What's Up with the #7?

15 years ago

It is thought that 7 is a more appealing end to a price, it almost makes the customer feel more secure that the price is a little less than rounding it upwards.. apparently.

I end most of mine with a 9 or a 2

Peace

Jay

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camforbes

15 years ago

I looked into this about 2 years ago, and actually did quite a bit of product testing myself...

for some reason the 7 ...just ...works.

so then i moved on to analyze when I should send my mailings (Tuesday morning, or Thursday afternoon work best for me),

which days are best for launching new products (surprisingly Sunday was best)

when I should launch my WSO's so my offers stay up near the top longer (always changes because it depends on when your WSO gets approved... and who else is releasing WSO's at the same time... haven't found the magic there yet)

but you brought up a good point, and I guess my long rambling response can be summed up simply by...

TEST.

-Cam

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CurtisN

15 years ago

The #7 is used for the same reason why people use big bold red quotes headlines, video salesletters, subtle psychological hooks, etc. They convert!

Maybe I'm biased, but I'd much rather buy a product that costs $47 as opposed to $49.95 and not because it's three bucks cheaper. There's a lot of things that you can't explain, but you just know that it works

Curtis

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yourreviewer

15 years ago

Originally Posted by CurtisN

The #7 is used for the same reason why people use big bold red quotes headlines, video salesletters, subtle psychological hooks, etc. They convert!

Maybe I'm biased, but I'd much rather buy a product that costs $47 as opposed to $49.95 and not because it's three bucks cheaper. There's a lot of things that you can't explain, but you just know that it works

Curtis

So if I sell you a product at $49.97 would you buy?

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CurtisN 15 years ago

Originally Posted by yourreviewer

So if I sell you a product at $49.97 would you buy?

If it's a good product, probably! However, you could potentially get a higher conversion rate by simply lowering the price to $47
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Simontherrien

15 years ago

I guess you guys are right because it is true that some prices just sound like less money than other prices that are very close to them in value.

take 9.99$ for exemple I'm sure people will be more likely to buy at that price than
10$$

thats why all ebooks end with 5,7,8 or 9

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Terri LC 15 years ago

Well thank you for the explanations! They all seem logical. It's like a whole language of its own in IM. Tried and tested........and shared!

Cheers!
Terri
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ObsidianKnight

15 years ago

It's a combination of Sociological and Psychological behavior.

The human brain over centuries of training, marketing, and parents telling us what to do has ingrained certain specific behavior patterns into our very being. If you doubt it, just go watch kids (age 4) at Christmas tell a sales person, that "their just looking".

This can be seen everywhere. example:
- no one likes to be picked last for dodge ball
- people hate to sit patiently in waiting room (hence the magazines)
- people will not talk to strangers, even as adults
- people associate red with hot, blue with cold, even when blind and not knowing what blue and red are.
- people associate pain with giving a speech even though they never gave one
etc... the list goes on.

- derek

A long time ago, someone somewhere tested something, and they found the answers to all of life's questions, then they forgot where they left them, and now we have to start all over again. ;-)

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Terri LC

15 years ago

I agree with the summation ObsidianKnight. That's why I get a kick out of doing things differently just to intrigue people, mind you where I live, people talk to people on the street, a smile or a nod is common, but other parts of Canada.....forget it!!

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ObsidianKnight

15 years ago

Originally Posted by Terri LC

I agree with the summation ObsidianKnight. That's why I get a kick out of doing things differently just to intrigue people, mind you where I live, people talk to people on the street, a smile or a nod is common, but other parts of Canada.....forget it!!

It does happen. The difference starts with the individual, not the collective society. One individual can start a trend to move in a new direction, for example Oprah and her "Pay it forward" program.

The problem is it takes a social change of mass scale to make any real sustainable changes. Think more along the lines of a yearly Million man march on Washington. While it has impact, the changes take time, and must be kept going on a recurring basis in order to change social behavior.

(forgive my rants, I am a lifelong student of social and psychological behavior)

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Terri LC

15 years ago

Originally Posted by ObsidianKnight

It does happen. The difference starts with the individual, not the collective society. One individual can start a trend to move in a new direction, for example Oprah and her "Pay it forward" program.

The problem is it takes a social change of mass scale to make any real sustainable changes. Think more along the lines of a yearly Million man march on Washington. While it has impact, the changes take time, and must be kept going on a recurring basis in order to change social behavior.

(forgive my rants, I am a lifelong student of social and psychological behavior)

Don't mind at all, I too am a lifelong student and its very applicable in IM, understanding how the mind works, especially a consumer mind....the replies here have been GREAT!

Cheers!
Terri

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goalpower

15 years ago

The number 7 has a conscious and subconscious branding of all its own.

Lucky #7.

All sales happen both consciously and subconsciously.

