$7 is the wrong price to sell your ebook.. forget what you have been told!

58 replies
Although in the IM Niche we have been trained that $7 is a godo price to get people to buy your report and enter into the sales funnel, I have recently found that people are 'fed up" with $7 reports... and therefore find $10 to be considered a more proper price then $7.

I'd love to get all your input on this... expecially kevin riley's!
#ebook #forget #price #sell #told #wonrg
  • Profile picture of the author Trader54
    This something you have tested?
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    • Profile picture of the author Jason Fenty
      Would be interested to see some stats on this
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  • Profile picture of the author Bryan Toder
    Originally Posted by BizBooks View Post

    ...I have recently found that people are 'fed up" with $7 reports...
    Which people, specifically?
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    ~ Bryan

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    • Profile picture of the author Jamie Iaconis
      Hi,

      All I can say is...

      $7 (7 in general) ain't doin' too much for me.
      (being the lowest converting price(s))

      My best selling procuct has ($19).98 on the end of it.

      Also, $19 and $29 do pretty good too.

      Like you say... I should also try round (0) prices!
      (I have before and I'm sure it worked alright)

      I have no test results yada yada for
      all this, but I have years selling them.

      PEACE!
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    • Originally Posted by Bryan Toder View Post

      Which people, specifically?

      Good point.

      Not all traffic is created the same....
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  • Profile picture of the author e-genius
    It is proven by the Top guys, that each product that ends with the number 7 has the most responses and sales. It's just a fact. I'll keep using this method untill proven that people started to respond on something else.

    Note that there's a huge research needed to know these results. A small group of fed up people cant be a reason to ignore this great tactic.
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  • Profile picture of the author ADAMw3
    Can you show some stats of your report selling more at $10 than $7?

    If you make such a claim, please provide some data.
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  • Profile picture of the author callmestrip
    Maybe you should create the $10 secrets report
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    • Profile picture of the author warcher
      Originally Posted by callmestrip View Post

      Maybe you should create the $10 secrets report
      I think this may be the best reply of all!
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  • Profile picture of the author callmestrip
    What should really be determined is..... what price point does the impulse buy go away. I would say anything below $20 could be complete impulse.
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  • Profile picture of the author Andy Fletcher
    Could anyone link me to the stats that show 7 is the best converting number? I always assumed that it was self fulfilling prophecy. Internet Marketers believe it to be best, so pay more attention to IM products ending it 7 because they are concerned that those not ending in 7 don't know what they are doing.

    Here's some more pricing stuff that I found helpful -

    Pricing strategies to get more profits | Small Business Trends
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    • Profile picture of the author Karen Blundell
      Originally Posted by Andy Fletcher View Post

      Could anyone link me to the stats that show 7 is the best converting number? I always assumed that it was self fulfilling prophecy. Internet Marketers believe it to be best, so pay more attention to IM products ending it 7 because they are concerned that those not ending in 7 don't know what they are doing.

      Here's some more pricing stuff that I found helpful -

      Pricing strategies to get more profits | Small Business Trends
      that was a very good article. Thanks for posting it, Andy.

      I test things..sometimes I find that if I raise my price on something , I get a better response...

      Right now I'm finding anything under $20 is selling.
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  • Profile picture of the author Sylvia Meier
    See I've been trying out different numbers myself and although I don't sell in the number range to really test I would think under $10 is definately impulse. Take a look next time your at a till at the products that surround you when you are standing there. I don't think I have ever seen anything over $20 there and for the most part they are all under $10 so to keep buyers purchasing without thought I would stay under the $10 zone and then test from there. One way to do it would be those split price sites then you could put up a revolving sales page with the only difference being the price and do it with all the major thought prices .99 endings, .97 endings, $7 products and $10 products and after you've had a couple thousand sales you could decide which is actually best, instead of just deciding it from a few peeps.
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      • Profile picture of the author JohnMcCabe
        If you want a good starting point for impulse buys, look at the cover price of magazines in your niche. Publishing is a cutthroat business, so the cover prices you see are the result of a lot of testing.

