rolleyes:
#price #stat #wso
  • Profile picture of the author BabyMama
    Interesting stats it appears the $7 product is selling the best but its hard to tell from your stats as I don't know the dates and how long each one has been running.

    I know $7 reports sell well everywhere online. It seems to be a good round number that people are willing to spend
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  • Profile picture of the author Brad Gosse
    The sample size is WAY too small to comment on averages, trends or otherwise.

    When you test variants like price you need to do so in a random fashion sending equal amounts of traffic to the various prices.

    Your $3 sample has less than 100 views and none have more than a thousand uniques. 100 is too low. Even 1000 equally to each price might give you a rough picture.

    Also you can't account for the replies to your thread and how they affect conversion. One bad review can lower your visitor value at any price. One good one from the right person can do the reverse.
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    • Profile picture of the author RobKonrad
      I totally agree with that, some sales more or less will totally shift these stats.

      Raja, to give you an idea - I was long involved in direct sales marketing, so basically sending out "real" letters to people.

      We would never accept a variant SMALLER THAN 10'000 LETTERS to make statistics; 50k preferred.

      We can be happy we don't have to buy stamps for emails

      Cheers,
      Rob

      Originally Posted by Brad Gosse View Post

      The sample size is WAY too small to comment on averages, trends or otherwise.

      When you test variants like price you need to do so in a random fashion sending equal amounts of traffic to the various prices.

      Your $3 sample has less than 100 views and none have more than a thousand uniques. 100 is too low. Even 1000 equally to each price might give you a rough picture.

      Also you can't account for the replies to your thread and how they affect conversion. One bad review can lower your visitor value at any price. One good one from the right person can do the reverse.
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  • Profile picture of the author mrjosco
    The sample size is too small, but based on what you have it should be noted

    The $7 is NOT selling the best. You have 3x the revenue from 6x the visitors. The $5 option gives you less revenue per transaction but more per click.
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  • Profile picture of the author ronaldmd
    Why the $7 sells the most? Do people like the number "7"?
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by Raja Kamil View Post

      What will you say about those figures.
      That over the last 3 years (maybe longer, but I've been here for only 3 years), the WSO sellers have collectively been training the market only to buy cheap stuff, and have - at this stage - more or less shot themselves in the collective foot because of it.

      That's part of the reason why you see so many people who sell products to internet marketers talking about sales funnels, gently escalating product upsells, and so on and so forth. The reality is that they have to do much more, now, to get people to buy a $97 product than they used to, and much more than they would have had to, if they hadn't produced all the $7 and $17 products.

      That doesn't happen to anything like the same extent in other markets/niches.

      They did it to themselves, in cold blood.

      Originally Posted by ronaldmd View Post

      Why the $7 sells the most? Do people like the number "7"?
      It doesn't.

      People just think it does.

      When you're copying what other people do without testing it for yourself, on the grounds that "it 'must' work otherwise everyone wouldn't do it", the perception is more important than the reality.

      I've seen only one reliable split-test involving $7, myself, which was between $7 and $10 prices for an ebook (same traffic, obviously), and significantly more sales were made at $10 than at $7 (literally more sales - not just "more income", though that was obviously true as well). I strongly suggested that the client should have tested $12, too/instead, but he wouldn't do it.

      Call me a skepchick, but a lot of people talk a lot of nonsense about pricing, without ever testing anything for themselves.
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      • Profile picture of the author J Cohen
        Originally Posted by Alexa Smith View Post

        That over the last 3 years (maybe longer, but I've been here for only 3 years), the WSO sellers have collectively been training the market only to buy cheap stuff, and have - at this stage - more or less shot themselves in the collective foot because of it.

        That's part of the reason why you see so many people who sell products to internet marketers talking about sales funnels, gently escalating product upsells, and so on and so forth. The reality is that they have to do much more, now, to get people to buy a $97 product than they used to, and much more than they would have had to, if they hadn't produced all the $7 and $17 products.

        That doesn't happen to anything like the same extent in other markets/niches.

        They did it to themselves, in cold blood.



        It doesn't.

        People just think it does.

        When you're copying what other people do without testing it for yourself, on the grounds that "it 'must' work otherwise everyone wouldn't do it", the perception is more important than the reality.

        I've seen only one reliable split-test involving $7, myself, which was between $7 and $10 prices for an ebook (same traffic, obviously), and significantly more sales were made at $10 than at $7 (literally more sales - not just "more income", though that was obviously true as well). I strongly suggested that the client should have tested $12, too/instead, but he wouldn't do it.

        Call me a skepchick, but a lot of people talk a lot of nonsense about pricing, without ever testing anything for themselves.
        For someone new to Internet Marketing this is really interesting information thanks for posting.

        I guess it doesn't alway pay to follow the crowd.

        Jay
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        • Profile picture of the author Alexa Smith
          Banned
          Originally Posted by J Cohen View Post

          I guess it doesn't alway pay to follow the crowd.
          Not when "following the crowd" is all the crowd itself is doing anyway ... :p

          The problem is that on some issues it will be totally right and correct and valid to "follow the crowd" and on other occasions not ... and being able to distinguish between the two requires exactly the sort of judgement and experience which - by definition - one doesn't have when's one "new". So these things really are difficult.
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          • Profile picture of the author J Cohen
            Originally Posted by Alexa Smith View Post

            Not when "following the crowd" is all the crowd itself is doing anyway ... :p

            The problem is that on some issues it will be totally right and correct and valid to "follow the crowd" and on other occasions not ... and being able to distinguish between the two requires exactly the sort of judgement and experience which - by definition - one doesn't have when's one "new". So these things really are difficult.
            Agree entirely that experience matters in things like this, I haven't even got my head around split testing yet. However I do remember a quote I saw in another thread that I wrote down and have at the side of my laptop.

            "Most new break throughs, concepts and path ways form when people look for different angles than the crowd"

            I cannot find the thread to give proper creditt to the poster but I do like the saying

            Jay
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  • Profile picture of the author Daniel Wilson
    I'd go with $3 if you are building an opt-in list. A loyal customer is worth a lot more than a few extra bucks on the sale.

    Daniel
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  • Profile picture of the author Mohammed Hammad2
    I notice there is a difference in the visitors views.

    Forgive me my ignorance, but isn't it supposed that it must be the same number of visitors in the same time range as each other?

    For example, it should be 100 views in two days for each price range?
    But interesting theory, I loved how the $7 and $3 range had high sales, but if it was me, I would pick the $5 price range because it has the highest value per click.
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  • Profile picture of the author Steve Peters Benn
    I can't help but think that the info given is near useless for so many reasons. The visitors are badly distributed and its probably more helpful to ignore those results than try and infer anything from them
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  • Profile picture of the author Raja Kamil
    Ah ha. so, do you guys have any 'well distributed' statistic ?
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