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Best prices to sell at

Discussion in 'Making Money' started by Honest, Oct 14, 2015.

  1. Honest

    Honest Regular Member

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    After somewhat recently reading an article on "number dissection" (the amount of syllables in your number) I began to question if ending my prices in 7 was the best idea. Most places don't use 9 anymore as people have become more accustomed to it. I always settled with 7 personally, IMO it looks "slimmer" than a "bulky" 8, and some people associate it with luck.

    I since then have began using 8, and I must say it does feel like something costs less when I really think about it... However I don't know if my mind is just playing tricks on me...

    So I ask YOU, what do you think is the best number to end a price in, and why?


    PS: Always try to avoid using dollar signs ie instead of $88.88 Use 88.88, or if you absolutely have to make sure the dollar sign is small, restaurants use this tactic in "menu engineering" to stop people from thinking about money when they spend it, just how effective it is I don't know.
     
  2. LeanLow

    LeanLow Jr. VIP Jr. VIP

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    What me or you think is irrelevant, there are a lot of research studies done in regards to what price points are the best.
     
  3. ChanzGrande

    ChanzGrande Elite Member

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    I think that 7 is a very popular selection for many other marketers as well. I'm a copywriter by trade, but I don't really think it makes that much difference. One could always test it, but I believe data is often skewed in small sample sizes so when one thinks they can draw a reasonable conclusion time often reveals a completely different outcome with similar inputs. It's possible the best number to end a price with for example actually fluctuates by day of the week, hour of the day, hemisphere, etc. It's even likely that it trends a particular way, and then trends a completely different way.

    Nonetheless a strict split-testing model can be employed, and can't hurt if you really feel this is needed data.