        In my niches, the range is from about $2.95 to $6.95. I pick one of those and use that as a starting point. Then I test up to find the highest ROI.
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        • Profile picture of the author Jamie Iaconis
          Originally Posted by JohnMcCabe View Post

          If you want a good starting point for impulse buys, look at the cover price of magazines in your niche. Publishing is a cutthroat business, so the cover prices you see are the result of a lot of testing.

          In my niches, the range is from about $2.95 to $6.95. I pick one of those and use that as a starting point. Then I test up to find the highest ROI.
          Great point John... looking at Amazon and the
          like will give you an idea of prices of books!
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          • Profile picture of the author andrewharrison
            I have found the following:
            9.99 - Does not appear to work well for products.
            9.95 - product sold VERY well. . .
            7.47 - Same product sold like lightning.
            9.47 - Product sold the same as 7.47

            My thoughts? .99's don't work well. .95's work well, BUT .47's work well. 9.47, 7.47 etc. . . I did a test last summer. . . I tried all sorts of combos and .47 REALLY worked well for me. . .
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            • Profile picture of the author RichOnlineCEO
              Originally Posted by andrewharrison View Post

              I have found the following:
              9.99 - Does not appear to work well for products.
              9.95 - product sold VERY well. . .
              7.47 - Same product sold like lightning.
              9.47 - Product sold the same as 7.47

              My thoughts? .99's don't work well. .95's work well, BUT .47's work well. 9.47, 7.47 etc. . . I did a test last summer. . . I tried all sorts of combos and .47 REALLY worked well for me. . .
              I agree with this, the 99s seem to repel people instantly from your product
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        • Profile picture of the author PaidToEmpower
          Originally Posted by JohnMcCabe View Post

          If you want a good starting point for impulse buys, look at the cover price of magazines in your niche. Publishing is a cutthroat business, so the cover prices you see are the result of a lot of testing.

          In my niches, the range is from about $2.95 to $6.95. I pick one of those and use that as a starting point. Then I test up to find the highest ROI.
          Good info, thanks. I have been pondering the pricing thing as well and this makes so much sense. Thank you.
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  • Profile picture of the author Bruce NewMedia
    Originally Posted by BizBooks View Post

    ... have recently found that people are 'fed up" with $7 reports... and therefore find $10 to be considered a more proper price then $7.
    How in the world do you KNOW people are 'fed up' with $7 reports?

    What basis is there for saying this?
    _____
    Bruce
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  • Profile picture of the author askloz
    got one better for ya...

    give it to them for nothing.

    then slowly issue out stuff that's of a higher value, and totally related to the ebook.... works a lot better than some $7-10-67 or what ever priced product.

    Originally Posted by BizBooks View Post

    Although in the IM Niche we have been trained that $7 is a godo price to get people to buy your report and enter into the sales funnel, I have recently found that people are 'fed up" with $7 reports... and therefore find $10 to be considered a more proper price then $7.

    I'd love to get all your input on this... expecially kevin riley's!
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  • Profile picture of the author Dana_W
    I haven't tested against OTHER prices - but my $7 Twitter Goldrush book is selling like hotcakes. Better than hotcakes. Can't remember the last time I bought a hotcake. So I would say that $7 books definitely can do well.

    It's true, there's the "impulse" purchase - the price where it's so cheap that people don't think twice before buying.

    For me, $8 or $10 - I don't think twice. That's the price of lattes for me and my kids.
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  • Profile picture of the author Kevin Riley
    Originally Posted by BizBooks View Post

    Although in the IM Niche we have been trained that $7 is a godo price to get people to buy your report and enter into the sales funnel, I have recently found that people are 'fed up" with $7 reports... and therefore find $10 to be considered a more proper price then $7.

    I'd love to get all your input on this... expecially kevin riley's!
    I'm here! I'm here!

    I sell a lot of small guides at $9.95, some at $19.95, $29.95, and $39.95.

