Business Thread: Membership price ending and conversions (.95 vs .99 cents)
Based on research these cent figures produce an effect in consumer behaviour:
00, 50, 69, 77, 88, 90, 94, 95, 99 cents
Examples:
.00 - used for premium good effect (E.g. Gold/VIP membership)
.99 - used for discount effect (best value / special offer)
.69 - research: lowered price from 89 cents to 71 cents, sales volume increased a mere
65%, lowered from 89 to 69 cents, sales volume increased by 222%!!!
.77 - in one study, the perceived value of all the numbers between 1 and 100 were studied, and 77 was shown to have the lowest perceived value relative to its actual value.
Has anyone researched this in practice? I see most adult sites use .95 as price ending, is this a limitation of the CC processors? Match.com uses .99 cents (they used to be .95) and some use .94 cents
If the change between 88 to 69 was 222% then this is a factor that should be looked into.
We've been "self-testing" sign-up pages today with different cent amounts and imho they really do make a strong psychological difference.
|