Thomas from Ariyh - 🎓 When 1¢ sells more than free
🎓 When 1¢ sells more than freePromotions that offer an extra upgrade (e.g. a bigger size, an additional product) sell more if people need to pay a small amount for the upgrade (e.g. 1¢), instead of getting it for free.New to Ariyh? Join 9,891 evidence-based marketers for 3min practical insights 💡 from scientific research 🎓 to get better marketing results 📈 Today’s insight is brought to you by… Campaign Monitor When done right, SMS can be one of the most engaging and impactful marketing channels out there. When done wrong, however, SMS can feel particularly intrusive — leaving you with the risk of alienating potential customers. So how do you do it right, exactly? We break it all down for you in this blog post, giving you 7 SMS marketing best practices to know before you hit send. Read the 7 best practices 👇 Want to sponsor Ariyh? Here’s all you need to know. 📝 IntroIt’s common to offer free product upgrades or throw in a free gift to make special promotions more attractive. For example “Buy a large birthday cake today and upgrade to extra large for free” But is this really the way to make the offer most attractive? Take another example. You want to run a promotion to encourage sales of an electric toothbrush. Which offer would sell more?
Let’s take a look. P.S.: I often share more fascinating discoveries on LinkedIn and Twitter. For example, we can predict a restaurant’s success by analyzing the photos in reviews and swear words make reviews more powerful (e.g. “It charged my phone f*****g fast”). Just add or follow me if you don’t want to miss them. Previous insight: Paid memberships increase sales of your products (100+ more insights here) Some promotions are more attractive if they cost a small fee instead of nothingChannels: Promotions | Pricing 📈 RecommendationWhen running a special promotion that gives an upgraded version of the product (e.g. a bigger size, an extra product), make people pay a very small amount for the upgrade (e.g. 1¢), don’t give it for free. People will be more likely to buy it. 🎓 Findings
🧠 Why it works
✋ Limitations
🏢 Companies using this
⚡ Steps to implement
🔍 Study typeLab experiments. 📖 ResearchSometimes “fee” is better than “free”: Token promotional pricing and consumer reactions to price promotion offering product upgrades. Journal of Retailing (May 2016). 🏫 Researchers
Remember: This is a new scientific discovery. In the future it will probably be better understood and could even be proven wrong (that’s how science works). It may also not be generalizable to your situation. If it’s a risky change, always test it on a small scale before rolling it out widely. Rate today’s insight to help me make Ariyh's next insights 🎓 even more useful 📈 How was today’s insight?
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🎓 Paid subscriptions increase sales of your other products
Tuesday, May 10, 2022
A paid subscription that gives special benefits to members (eg Amazon Prime's free shipping) increased spending at a retailer by more than 3x. Two-thirds of the boost was psychologically-driven.
🎓 Cats and dogs increase sales
Tuesday, May 3, 2022
Dogs make people more attracted to products focused on gains (eg fun experiences, risky gambles, meeting new people). Cats increase sales of products that avoid losses (eg safety, health).
🎓 People watch high energy ads more
Tuesday, April 26, 2022
An analysis of views of 27000 TV ads from 3200 brands found a strong correlation between ad energy and the probability of viewing it.
🎓 Reply to all reviews
Tuesday, April 19, 2022
When hotels started to consistently respond to reviews on TripAdvisor, they received 12% more reviews and their star ratings increased 0.12.
🎓 Privacy guarantees reduce sales
Tuesday, April 12, 2022
Privacy policy notices hurt trust - instead of increasing it - when they are excessively formal and legal-sounding. Lower trust reduces sales.
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