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How Effective Is A Dime Sale?

by aaronchen1
15 replies
Wondering what everyone's thoughts on this are?

Does it help to increase earnings per visitor for WSOs?

Why would you use or not use this strategy over just having a fixed price?

Cheers,

Aaron
#dime #effective #sale
  • Profile picture of the author DeanSoto
    I would say that it is very effective for getting buyers in your list who would otherwise not buy from you. It also helps to get affiliates especially if you offer high commissions.

    Both of my WSOs that I launched were via dime sale and I got more sales than I thought I would and some awesome affiliate relationships. Oh... And it is a GREAT way to get reviews.

    I am sure more of the experts would know when not to use it.
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  • Profile picture of the author PerfectSolution
    dimesale works better as it creates a sense of urgency.
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    • Profile picture of the author Tadresources
      Originally Posted by PerfectSolution View Post

      dimesale works better as it creates a sense of urgency.
      I think this right here is a huge benefit to a dime sale and something that is often underestimated.
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  • Profile picture of the author hustlinsmoke
    If your quick it is great, If Im late I don't buy.
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  • Profile picture of the author aaronchen1
    cool. is it important to actually tell people that its a dime sale?
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  • Profile picture of the author rgoutal
    I was hoping to see more discussion here. For example:

    Don't dime sales sound contrived? - Is there a way to frame it so that it sounds like there is a reason for offering a lower price to fast responders?

    DeanSoto mentioned it generates reviews. I have noticed that, but is that different than generating reviews for regular fixed price WSOs? Because if that DOES typically generate reviews, would it make sense to say "I am offering this as a dimesale because I am looking for fast reviews"?
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    • Profile picture of the author Michael D Forbes
      Originally Posted by rgoutal View Post

      Don't dime sales sound contrived?
      Absolutely, they ARE contrived. They have no reason to exist other than to aid the goals of the seller. Some folks think they are manipulative, and I agree wholeheartedly!

      They can manipulate statistics, timing of sales, emotional responses and probably a number of other things I haven't thought of.

      Lest you think I'm against them, I'm not at all. They are neither good, nor bad, they're perfectly amoral.

      To me, they are very much like an auction, although more complex. Anything sold at auction could be sold for a fixed price, but they aren't. Anything sold on a dimesale could be sold for a fixed price also, but they aren't.

      The reasons are as varied as the shades of skin on the people that use them.

      And the responses to them are equally as varied. On the same dimesale, I may be thrilled to have an opportunity to buy something at a great price, and you might think the same seller is ripping people off. It's all perspective and attitude.

      I personally like them.

      If I get in late, it's up to me to decide if the product has enough value to justify the price. Just like an auction, at some point everyone will bow out.
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      • Profile picture of the author travlinguy
        Originally Posted by Michael D Forbes View Post

        Absolutely, they ARE contrived. They have no reason to exist other than to aid the goals of the seller. Some folks think they are manipulative, and I agree wholeheartedly!

        They can manipulate statistics, timing of sales, emotional responses and probably a number of other things I haven't thought of.

        Lest you think I'm against them, I'm not at all. They are neither good, nor bad, they're perfectly amoral.

        To me, they are very much like an auction, although more complex. Anything sold at auction could be sold for a fixed price, but they aren't. Anything sold on a dimesale could be sold for a fixed price also, but they aren't.

        The reasons are as varied as the shades of skin on the people that use them.

        And the responses to them are equally as varied. On the same dimesale, I may be thrilled to have an opportunity to buy something at a great price, and you might think the same seller is ripping people off. It's all perspective and attitude.

        I personally like them.

        If I get in late, it's up to me to decide if the product has enough value to justify the price. Just like an auction, at some point everyone will bow out.
        Must have been a mind meld.
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    • Profile picture of the author travlinguy
      Originally Posted by rgoutal View Post

      Don't dime sales sound contrived?
      Let's hope so. They're supposed to be contrived. The whole purpose it to create urgency. There's no need to invent a reason for a dime sale. The reason is to get people to buy before the price goes up.

      If you're smart you'll have the the price change with every sale. That way the display will always say, "Only One Left At This Price."

      That creates even more urgency still. The bottom line is, as it always is, the product has to be really great. That's the real driver. Add the urgency created by "the fear of missing out" at this low, low price and you just might create a winner. And it's completely ethical.
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  • Profile picture of the author DustonMcGroarty
    I personally feel it deters buyers... especially if they arrive after its over and realize they never got a chance to get the discount.

    I agree that unless you give a reason why, it isn't effective.

    I don't know about everyone else but a dime isn't enough sense of urgency to make me buy. If the product's sales page was well written I would buy it at the $5 price it started at or the $10 price it ended at. It's five bucks.
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    • Profile picture of the author Michael D Forbes
      Originally Posted by DustonMcGroarty View Post

      I personally feel it deters buyers... especially if they arrive after its over and realize they never got a chance to get the discount.
      But many people never know there was a dimesale and happily pay the end price because the product justifies it. Me? I don't mind at all coming in late if I think the product is great, I would just view getting in early as a bonus. Perspective.

      Originally Posted by DustonMcGroarty View Post

      I agree that unless you give a reason why, it isn't effective.
      I respectfully disagree. I think most sellers that use dimesales don't state a reason for it, and a solid majority would say they are very effective.

      You seem to be saying that they aren't effective as a sales method with YOU, that's only a small piece of the equation.

      A dime sale can effectively:

      Bring a fast surge of buyers to an offer.
      Test the top range that a product will sell for in a given market.
      Reveal you if you've under priced a product.
      Reward a loyal group of customers.
      Build launch buzz.
      Raise early conversions to attract affiliates.
      Tip uncertain shoppers into a sale.
      Make dimesale haters whine loudly.

      And much, much more...

      Really, I'm not a dimesale evangelist, I'm just saying that yes, they are very effective for many reasons that might not seem obvious. And they are in no way detrimental to customers, because everyone can keep their finger off the Buy Button if they want.
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  • Profile picture of the author Josh Anderson
    If you can generate volumes of buyers then a dime sale works great... you see it ONLY creates a sense of urgency if you actually sell the product because that is the only way that the price increases.

    I have found that automatic price increases over time can be very powerful. For example in our system we have several price increasing features including dime sale... the one I like the best is dynamic pricing that increases over time... where the price goes up before someone's eyes by the second.

    If you have an offer that is compelling enough then it literally drives people crazy to wait and purchase because the price just keeps spinning up and up and up no matter what.

    Years ago I used this strategy for several WSO offers and made a mess of moola. Many people would wait to purchase only to freak out and buy later at a higher price kicking themselves for waiting.

    Additionally its an interesting way to test price. For example if you start an offer at $19 and it increases in price every second over a 1 week period to say $197 then you will see sales drop off or decline at a certain price point. If you plan on changing your offer to a static price and offering it on the general market later this gives you good indicators for what price to offer it at.
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  • Profile picture of the author youngmoneystars
    try selling your old old stuff for dimes and nickles just to get a quality list, easiest way to removing non-converting people without much trial and error !!!
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  • Profile picture of the author eguinan
    I was actually skeptical the first few times that I saw a dime sale here. I was truly relieved that the price did go up. I felt less manipulated. I believe that people (myself included) want you to give them a reason to by and a reason to buy right now. I agree that the dime sale gives a sense of urgency, a reason to buy today instead of next week. If I postpone the buying decision, I will most likely forget and not buy. I have a habit of buying WSOs and forgetting about them after I buy them...trying to stop that!
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    • Profile picture of the author Humbled
      Does anyone have any examples of a dime sale done well? I am looking for some copy to analyse?
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