Have you ever questioned why all these products on TV value $19.95? Why used car sellers,excuse me, “pre owned” car dealers provide $199 a month?
It’s an often used and very successful marketing concept. The idea is that certain numbers set off alarm bells in a buyers mind and by shaving a penny or two off the price we can avoid these alarm bells. A person will wrinkle his brow and wonder if that fancy kitchen gadget is worth $20, but he will be readily dialing the phone credit card in hand for the low low price of $19.95. What a bargain.
Imagine it or not sales figures seem to support this idea. Shave a few pennies off the round dollar amount and people are more likely to purchase from a TV ad, however this doesn’t work in all types of marketing.When buying in individual folks appear to favor round figures. For instance. I have a good friend who sells knockoff tennis shoes at flea markets. Do not laugh. He quit his job as he makes more in a weekend at the flea market than he did in a 40 hour week.
Anyway he discovered that the magic price for knockoff tennis shoes at a flea market is $20. Any more and buyers huff and go “I might as well go to the shoe store for these prices.” Any less and they question the quality of the shoes, Look them over again and again, then walk away without buying.
I won’t make a comment about peoples’ behavior. The article is to make sales, not decide your clients right? The fact is for every product and service there’s a magic price that a customer will readily pay with nearly no efforts on your part.I will not even attempt to guess why, but for e books that price appears to be $7. You have got probably by now seen the rash of $7 e books everywhere. On advertising and marketing web sites and blogs and everywhere in the web. For some unknown cause $5 is too low and 8$ is simply too high.
Does it actually matter why? As marketers we don’t need to ask why. We find what sells and keep it up until it doesn’t sell anymore.If the general public will pay $7 with out flinching who am I to question them? Possibly it is as $5 shouldn’t be a lot of money these days. So if it price $5 it should not be any good.. However then $10 is double digits. Keep it at $10, I could get two fast food lunches for that. Okay, I’m guessing why, but the level is $7 it is the magic cost for an e book. At least for now it is.
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