    I actually had some at the $7 price point about 2 years ago, then decided that was just ridiculous and put them up to $9.95. Sales have been just as good - if not better - and each one puts an extra $3 (less a nickel) in the account.

    I'm not a fan of $X7 pricing. That's a recent phenomenon that started after some IMers started using 7s on their prices. The real world has always used 9.
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    • Profile picture of the author Maria Gudelis
      Originally Posted by Kevin Riley View Post

      I'm here! I'm here!

      I sell a lot of small guides at $9.95, some at $19.95, $29.95, and $39.95.

      I actually had some at the $7 price point about 2 years ago, then decided that was just ridiculous and put them up to $9.95. Sales have been just as good - if not better - and each one puts an extra $3 (less a nickel) in the account.

      I'm not a fan of pricing. That's a recent phenomenon that started after some IMers started using 7s on their prices. The real world has always used 9.

      Thanks for sharing Kevin! will test out the 9 numbers!!!

      And Dana - well your twitter goldrush report didn't taste like a 'hotcake' to me - but it sure got me from zero to 280 followers and that is me only applying half of your tactics in ze report! Double hot fudge sundae!!!

      cheers, Maria Gudelis
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      • Profile picture of the author Rupps
        I have a short and somewhat clouded memory that the 7 was related to higher priced products like $47, $97, etc.

        I have no testing on this. My items fall on $x.95, $x.99 or whole dollar amount $x.00
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      • Profile picture of the author Dana_W
        Originally Posted by Maria Gudelis View Post

        Thanks for sharing Kevin! will test out the 9 numbers!!!

        And Dana - well your twitter goldrush report didn't taste like a 'hotcake' to me - but it sure got me from zero to 280 followers and that is me only applying half of your tactics in ze report! Double hot fudge sundae!!!

        cheers, Maria Gudelis
        Thanks so much, Maria! And just think - no calories!

        I should bump up the price a couple of bucks and test it - hey, if the world's hottest Mankini Model, Kevin Riley, recommends it, how could I go wrong?
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    • Profile picture of the author David Spyres
      Originally Posted by Kevin Riley View Post


      I sell a lot of small guides at $9.95, some at $19.95, $29.95, and $39.95.

      I actually had some at the $7 price point about 2 years ago, then decided that was just ridiculous and put them up to $9.95. Sales have been just as good - if not better - and each one puts an extra $3 (less a nickel) in the account.

      The real world has always used 9.

      Great point and for those that don't know it's called psychological pricing. The mind sees $9.95 as LESS than $10.00 ... and yes I know that is obvious, but if I remember in one of my college courses, the fact that it's not $10.00 plays tricks in the mind of the buyer and they are more likely to buy at $9.95 than $10.00...

      Here is another "psychological pricing" article on the subject:
      According to a 1997 study published in the Marketing Bulletin, approximately 60% of prices in advertising material ended in the digit 9, 30% ended in the digit 5, 7% ended in the digit 0 and the remaining seven digits combined accounted for only slightly over 3% of prices evaluated.

      Psychological pricing - Wikipedia, the free encyclopedia
      Or look here as well:
      http://en.allexperts.com/q/Marketing...al-pricing.htm

      I hope that made sense ;-)
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      • Profile picture of the author Lance K
        If it's an entry level product, remember that # of customers counts more than # of dollars.

        If you have a 10% conversion rate @ $7, that's $70 for every 100 visitors.

        If you have a 8% conversion rate @ $9.95, that's $79.6 for every 100 visitors.

        So with the higher price point, your immediate revenue is 13.7% higher.

        $79.6 - $70 = $9.60

        $9.60/$70 = 13.7%

        And if you just look at the initial revenue on the front end, you come up with a visitor value of $0.70 at the lower price and $0.796 at the higher price. So you're $0.096/visitor ahead with the higher price point.

        But you have 2 fewer customers.

        And since we are talking about a sales funnel, you should know how much a customer is worth to you over time. If your "Lifetime Customer Value" is $150, you're really $290.40 ahead with the lower price point.

