Wouldn’t it be awesome if there was a magic price point that would hypnotically persuade your customers to buy more of your products?
It turns out there is…
And you’ve probably already seen it in action.
All you’ve got to do is make sure that all your prices end with the number nine.
It’s that simple. (We’ll, nothing’s ever really that simple.)
I know that it might seem totally ridiculous, but according to a recent study in Quantitative Marketing and Economics, ending your prices in nine (i.e. $19, $99, etc.) can actually lead more customers to buy.
In fact, in one test, researchers found that the $39 price outsold the lower $34 price point by over 24%.
How cool is that?
Higher prices can actually lead to a higher conversion rate.
The study did indicate however, that sale prices (i.e., was $100, now reduced to $80) do convert sales more effectively that the number 9.
The Magic Pricing Formula
There’s still one pricing strategy though that was able to outperform the sale price.
Can you guess what it is?
Combining the findings about the number nine with a sale price is the ultimate performer. So, between these two pricing options…
A) Original price $100, now on sale for $74
B) Original price $100, now on sale for $79
… Option B resulted in the highest sales conversions even though it was the higher price.
This might just be the holy grail of selling… higher prices and higher sales volume.
Here’s what I want you to do next…
Now that you’ve read about this powerful pricing strategy, I want you to go test it on your website.
(Remember… Don’t just assume that because these results were proven in the study that they will necessarily hold true across all industries and all websites. Run an A/B test and see how using a 9 in your prices effects your conversion rates.)
Do you know somebody who is selling products online (or even offline) that might benefit from this pricing strategy? Share the link to this article with them and help them start making more money.
And if you want to receive more practical marketing tips like this one, then don’t forget to sign up for my email updates below.
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