I need a clue . . . Why are products priced at $_7?

by keithakin 20 replies
I've noticed that almost ALL IM products are priced at $_7.

Why is this? Is there some kind of market analysis that people buy more with a price that ends in 7?

I'm just curious here . . . cause I'm new!

Have you noticed that the price point is either $7, 17, 27, 37, 47, 67, 97, 117, ....................?

Can somebody give me a clue?
#main internet marketing discussion forum #clue #priced #product pricing #products
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  • Profile picture of the author KarlWarren
    Hi Keith...

    it stems back to ONE marketer publishing a report that says it converts best (probably for them) and everyone else jumping on the bandwagon.

    I doubt that many people who launch products now test against different figures.

    Kindest regards,
    Karl.
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    • Profile picture of the author Tuzic
      Banned
      hi,

      yes i agree everuone is copying everyone & think its great.
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  • Profile picture of the author Chris_Willow
    I think there has been some reasearch on this topic and the number 7 is proven to touch people's feelings...
    But in reality it's a common concept to sell $7 reports, make less money, but create a list of buyers and profit on back end, IMHO that is why every marketer is selling such reports

    Chris
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  • Profile picture of the author Dave777
    Hi Keith,

    He's a good guy to follow, talk and comment with...

    Your $7. Million dollar man, just like in the movies...
    Jonathan Leger
    http://www.jonathanleger.com/7-dollar-secrets/

    Dave
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  • Profile picture of the author Jim Burney
    Originally Posted by keithakin View Post

    I've noticed that almost ALL IM products are priced at .

    Why is this? Is there some kind of market analysis that people buy more with a price that ends in 7?

    I'm just curious here . . . cause I'm new!

    Have you noticed that the price point is either $7, 17, 27, 37, 47, 67, 97, 117, ....................?

    Can somebody give me a clue?
    I believe well known copywriter Ted Nicholas did the research.

    Some supermarkets use it in some of their pricing eg $4.77 etc

    Best

    Jim
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  • Profile picture of the author Dave777
    Keith,

    While you're still in the pre-pricing thinking mode. A little more food for thought, just in case the following info is new to you and a few others...

    How about some Free love?
    FREE LOVE
    Free! Why $0.00 Is the Future of Business
    Free! Why $0.00 Is the Future of Business

    Dave
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    • Profile picture of the author Tom Wigley
      If a product is priced at $27, we still look at that as around $20
      If a product is priced at $19, people think of that as around $20
      So generally you will see no difference in the number of purchases between those 2 prices
      $28 on the other hand we think of as nearly 30
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  • Profile picture of the author patJ
    It's a psychological number. Just like $19.95 sounds better to your brain than $20.
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    Elegant, simple and clean Landing Page Templates for just $7.

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  • Profile picture of the author Scott Ames
    Products ending in $7.00 could be Bad News...
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    Success consists of going from failure to failure without loss of enthusiasm. -Winston Churchill

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  • Profile picture of the author Lance K
    Originally Posted by keithakin View Post

    I've noticed that almost ALL IM products are priced at .

    Why is this?

    Perhaps it's a case of Metooitis.
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    "You can have everything in life you want if you will just help enough other people get what they want."
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  • Profile picture of the author Fender85
    It's a great debate - I priced a product to where it ended with a 7 and it converted very well, but of course that might've had something to do with the quality of the product! I'm considering testing a non-7 soon however, that way I can "know."
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    • Profile picture of the author keithakin
      Originally Posted by Fender85 View Post

      It's a great debate - I priced a product to where it ended with a 7 and it converted very well, but of course that might've had something to do with the quality of the product! I'm considering testing a non-7 soon however, that way I can "know."
      Let me know how this turns out for you if you decide to go through with it! I'd be interested in knowing the results. No conversion #s or anything, just yes it did well or yes it did less than I expected.

      Thanks
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  • Profile picture of the author Asher
    It's a number game and how the number gives an impression.

    $10 - Do I have $10?
    $7 - $9: Hey, it's under $10, lemme check
    $4 - $6: The price's is alright, I guess.
    $3 - $1: It's cheap!

    Asher
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  • Profile picture of the author Platinum Matt
    I first HEARD it from Ted Nicholas in one of his books... He thinks it's a magical number.

    I think people just started to see $49.99 as $50 and rightly so, whereas people MAY perceive $47 as more like $40.

    I've tested this over THOUSANDS of sales a few years back. It DID convert better for me (and probably still would).
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  • Profile picture of the author Devan Koshal
    Basically 7 is a trigger number

    thats really the most important thing to know.
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