        2 extra customers x $150 LCV each = $300

        $300 - $9.60 = $290.40

        That's $2.90/visitor BETTER with the LOWER price point.





        Here's my point...

        You can't use other people's math to run your business.
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        • Profile picture of the author BizBooks
          Originally Posted by Lance K View Post

          If it's an entry level product, remember that # of customers counts more than # of dollars.

          If you have a 10% conversion rate @ $7, that's $70 for every 100 visitors.

          If you have a 8% conversion rate @ $9.95, that's $79.6 for every 100 visitors.

          So with the higher price point, your immediate revenue is 13.7% higher.

          $79.6 - $70 = $9.60

          $9.60/$70 = 13.7%

          And if you just look at the initial revenue on the front end, you come up with a visitor value of $0.70 at the lower price and $0.796 at the higher price. So you're $0.096/visitor ahead with the higher price point.

          But you have 2 fewer customers.

          And since we are talking about a sales funnel, you should know how much a customer is worth to you over time. If your "Lifetime Customer Value" is $150, you're really $290.40 ahead with the lower price point.

          2 extra customers x $150 LCV each = $300

          $300 - $9.60 = $290.40

          That's $2.90/visitor BETTER with the LOWER price point.
          Great Lesson There! Thanks!
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          • Profile picture of the author etmcl
            Interesting thread. I have always wondered what was magic behind the .97 ending price that I have always read to sell things at. I would like to see a real study done to determine just what prices cause people to buy or turn around and leave.
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  • Profile picture of the author Kenneth L
    The number 7 obsession comes a lot from Mark Joyner and Ted Nicholas (originally).

    People presume it works better because they see others doing it. The only way to know is test individually for each offer. No other way.

    Generally there are price ceilings in every market and it's important to push your prices to the highest point possible in every ceiling. For example I know two marketers who raised their prices from $29 to $39 without a drop in response.

    Find the ceiling and push to the maximum.

    That's why you MUST test price.

    Kenneth Rearden
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    • Profile picture of the author Ben Clemons
      Originally Posted by Kenneth Rearden View Post

      The number 7 obsession comes a lot from Mark Joyner and Ted Nicholas (originally).

      People presume it works better because they see others doing it. The only way to know is test individually for each offer. No other way.

      Generally there are price ceilings in every market and it's important to push your prices to the highest point possible in every ceiling. For example I know two marketers who raised their prices from $29 to $39 without a drop in response.

      Find the ceiling and push to the maximum.

      That's why you MUST test price.

      Kenneth Rearden
      Quoted for truth! ^^^
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  • Profile picture of the author Ken Preuss
    Originally Posted by BizBooks View Post

    Although in the IM Niche we have been trained that $7 is a godo price to get people to buy your report and enter into the sales funnel, I have recently found that people are 'fed up" with $7 reports... and therefore find $10 to be considered a more proper price then $7.

    I'd love to get all your input on this... expecially kevin riley's!
    You wanna know what sells well? Crap people really want.

    I recently came across an e-book for $38.21. I didn't give a crud what the price was. I wanted the book so I bought it.

    Granted, you don't see strange pricing like that very much. But my point remains the same.

    Focus on what you're selling far more than how you're pricing it. Your bank account will thank you.

    Ken
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  • Profile picture of the author Sleaklight
    I've personally have had more sales with $5 price tags than with $7. However, it has been a while since I last used a $7 price tag. I think with my next product I will use a $7 price tag and see how it goes.
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    • Profile picture of the author Daniel M. Clark
      Reports and guides ending in 7 - that's almost a standard. But what about eBooks that don't fit that mold? In addition to non-eBook-related affiliate marketing, I do comedy, and I'm wondering if I'm shooting myself in the foot just a little bit by having my first eBook priced at $4.99 rather than $4.97 or $4.77 - or another dollar value altogether.

      So... what's the general consensus? Is 'ends-in-7' only really effective for the IM-related eBooks, or should it be applied more broadly?

