November 1, 2010


Let me ask you a quick question:

When is the last time you tested price?

This is extremely important as your conversions can vary greatly depending on the price level of your product.  The price point you could be placing your product or service might not be the optimum price and you could be losing out on a lot of money.

Let me explain: Price is one of the most critical aspects of marketing you should be testing.  There have been many instances where conversions have doubled just by changing the price of a product.

Not the offer.  Not the headline.  Just the price.

For example, you could lower the price and get higher conversions that could make up for the decreased price point.  Meaning you’ll make a lot more money.

Conversely, you could raise your prices and lower your conversions slightly. But the same thing will happen: the increased price will make up with the drop in conversions for the product.

This is not always the case. You could raise the price and even RAISE conversions! How is this so? People might equate a higher price with more value and you might get more buyers.

Further you could lower the price of the product and LOWER conversions at the same time.  People do not always buy because the price is lower. They could interpret a lower price as cheaper quality and value.  So don’t assume you’ll automatically get more buyers when you lower your price.

That’s why you need to test the pricepoint of your product/service.  You could start by raising your prices and see if you get more income. If your income is greater or the same, even if total conversions drop, then you have boosted your business by just making one small tweak.

You never know until you test.

Keep Selling!

Sean

Sean McPheat

Internet Marketing Academy

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