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Help with pricing

by higakun
2 replies
I need help with pricing in terms of what looks appealing to the consumer. I know that some prices have rationale reducing effects like charging 9.95 instead of 10.00

Similarly, 7 dollars seems to be a good price for a standard e-book. Or instead of $2, $1.70 seems appealing.

I also know bundling works good too.

What are your thoughts on this and do you have suggestions for pricing?
#pricing
  • Profile picture of the author akdiver
    Seems like you summed it up. What exactly do you want to price because that is probably the most important factor. Here is a quick checklist of pricing

    1. Lower is not always better. Sometimes being the premium price can make a product more attractive - see harley davison and bmw

    2. Online products ending with a 7 has been proven to be more effective.

    3. Consumers tend to round down so $29 sounds like $20 which is obviously cheaper than $30
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    • Profile picture of the author higakun
      cool. good to know im on the right track. I am setting up a membership based site and am thinking about creating about 3 bundles with varying benefits at different prices. I have been reading a book called predictably irrational and it suggested using a decoy price.

      For example,

      Lets say I have a newspaper and an online newspaper

      Package 1:Online access Only-$59
      Package 2:Newspaper Access Only-$69
      Package 3:Online Access & Newspaper-$69

      Obviously Package 2 is a decoy and is put there to entice us to the more expensive version. So I was thinking of employing that tactic to proper pricing numbers.
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