What is the best price to price products at to make the most sales? I have seem a lot of online products recently priced ending in the 7's like $47. Is that better than say $45 or $49?
There are no magic numbers in pricing policy. Focus on the amount that your customers might be willing to pay.
I'm not exactly sure what you are getting at with this. Are you wanting to know what price point people are more willing to buy your products at, or what you should charge to get people more psychologically agreeable to buying? It used to be that we would have a $40 dollar item marked down to $39.99 just to make it seem like a better deal, and honestly, that still works. If you can price yourself below the tens threshold you'll be better off. For example a $20 item priced at $19.99 or so, as long as it is below the $20 mark.
Well though not too believe it, but sometimes it depends on your lucky numbers, LOL. I myself dislike 4,5,7 but sometimes all numbers makes money too. Its all in your brain. And there is software with ebook which could adjust your product price according to market preferences.
For reasons that nobody has ever been able to adequately explain - ending in a 7 has the reputation of being the 'most successful' price. I've not tried it myself - but you know what? I think I'll give it a test!
Yes, I have to agree. There is no doubt that price and value are related in people's minds, but price is just one factor. A simple way to test: Open a spread sheet and enter four columns: Date, Visitors , Price, Sales Don't change anything else while you're doing this test. The price you should sell it at is what gets you the most money for the visitors you're generating. I typically use a 200 - 400 visitor sample. Typically you'll find a "sweet spot". For example: Maybe you can't give it away (people actually don't want it for free, but they will pay for it.) People start buying it at $7 and they start falling off at say $17, but you make your most profit at say, $12.00.
Funny things is a $7 product could have as much values as a $777 product to the end user. I am moving away from the 7 price thing.... I amd now selling at 6.95;-)
There is a lot of evidence that suggests your products should end in a 7 to increase sales. The best way is to do some split testing and test different pricing. You should however look at the overall total revenue from your split test, not the number of sales. Pricing the product higher may make less sales, but increase revenue for the same amount of traffic.
There's a story that was told to me as true ... I believe the guy who told me, but you know how these things go ... A man owned a landscaping business with his son. They had a large number of customers and were working very hard every day. He told his son, Call all our customers and tell them we're doubling our price. His son complained that they would loose customers. The man said, "I'm your father, do what I say." His son was right ... they lost half their customers