The subconscious speaks in feelings. If a prospect reads your sales copy, and subconsciously the #7 says (you're lucky) it sends real conscious signals to the brain that everything is going to "work out fine".

This helps in the process of your prospect "taking ownership" before they buy.

Very powerful - and it flat out works.

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bluet

15 years ago

Originally Posted by goalpower

The number 7 has a conscious and subconscious branding of all its own.

Lucky #7.

All sales happen both consciously and subconsciously.

The subconscious speaks in feelings. If a prospect reads your sales copy, and subconsciously the #7 says (you're lucky) it sends real conscious signals to the brain that everything is going to "work out fine".

This helps in the process of your prospect "taking ownership" before they buy.

Very powerful - and it flat out works.

You may be right about this. I remember once reading about a mind reading trick. The guy said, ask someone to pick a number from 1 to 10 and you will guess the number. I tried this on a few people and it often works.
After they picked I did some abacadabra act and then said "7". Surprisingly it is often the number they picked.
Why? According to this guy, 7 is by far the most often chosen lucky number out there. So by saying 7, your odds are pretty good of getting it right.
So, perhaps, the lucky number 7 also influences buying subconsciously.
Or maybe I am psychic and know how to find the people with the lucky number 7. LOL

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tmursch 15 years ago

The $X7 is a marketing idea unique to the internet ebook world similar to the $X.99 pricing scheme was an idea of Melville E. Stone in 1876.
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gb4biz

15 years ago

Hi Terri, I have a membership offer ready to go on the classified section and I priced it at ...of course 7.77 ... For two reasons I felt triple 7's signified a jackpot ( no I don't gamble ) and everybody else was doing what you said 7, 17, 27, 47, 97, etc so I added the extra 7"s

It used to be a retailer thing with the thinking people were more apt to buy at 9.99 vs 10, or 2 for .99 vs .50...But I think what your talking about is basically a copycat thing...it's either 47..00 or 97.00 marked down from 1997.00 ( wished they'd do that with cars) 997.00 marked down from 19,000.00. Oh well wishful thinking. Have a nice one!

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Janus 15 years ago

Originally Posted by gb4biz

It used to be a retailer thing with the thinking people were more apt to buy at 9.99 vs 10, or 2 for .99 vs .50...

FYI - the retailer thing started with the use of the cash register. James Cash (JC) Penney was one of the first to recognize the benefits. It forced the salespeople to give change using the cash register which recorded sales and kept the cash from disappearing into the pockets of the sales staff.

Good Luck,
Pat
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- Steve Sanchez 15 years ago
  
  What a great question. Who would have thought it would create such a discussion.
  
  I guess subconsciously it works on me too.
  
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  Terri LC 15 years ago
  
  Originally Posted by Steve Sanchez
  
  What a great question. Who would have thought it would create such a discussion.
  
  I guess subconsciously it works on me too.
  
  Its been an interesting discussion indeed, and it had been on my mind for ages now, I just had to ask!
  
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- gb4biz 15 years ago
  
  Appreciate the clarification. Have a nice one! George
  
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  Kevin Riley 15 years ago
  
  7-7-7 is the jackpot combination in Pachinko, so you'll see license plates here with 777 and you know they're Pachinko crazy.
  
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  Kevin Riley, long-time Warrior living in Osaka, Japan
  
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Chan09

15 years ago

I know that 7 is a holy number hha

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aapillc 15 years ago

Originally Posted by Chan09

I know that 7 is a holy number hha

AAAHH...... But who decided it was Holy? Part of me agrees with it, but I would like to know who decided it was.....Before the Bible that is.
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Sheryl Polomka

15 years ago

7 is a magic number I think, especially after reading this. I know so many people that 7 is their favourite number.

My family have a thing about the number 7 but not intentionally, its weird. I was born in a house with number 7 address, then we moved to Australia and the house I grew up in here was number 43 (4+3=7). When my sister got married she bought a house that was number 25(2+5=7) and then when I got married the house we bought was......

you guessed it number 7.

It's weird and we all have number 7 as our favourite number.

Anyway, that all has nothing to do with IM, but number 7 just works. Its been tested and its proven to work, so if it works - use it!

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Kyle Tully 15 years ago

I see a lot of theory and "hocus pocus" here and little real world test results.

All the tests I've seen show $10 beating $7, $9.99 etc.

Should you price your product at $47 or $49.99? You're asking the wrong question.

Test $47 vs $67 or $97. Or $49 vs $99. That's where the real benefit of price testing comes in.

E.g. In my tests, $297 usually beats $197. That's $100 bucks more per sale AND more total sales. But if I was testing $197 vs $199 I'd never have known.
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yesacpow 15 years ago

I think it just goes with the off line world lol

Most stores prices end with ...95, 97
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