      On a side-note, I'm new here, and thanks to Dana for unknowingly pointing me over this way. I'm a follower of hers on Twitter, and she sure does a great job of talking up the forum without bashing people over the head with it. Looking forward to learning a lot here.
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      • Profile picture of the author Alan Petersen
        I stopped selling my reports at $7 in the IM niche and found I did better with $10.00 so that is what I do now (for my last three).

        I only use whole number pricing for WSO's since I figure warriors are more savvy marketers so what's the point of $7 or $9.95. Out side of the warrior forum I don't use whole numbers so I would price it at $12.95, etc.

        Outside of the IM niche I won't use whole numbers in my pricing either. Glad to read Kevin Riley is using that pricing as well without resorting to the "7" bonanza.

        I've read that for most people purchases under $20 don't require much thought. I've found myself doing that. I'll buy a book on Amazon or online for $19.95 without giving it much thought but $25--whoa do I really need it.

        Dana -- you gotta put up the price to $10. Those extra 3 bucks add up.
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  • Profile picture of the author Steven Carl Kelly
    I once stuck to the $X7 pricing model but have since moved away from it and conversion rates are no worse than before. As far as impulse buying goes, for me personally, anything under $20 is a gimme.
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  • Profile picture of the author rahails
    [DELETED]
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    • Profile picture of the author ildarius
      The mind sees $9.95 as LESS than $10.00 ...
      Magic number - is the marketing term
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  • Profile picture of the author Scott Ames
    I'm thinking that 6.99.9 might work better. It works for gas stations
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  • Profile picture of the author Andy Fletcher
    Does any one have some stats on this at all? People keep saying "this price worked loads better?" How much better? How many people did you flush through the system? How did you control all the other variables? Is your sample significant?
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    • Profile picture of the author Alan Petersen
      Originally Posted by Andy Fletcher View Post

      Does any one have some stats on this at all? People keep saying "this price worked loads better?" How much better? How many people did you flush through the system? How did you control all the other variables? Is your sample significant?
      Andy,

      Mine wasn't anything scientific but going from $7 to $10, $12.95, and $14.95 didn't decrease sales so that's why I don't sell reports at $7. Had I noticed a backlash in sales you bet I would have gone back to $7. So that's as high-tech analysis I did.

      There is a study from emarketer about pricing points but it's like $600 so I haven't ordered. I believe marketing sherpa also has an actual study with statistics, etc. not just a bunch of folks like us tying away in a forum.
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  • Profile picture of the author Ian Nicholson
    Why don't you give it away. Then people could judge the quality of your product. It's a small sacrifice to make in the bigger picture. Then the next time you have a book to sell online, people will remember you as the guy who produced a brilliant piece of work and buy. And then you can really go to town on the pricing.
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    • Profile picture of the author Blake Stone
      Was it Frank Kern who said, "Never underestimate the power of getting 1,000,000 people to pay you a dollar."?

      There must be something to that. Just take iFart for example. It sells for $0.99 and Joel Comm is making $10,000 a day that way.

      I wish I could make $10,000 a day on bodily noises.
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    • Profile picture of the author JohnMcCabe
      Originally Posted by Ian Nicholson View Post

      Why don't you give it away. Then people could judge the quality of your product. It's a small sacrifice to make in the bigger picture. Then the next time you have a book to sell online, people will remember you as the guy who produced a brilliant piece of work and buy. And then you can really go to town on the pricing.
      You're just as likely to stir up an angry mob...

      "Hey, you gave it away for free last time! How come you want me to pay for it this time? That's not fair! Damn rip-off artist scammer greedy guru *******..."

