$67 and $97 - what's the reason? | Warrior Forum - The #1 Digital Marketing Forum & Marketplace

14 years ago

Originally Posted by CunningStunt

I see lots of products on the Internet priced at $67 and $97, usually Clickbank products, is there a reason why? I was just wondering if it was based on some kind of psychological theory, like pricing something at $97 would have a far better conversion rate that something at $98 or $99?

I've been wondering this too. I always see prices like $27, $37, $47, $67... etc.

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mikeroosa 14 years ago

Someone, somewhere decided that things ending in a 7 convert better and people followed suit. I read something about this a year or so ago, but can't remember where it came from.
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erichammer

14 years ago

I don't know the psychological why of it, but I do know I've seen marketers mention that these numbers convert better than the more traditional numbers. Why however, I've got no idea...

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SeanSupplee

14 years ago

It just works for some reason. Anything being cost is 17 27 37 47 57 etc if you see a product for 55 it honestly really funny and weird anymore. If it ant broke then dont fix it

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doorkicker13 14 years ago

One possibility I can think of is the fact that people like whole round numbers ($10, $20, etc..), and listing prices as $17, $27, etc.. comes close to the whole number value but makes people feel as though they are getting a deal paying $17 as opposed to $20.. sorry if this doesn't make sense, it makes sense in my head.
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Trivum

14 years ago

I have heard that people round up or round down and the mid-point is, of course, the mid-point. So, if you say $27, then people round down to $25. If you say $28, then people round up to $30.

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Joyful Thiek

14 years ago

Originally Posted by Trivum

I have heard that people round up or round down and the mid-point is, of course, the mid-point. So, if you say $27, then people round down to $25. If you say $28, then people round up to $30.

This makes sense.

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Alexa Smith

Banned 14 years ago

It's just like most things in internet marketing: someone once allegedly split-tested it with the menu prices in a pizza restaurant in the 1960's, and unfortunately one of those present was a "marketer"; ever since then everyone's copied it because "it must work, otherwise people wouldn't be doing it, would they?"

Meanwhile, over the last couple of years, I've seen some testing done by my own clients and former clients and discovered that:-

(i) For a short report, $10 converted better than $7 (I thought $12 might have converted better still, but I couldn't persuade the client to test it);

(ii) For an e-book $39 converted slightly better than $37;

(iii) For some coaching videos and a membership package $22 converted a lot better than $17.

But the established wisdom is for prices to end in a "7", and it must work, otherwise people wouldn't be doing it, would they?

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PhilJenkins

14 years ago

Originally Posted by Alexa Smith

Meanwhile, over the last couple of years, I've seen some testing done by my own clients and former clients and discovered that:-

(i) For a short report, $10 converted better than $7 (I thought $12 might have converted better still, but I couldn't persuade the client to test it);

(ii) For an e-book $39 converted slightly better than $37;

(iii) For some coaching videos and a membership package $22 converted a lot better than $17.

How extensive was this research, how many products?

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Jordan Kovats

14 years ago

You'll never see a price ending in .99 at Walmart. They are always ending in 0.97 too. They obviously know something.

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Alexa Smith Banned 14 years ago

Originally Posted by theseoguys

You'll never see a price ending in .99 at Walmart. They are always ending in 0.97 too.

Ooh, well, that settles it, then.

That "must" make it right for all internet marketers too, with all types of products in all price-ranges. What more evidence could one ever possibly want? (Heaven forbid that anyone should ever actually test anything for themselves and learn that $10 can convert better than $7, or that $22 can convert better than $17 :rolleyes: ).
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packerfan 14 years ago

Originally Posted by theseoguys

You'll never see a price ending in .99 at Walmart. They are always ending in 0.97 too. They obviously know something.

Here's a random page from walmart's website. Walmart.com: Electronics: Auto Electronics: Auto GPS Units

They have all kinds of weird prices.

I think the moral of the story is test your own products at different price points and see what makes you the most money. Stop living in a world of theory and move into the world of practice.
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CunningStunt

14 years ago

Yes, it's always ending a 7. The rounding theory sounds like the probable reason. I might give it a try and see if it makes a difference.

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waterburn

14 years ago

Since everybody and their dog are pricing their products with 47, 97, etc, I decided to price my products differently. Usually they end with a 9, but a 6 has worked well too. Just do some A/B testing and see what works best for you. I find ending with a 9 works well.

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erichammer

14 years ago

Originally Posted by waterburn

Since everybody and their dog are pricing their products with 47, 97, etc, I decided to price my products differently. Usually they end with a 9, but a 6 has worked well too. Just do some A/B testing and see what works best for you. I find ending with a 9 works well.

Now you've made me really curious -- if I were to put up something with some kind of religious connotation, would it convert better or worse at $6.66 :p

?

Edit: I don't have anything like that, but this just gave me an idea for a short eBook I may write and see what happens with it.

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davidfstyles

14 years ago

I've run split-tests on this and in nearly every case I get higher conversion rates (... and therefore epc's) when the price of the product ends in '7'. My gut feel on this is people feel the number '7' is a lucky number, but obviously I can't get inside my customers' heads. All I know is it works.

PS - I've also found ending in .95... as in $39.95 also works well.

Hope that helps,

David.

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penpal6

14 years ago

At IM world....people love figure "7"

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doorkicker13

14 years ago

After searching around Google I found this.. lol

http://www.warriorforum.com/main-int...nding-7-a.html

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MissLauraCatella

14 years ago

This may not be entirely related. But it maybe slightly related. I once read of some studies (you can Google 'em for specifics) that when people are asked to choose a random number from 1 - 10, they choose 7 a majority of the time. That doesn't say anything about it being the most effective number, and there will always be cases where it isn't. It just says people like picking 7.

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zachary0611

14 years ago

Originally Posted by bambii

This may not be entirely related. But it maybe slightly related. I once read of some studies (you can Google 'em for specifics) that when people are asked to choose a random number from 1 - 10, they choose 7 a majority of the time. That doesn't say anything about it being the most effective number, and there will always be cases where it isn't. It just says people like picking 7.

Are you talking about Mystery's guess a number between 1 and 10 routine where the the majority of people pick 7? and then they think he is a genius

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MrDoughBoy

Banned 14 years ago

With the higher price their is a perceived notion that the product is more valuable. At the same time you don't want to charge too little so that people might consider it to not be of value in the eyes of the prospective purchaser.