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[Q] $8.99 vs $9 - Pricing Psychology

Discussion in 'BlackHat Lounge' started by Noctur, Apr 25, 2014.

  1. Noctur

    Noctur Newbie

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    So I keep reading about pricing psychology and website after website, article after article they all say, "End your numbers with a 9, it seems like a discount blah blah blah" and how "$9.99" will far outsell "$10" because of the price bracket, etc.

    So my question is...

    Would $8.99 outsell $9?

    Or would $9 win?

    ... considering they both end in a 9?
     
  2. LakeForest

    LakeForest Supreme Member

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    Yay someone else thought about this paradox

    I go for $9. For me, $9 looks like an actual and no-nonsense deal compared to $8.99 which looks like you're trying too hard to make me believe I'm getting a deal. This could be a generational thing. When buying something online, especially if it's an intangible, I cannot stand having cents in the price; round that number up or down.

    That being said, we're not the average consumer considering we keep things like these sales tactics constantly in mind. If the researchers' data shows that $8.99 outperforms $9 in the public market due to public perception, so be it.
     
  3. yensidtlaw

    yensidtlaw Power Member

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    I would definitely to split testing on that.

    It's recently been said over the past year or so that 7 is the new 9. So if you are going to end it in .cents then make it a .97
     
  4. auuuu

    auuuu Elite Member

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    8.99$ is going to win. Actually cents don't count...if I buy something I don't care about cents. You can ask me 10.10$, 10.80$, 10.50$...will be always 10$ for me. So 8.99$ would be 8$, not 9$.

    So place the price at 8.99$ and should go fine.
     
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  5. auxiliarus

    auxiliarus Regular Member

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    8.99$ will win, you should also look at psychology of overpricing and making people think the right price is the one that is high.
     
  6. 2DHades

    2DHades Power Member

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    In my opinion $8.99 and $8.97 will perform better.

    If you split test the price you will be amazed to find that sometimes $17.97 will perform better in revenue compared to $9.99. Yet, it really depends on the product and your sales funnel. Price is something that you should always optimize so you can maximize your profit.
     
  7. freezeice04

    freezeice04 Power Member

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    $8.99 I need that extra cent
     
  8. OldSalt

    OldSalt Moderator Staff Member Moderator Jr. VIP Premium Member

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    Exactly... always test because sometimes a lower price will do worse due to perceived value.

    OS

    Posted via Topify on Android
     
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  9. BuildMoreLinks

    BuildMoreLinks Jr. VIP Jr. VIP Premium Member

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    I have done split tests on sales copies and always find that 8.97 works better than 9.