      Ian, please take the affiliate link out of your sig. It's against the rules. Plus, it doesn't work.
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  • Profile picture of the author glennpcarver
    What would Dan Kennedy say about the subject? I will consult my local Glazer-Kennedy coach and reply.
    Not sure if it is completely relevant, but it seems that every commercial that is selling something, does a drop to 19.99 and then gives you twice the quantity. Food for thought.........
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    • Profile picture of the author BizBooks
      Originally Posted by glennpcarver View Post

      What would Dan Kennedy say about the subject? I will consult my local Glazer-Kennedy coach and reply.
      Not sure if it is completely relevant, but it seems that every commercial that is selling something, does a drop to 19.99 and then gives you twice the quantity. Food for thought.........
      i'd like to hear the response you get on this!
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  • Profile picture of the author Mark Kaye
    I gave my report away for FREE to a few thousand people only to find that they LIKED the FREE report and DID NOT LIKE the upsell that cost actual money.

    That's the real reason for a small price point...it's to weed out the tire kickers. Even membership clubs that charge $1 for a week long trial have a better conversion rate longterm because they have filtered out anybody who doesn't want to spend money and is just "curious."

    I think the number may be arbitrary. Even still, my starting price point is $9.97...not yet ready to release the "Number 7 Theory" as complete myth.

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    • Profile picture of the author GeorgR.
      Originally Posted by Mark Kaye View Post

      I gave my report away for FREE to a few thousand people only to find that they LIKED the FREE report and DID NOT LIKE the upsell that cost actual money.

      That's the real reason for a small price point...it's to weed out the tire kickers. Even membership clubs that charge $1 for a week long trial have a better conversion rate longterm because they have filtered out anybody who doesn't want to spend money and is just "curious."

      I think the number may be arbitrary. Even still, my starting price point is $9.97...not yet ready to release the "Number 7 Theory" as complete myth.

      i think it is a myth.

      By the way...
      "Psychologically" $7 or $9.97 looks "more" than
      $10 <---

      Personally i think that "$9.97" looks very bad, i would be interested in some studies, but i COULD see that the same product would sell better for $12 instead of "$9.97".
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  • Profile picture of the author Chinyemike
    I've always thought about it myself but haven't started selling mine. Would really love some statistic backing. Although a round figure always sounds better in the lower range of pricing.
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  • Profile picture of the author AndyBlackSEO
    Interesting thread... so if I advertised something for $9 ..... would $9.95 possibly yield more response?
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  • Profile picture of the author Philip John
    The $7 theory sounded to just like that - a theory. I think the best price you can set is the maximum price your customers are willing to pay, before your sales start to drop.

    This figure will change depending on the contents of your book and/or product (how hot the market is) and what your target is willing to spend (and it varies... a lot).

    So test, test, test!
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  • Profile picture of the author Corena
    Many people in this thread where wondering about stats for this. I wonder how I would go about collecting stats? Split testing or is there a good tracking program that does these "stats"
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    Hi :)

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    • Profile picture of the author Alan Petersen
      Originally Posted by Corena View Post

      Many people in this thread where wondering about stats for this. I wonder how I would go about collecting stats? Split testing or is there a good tracking program that does these "stats"
      I would think the easiest would be to run an AdWords campaign with two landing pages. Everything is the same except the price. One for $7 the other for $9.95 or $10 or whatever and see which converts better.
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  • Profile picture of the author canadiad
    I think that it all depends on what in fact it is all about. If it is super neat or just plain old nothing really to look at. Thats the difference that i would relate to the price of your ebook.
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  • Profile picture of the author Born Warrior
    Times are tough for the average person right now. The concept is simple. If you can afford to buy a cup or two of coffee at StarBucks or Seattle's Best, or even pump a couple of gallons of gas in your car, you can a $7 ebook. People are much more likely to buy something for a low amount than a high amount, even if the product at the higher amount is much better. It's a compulsive thing. Right now, people usually won't hesitate to buy something under 10 dollars, but will think twice about something that costs 20 or more dollars. It's the hesitation factor that stops people from purchasing even slightly more expensive ebooks.
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  • Profile picture of the author BizBooks
    So $9 would sell better then $9.97, while $7, at least in the IM Niche, as percieved as a price point to get you to simply step up to a more expensive product after your foot is in the door?
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  • Profile picture of the author jasonl70
    I had a product priced at $17.95, and sold a few each day. I upped the price to $27.95, and my sales never dropped at all.
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    -Jason

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