Best Price to Price Products at?

Discussion in 'General Marketing' started by airraid81, Jul 15, 2008.

  1. #1
    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?
     
    airraid81, Jul 15, 2008 IP
  2. ozan

    ozan Peon

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    #2
    There are no magic numbers in pricing policy.

    Focus on the amount that your customers might be willing to pay.
     
    ozan, Jul 15, 2008 IP
  3. Kontent.solutions

    Kontent.solutions Peon

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    #3
    Think so ?? Go figure :)
    /G
     
    Kontent.solutions, Jul 15, 2008 IP
  4. ozan

    ozan Peon

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    #4
    Hehe, evidently not so obvious to everyone.
     
    ozan, Jul 15, 2008 IP
  5. mshore

    mshore Peon

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    #5
    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.
     
    mshore, Jul 15, 2008 IP
  6. tiger325

    tiger325 Peon

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    #6
    Do a test and see what works.
     
    tiger325, Jul 15, 2008 IP
  7. prohost

    prohost Member

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    #7
    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.
     
    prohost, Jul 16, 2008 IP
  8. magda

    magda Notable Member

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    #8
    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!
     
    magda, Jul 16, 2008 IP
  9. narsticle

    narsticle Peon

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    #9
    i personally feel all that ending in a 7 crap is just that, crap
     
    narsticle, Jul 16, 2008 IP
  10. magda

    magda Notable Member

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    #10
    I don't care for 'personal feelings' one way or the other - I prefer facts and testing.
     
    magda, Jul 16, 2008 IP
  11. BDazzler

    BDazzler Peon

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    #11
    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.
     
    BDazzler, Jul 16, 2008 IP
  12. justinlorder

    justinlorder Peon

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    #12
    good thanks. the magic is what you said.
     
    justinlorder, Jul 16, 2008 IP
  13. depotgang

    depotgang Peon

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    #13
    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;-)
     
    depotgang, Jul 16, 2008 IP
  14. jane_smith79

    jane_smith79 Peon

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    #14
    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.
     
    jane_smith79, Jul 16, 2008 IP
  15. BDazzler

    BDazzler Peon

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    #15
    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 ;)
     
    BDazzler, Jul 17, 2008 IP