Do you think there is a magic price to sell something at?

by hockmasm

Posted: 12 years ago 18 replies

INTERNET MARKETING

on TV you see most infomercial items priced at 19.95. i imagine that has been tested as a perfect price that most people are willing to pay.

have you experienced any magic price for a product you sell that ended up increasing your sales volume just by changing the price?

#magic #price #sell

Ed Micah 12 years ago

I think it has been split-tested that prices ends with 7, such as $7, $17, $37, $47, $67, $97 are more likely to make sales then other numbers.

However I personally think prices that ends with $9.95 makes you extra $3 is the best, and I don't think there's any differences at all....
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thelazyone 12 years ago

Well there is so many split tests that have shown that 7 converts more than 9 and 7 converts more than 17
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- Michael Oksa 12 years ago
  
  Originally Posted by thelazyone
  
  Well there is so many split tests that have shown that 7 converts more than 9 and 7 converts more than 17
  
  The only reliable split tests are the ones you conduct by yourself, for yourself.
  
  All the best,
  Michael
  
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- John Lenaghan 12 years ago
  
  Originally Posted by thelazyone
  
  Well there is so many split tests that have shown that 7 converts more than 9 and 7 converts more than 17
  
  Are there really? Have you seen them and if so, can you point them out?
  
  I'm not asking to be a jerk, I'm asking because I personally believe this is one of those things that get passed around so much that they become accepted as "fact" when they really aren't.
  
  I've tested a lot of prices on different things, and neither the "ending with a 7" nor the "$7 vs $17" (or vs $27, $37, etc.) have proved to be the best. Sometimes, yes, but not the majority of the time.
  
  The only "magic price" is the one that you figure out for yourself through your own testing.
  
  John
  
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contentwriting360 Banned 12 years ago

Numbers will always be numbers. What makes a product or service 'sell-able' is how the business owner markets it and what benefits or values one can get out of the product or service. Apart from the pricing and the two things I mentioned, there are other factors that will make you earn the 'buy-in' of your prospective client.

IMO, people are becoming wiser these days. Whether we like it or not, they want to see those 'things' behind those price tags.
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Joseph Robinson Banned 12 years ago

For all of the constant split tests supposedly concerning online products, I don't think I've ever seen one of them published concerning the 7's.
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stoltingmediagroup 12 years ago

I would pay $13.63, $18.34, $28.42..... for anything that has value for me at the moment.
I would not pass on a product because there's no "7" in the price or because it doesn't end in ".95" But that's just me.

Ironically though, in the last 2 or 3 years, the number of purchases that have been made online in the IM community, by consumers that quickly bought a "$37" push button product, without even knowing what it is they were getting, is mind blowing! Thus there may be something hypnotic about that price, unless it was the word "push button" that did the trick.

Arnold Stolting.
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Mike Anthony 12 years ago

$0 seems to kick everything else out theres behind but I guess someone could say thats not selling but list building.
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misterkailo 12 years ago

I would say do $0 and grab back end sales for it
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techbul 12 years ago

You have to price your product according to its value: there is no "secret sauce" involved!
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- Michael Oksa 12 years ago
  
  Originally Posted by techbul
  
  You have to price your product according to its value: there is no "secret sauce" involved!
  
  You are basically correct, but if there is a secret sauce, it is this...
  
  "Value" is determined by the buyer, not the seller.
  
  The seller can set the price, but it will be the buyer that decides whether or not they get enough value for that price.
  
  As a seller, you need to set the initial price, and then see what happens. You should try a few different price points to see which one brings you the most net sales.
  
  It's half art and half science, but the only way to know what price is best is by testing some.
  
  All the best,
  Michael
  
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Noah Fleming 12 years ago

Michael's got it right.

In pricing, two things matter. Value derived by the buyer, and the price they will pay.

Worry about where the decimals go, what anchors you use and all that other stuff after you have the value part down.

It's like deciding if you should send the email at 10:33 or 1:30 on Tuesday. Just send the email.
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Ahmed Auf 12 years ago

The number doesn't matter.

You just have to have a high quality product and justify whatever price you are giving it.

You have to tell your prospect the reason behind giving such a low/high price.

Just focus on the value and your sales page and you'll pretty much be able to sell anything at any price.
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Chris Jerrett 12 years ago

I think that at the lower end of the scale their is a "magic" price point. It varies with time and from economy to economy and from individual to individual.

It's the amount that you as a person will spend without thinking twice about it. Without doing research into the product or looking at alternatives. This price point is probably related to the price of a takeaway meal or a couple of coffees from a coffee shop for most of us.

But if you are a millionaire, it might of course be considerably higher. So the price point largely depends on the demographic targetted more than on the product itself.
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DotComBum 12 years ago

My magic price is at $9.95, it it's too low, it sound like a junk product.
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blillard 12 years ago

As with everything else in online marketing you have to conduct your own split testing. No one can really tell you how your buyers will react to offer or its pricing. set a price and see what's happens. Then raise the price and see what happens. Record your results and keep testing.
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knight 12 years ago

You have to sell the benefits of a product, not the features..

Every word and sentence should create mental movies in the customers mind about your product and its benefits. Your reader should begin to imagine using the product. The copy of your letter should induce mental movies in their mind...

Another tragic mistake is clogging the sales letter all over. Instead use lot of white space and short simple sentences. The more easier for the reader to read...the more money you make. Refrain from hurting their eyes and heads.

You must make the reader see, feel and act! Write with descriptive nouns and verbs that conveys action. Create specific pictures in the readers mind with Nouns. Specific ideas and descriptions do create mental pictures that the reader can understand easily.*

The trick of the trade is to be specific.

Abstract ideas are weak and turns off the customer immediately. Totally useless in a sales copy.

Regards..
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affiliatequeen 12 years ago

I would say how the buyer perceives the quality of product as an important factor.

Once you've put maximal effort into how planning how to market and sell the product, only then should you worry about 'perfecting' your pricing. What would you pay for the item if you were interested in that product? What do others sell similar products for and how does yours differ (is it more marketable/better or not)? Would you rather sell more of the products at a lower price?

There are a range of factors that go into selling a product, and discovering the exact pricing is just one.
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