What's Up with the #7?

25 replies
Hi Warriors;

7 happens to be my lucky number, however..... Is that the thinking as to why ebooks, programs, reports, and products are either $7, $27, $47, $77, $97, $197, $497 or $4997?

Does anyone charge $15, or $22.50....just trying to understand the thinking behind this observation.

Thx!

Cheers,
Terri
#pricing
  • Profile picture of the author JayXtreme
    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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  • Profile picture of the author camforbes
    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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  • Profile picture of the author 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
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    • Profile picture of the author yourreviewer
      Originally Posted by CurtisN View Post

      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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      • Profile picture of the author CurtisN
        Originally Posted by yourreviewer View Post

        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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  • Profile picture of the author Simontherrien
    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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  • Profile picture of the author ObsidianKnight
    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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    • Profile picture of the author 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!!
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      • Profile picture of the author ObsidianKnight
        Originally Posted by Terri LC View Post

        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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        • Profile picture of the author Terri LC
          Originally Posted by ObsidianKnight View Post

          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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  • Profile picture of the author 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.
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    • Profile picture of the author bluet
      Originally Posted by goalpower View Post

      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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      • Profile picture of the author tmursch
        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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  • Profile picture of the author gb4biz
    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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    • Profile picture of the author Janus
      Originally Posted by gb4biz View Post

      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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  • Profile picture of the author Chan09
    I know that 7 is a holy number hha
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    • Profile picture of the author aapillc
      Originally Posted by Chan09 View Post

      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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  • Profile picture of the author Sheryl Polomka
    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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    • Profile picture of the author Kyle Tully
      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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    • Profile picture of the author yesacpow
      I think it just goes with the off line world lol

      Most stores prices end with ...95, 97
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