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Testing Price Point - How to "justify" the price changes to my list?

by Joe Ox
3 replies
Hi there,
I'm going to test and raise the price for one of my products.

How would you justify these price changes (if needed) to your list?

Thanks for your help
Joe
#justify #list #point #price
  • Profile picture of the author NatesMarketing
    A lot of people have their prices "marked down."

    So they're like....get my product for only $25 - that's 50% off! Even though the were originally planning to sell it for $25. But, if they wan't to test a price bump, they can just be like - "the price is going back up in 24 hours"

    And that's fine, people will understand...sales can't last forever.

    If you're not doing something like that -
    • I think you'll have to add some more value.
    • Explain that it's a lot more work than you thought it would be to maintain the product at that price
    • Say screw it, I'm raising it anyway - maybe lose some people, but maybe make more money, in the end, through new customers.
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  • Profile picture of the author WillR
    I don't see any need to justify a price rise. If you were testing price points and lowered the price then that's a different story, but raising the price is fine. Those who have already purchased will just feel they got an even better deal. Those who haven't yet purchased might be pushed over the line now when you tell them the price is going to rise soon.
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  • Profile picture of the author R Hagel
    Actually, if you are testing prices then you shouldn't be justifying higher or lower prices in your emails at all. That's because your subscribers should be sent randomly to sales pages with different price points (split testing).

    See, the problem with justifying price points in your actual email is that it may not be the price that makes the difference in conversion rates... instead, it may be the justification. Thus you want to send the SAME email to everyone, and let a script randomly send your traffic to sales letters that reflect different pricing.

    Basically, you hold all other variables constant so that you know what created the difference in conversion rates.

    Make sense?

    Becky
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