Christo: I want to explain the exact numbers to use in your pricing to get you more sales. Now, when it comes to numbers, it appears this is the way it works. We need to be quite precise with our pricing. So what I mean by that is if you have pricing where it’s, say you’re going to sell something for $500, you’d be better off charging $521.
Now why? Because what it looks like is you’ve done the exact math to create an exact value, a number. Whereas if it’s 500, it’s kind of like a numbers plucked out of thin air. Now, to take it even further, the magic numbers to use are sevens and nines. Now, I’ve read a bunch of books on this and there’s a lot of studies out there where sevens and nines for some reason convert seven sales better.
Maybe it looks more attractive to us. I don’t know the exact reason why Sometimes people will say, yeah, it lowers the number, you know, furthest on the right so it’s, oh, sorry, on the left as you’re looking at a, at a number. So what that means is like instead of say something being $1,000, that one disappears and then you’re 999.
But it doesn’t always work that way because it might be that you’re charging 1,700 instead of start charging 1,500, you know, or 1,499 now. And then that first number stays the same. The reality is, sevens and nines work. We’ve tested this like we tested the hell out of it.
Even when we run a workshop where it’s something, a price, where it’s more expensive, say it’s. If we, when we have online workshops where we’ll sell mass, you know, a lot of people will register. Sometimes it’s 600 people registering for these events. We see a lot of data. If we charge $40 and then we do a split test where we charge $47, 47 sells more.
I don’t understand why, but it works the same with 49. We’ll likely sell more than 40. Like the same with 20 where we’ve done $20. We’ve tried 20, we’ve tried 20. 20 versus 27, 20 versus 29. The 27, the 29 have sold more. It’s bizarre. And when we look at big brands, I’ve done a bunch of research to check it out.
What are big brands doing with big amounts of data? If you go to Apple’s websites, which I’ve done a search on, Bring a screenshot up. There’s obviously lots of nines and sevens in the numbers. I went on to Mercedes website to build my own car and price it out.
And funnily enough, there in the pricing, there are sevens and nines. I went on Porsche Porsche website, built my own car. Let’s get the pricing. Funnily enough, there it is again. There’s sevens and nines in the price. Coincidence? I don’t think so. Even on one of them, I can’t remember exactly, was it $0.70?
It came to. There’s nothing in the car that they need to charge an extra 70 cents when I’m spending, like, you know, more than $100,000 on this car. However, the numbers work for us now and convert more sales. So the key tip here is use them. Use sevens and nines in your pricing.
I don’t recommend over going over the top. Like, if you’re charging $9,999 and 99 cents, I’d drop it to, you know, $9,970. You know, something like that. But sevens and nines, your magic numbers. You can thank me for this tip by sending dark chocolate addressed to Christo at Basic Bananas headquarters.
No, in all seriousness, I hope this tip gets you more. More sales for your small business.