🎓 $2,111 is better than $1,999 (+ Pricing Playbook 📘)
🎓 $2,111 is better than $1,999 (+ Pricing Playbook 📘)For prices with 4 figures or more, in any currency, repeat the last 3 digits and use a low number (e.g. $4,111, not $3,888). The price will feel more discounted.New to Ariyh? Join 8,608 evidence-based marketers for 3min practical insights 💡 from scientific research 🎓 to get better marketing results 📈 Links: Job board - Advertise on Ariyh - 1:1 Consulting Today’s insight is brought to you by… Storyblok Content Management Systems (CMSs) are changing rapidly. More platforms to publish content pop up all the time Marketers need to stay agile to publish widely and effectively to where their customers are. The State of Content Management 2022 report gives your insights into what other companies are doing, and how. 📘 The Science-based Playbook of Pricing & Promotions, by AriyhPre-order it now for a unique special offer: the Playbook + an Exclusive 3min Ariyh Insight It’s on! I am starting production of Ariyh’s first practical science-based playbook. I am bursting with excitement about this. I have been reviewing what kind of playbooks/courses people offer and there is a lot of BS out there. This is going to be a game-changer. A collection of recommendations from peer-reviewed scientists, not somebody’s opinion or rehashed outdated tips. The playbook is an intensive, example-rich guide to apply the latest scientifically proven techniques to your pricing and promotions. Launch is in 5 weeks, 5th April 2022. Production is going to be costly. Not because of fancy features (it’s a PDF, costs are limited to effective design), but in terms of my time for the next 5 weeks (which I would otherwise dedicate to consulting companies 1:1). I would love your support early on, if you think this guide will benefit you, a colleague, or a friend - please pre-order it now. And don’t do it just for me. If you pre-order early you will:
48 hours after launch, the price will increase +94% to $35. I expect to increase it further over time, given the value of the playbook. Pre-order now and receive the playbook and your exclusive insight on the 5th of April 2022. Thank you! 🇺🇦 This is Ariyh’s first product ever, but it’s launching in an emergency. 10% of pre-order proceeds will go to the Ukrainian Red Cross. 🇺🇦 P.S.: Here are two key insights I just used above (which will of course be among those covered in the playbook): 📝 IntroWhen surveyed, 78.4% of managers thought it would be better to use a price of 1,999 Turkish Lira rather than 2,111 TL. Their reasoning was that 999 makes the product seem more discounted and affordable. They were wrong. Previous insight: Perform 30%-100% better by A/B testing (100+ more insights here) In 4 or more figure prices, use 3 repeated low digits as the final numbers to make them seem cheaperImpacted metrics: Customer acquisition 📈 RecommendationTo make prices or discounts of 4 or more figure products seem cheaper (in any currency, $4,000, ¥2,000, ₹8,000), use 3 repeating digits as the final numbers. Choose repeating digits that are as low as possible. Preferably 1 (e.g. $3,111), but other digits below 5 will also work (e.g. ₹8,222). 🎓 Findings
🧠 Why it works
✋ Limitations
🏢 Companies using this
⚡ Steps to implement
🔍 Study typeLab and online experiments, and a field experiment (A/B test of a Google Ad from May 2020 to May 2021). 📖 ResearchAre 1-endings the new 9-endings? An alternative for generating price discount perceptions (January 2022). Journal of Retailing and Consumer Services. 🏫 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. 🔥 Featured hand-picked jobsA selection of the best marketing opportunities out there.
View other hand-picked marketing roles, or post your own for $0, on Ariyh’s Job Board. Rate today’s insight to help me make Ariyh's next insights 🎓 even more useful 📈 How was today’s insight? What else you can get out of Ariyh:
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Older messages
🎓 Perform 30%-100% better by A/B testing
Tuesday, February 22, 2022
Startups that continuously A/B test online receive 10% more web page visits in the first months. The boost compounds to a higher performance of 30% to 100% after a year
🎓 The science of when to post
Tuesday, February 15, 2022
Post 'virtue' content (eg educational) on social media in the morning for higher engagement. Post 'vice' content (eg entertainment, memes, shopping) towards the evening.
🎓 Praise your competitors
Tuesday, February 1, 2022
Publicly praise competitors (eg on social media) to improve attitudes towards your brand. People will be more likely to buy from you.
🎓 Don’t ask too many questions
Tuesday, January 25, 2022
After 8 similar questions, people's answers start to change and differ more from reality. More questions worsen rather than improve the quality of responses.
🎓 When big discounts backfire
Tuesday, January 18, 2022
Very big discounts (60% off or more) reduced sales on Groupon instead of increasing them. Avoid heavy discounts when it's difficult to verify your product's quality before buying it.
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