It is common knowledge that the more you lower your price, the higher the purchase rate will be. But the million dollar question is, how to lower your price?
Lowering prices is a good way of ensuring online sales, but the secret is to lower the price to a point where you get the maximum impact.
Consider this: $10.60 and $10.50. Would the 10 cents entice you to buy? How about $50.10 and $50.00? Does it make a difference?
Now, let’s take a look at this. $20.00 and $19.99 Notice how much more effective it is. Just by lowering a single cent you affect the buying decision by so much more. In fact, lowering 1 cent to any other price point will never achieve such an impact.
That, dear reader, is the most impactful way to lower your price. Just take your price you prefer to sell your product at and lower it by 1 cent. Ensure that the front number is changed because of it. Numbers such as $59.99, $15.99, $9.99 or even $0.99.
Minimal reduction in price, maximum impact.
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