Which price for my ebook?

15 years ago

Hi,

This may help explain the reasoning behind the #7

This is a quick but very important principle.

Tests have proven, particularly those carried out by Ted Nicholas (the great US copywriter), that when you price a product or service ending in 7 you'll get more sales...
Yes I know this sounds crazy but you'll be surprised at the effect this one simple change can have on your client's sales and profits.

There is logic behind these findings...

For years many people have used the principle of '9' to make the price seem less...
99p is just 1p less than £1 but people don't see it as £1. Similar cases are made for £9.99, £99.99, £999.99, etc. So, psychologically, you know that pricing in this way does help.

But what researchers like Ted have found is that '7' works better than '9'.

·Instead of 99p, change to 97p

·Instead of £9.99, change to £9.97

·Instead of £999.99, change to £999.97 or £997

·Instead of £9,999, change to £9997, etc.

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John Romaine

15 years ago

Never display a price with cents! There is no need for it. Again its a psychology thing.

$27 looks cheaper than $26.95

Visually its cheaper.

I would also encourage you to NOT guess the value of your ebook. You should ALREADY KNOW before even launching it what people will pay! As a side note, I would START LOW and work upwards.

Meaning, the price is a special offering of $7 but time is limited, tomorrow its going up to $17. Repeat repeat repeat, until you have firm statistical data.

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Brad Spencer

15 years ago

Less numbers= cheaper...I like that advice.

Also, the limited release idea is great as well. It adds a scarcity component. Let's say you launch the product at 27 dollars for the first 72 hours of launch. Drive a ton of people with 75% commission on CB (their highest percentage) and you'll create a buzz.

All those customers could have access to a tell a friend script on the download page to get the product going viral...

Then you raise the price to 47 and you'll get more people promoting due to the higher commission.

First batch of customers helps you get the latter by testing your offer and finding ways to make it absolutely stupid not to buy your product at that price.

Cheers,

Brad

Originally Posted by ramone_johnny

Never display a price with cents! There is no need for it. Again its a psychology thing.

$27 looks cheaper than $26.95

Visually its cheaper.

I would also encourage you to NOT guess the value of your ebook. You should ALREADY KNOW before even launching it what people will pay! As a side note, I would START LOW and work upwards.

Meaning, the price is a special offering of $7 but time is limited, tomorrow its going up to $17. Repeat repeat repeat, until you have firm statistical data.

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Franck Silvestre

15 years ago

You will only know after you test it. No need to guess anything.

Use Website optimizer to test the offer.

Franck

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Roy Carter

15 years ago

Yep. The only way to find out what the market will pay for YOUR ebook is to test different price points. testing is something that will set you apart from most online marketers who can't be bothered to do it. It can give you an edge in your chosen niche.

Test everything, not just price but headlines, guarantee etc.

Roy

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John Romaine

15 years ago

If youre interested in testing various elements of your site including price, have a look at AB Split testing software.

Improve Online Conversion with Split Testing Pro Software

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JeffMitchell 15 years ago

I heard something on the Radio a couple weeks ago, that the $49.97 instead of $50.00 was original thought of to force the cashiers to make change so that it would cut down the pocketing of money.

After they decided to do it...they quickly realized that sales went up xx percent (I don't remember the details) and it just stuck there. Now we have tested and tested more, and it seems the $X7.00 price point seems to really dominate.

I can't promise there is any truth in that...but "If the radio said it, IT MUST BE TRUE" lol

Jeff Mitchell
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Ricardo-Acosta

15 years ago

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homebizrockstar 15 years ago

I agree on the $37 price point, if it is just the E-book. I would also consider if I were you about adding to the value of your product. Outsource someone to create an MP3 to go with it. This adds perceived value to your product. Create a video series to go with it, there are all kinds of things. After you have added value, test price points to see what sells best. Another idea afterwards is easily turn it into a Physical product and use this as an upsell. Easily done for peanuts nowadays with Kunaki.com. Just a thought! Best of luck...
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