Hi everyone! As we all know, pricing your products can be hard, especially for new or young companies. It also depends on your strategy and how you want your prices to reflect upon your brand.
I wanted to get your thoughts on this article, particularly on #5.
https://www.helpscout.net/blog/pricing-strategies/
According to this article, ending a price with 9 instead of 5 is still very effective. They even go as far as to show that when women’s clothing was $39 instead of $35, more were sold at $39. Even sales prices, “Was $60, now only $45” performed worse than “Was $60, now only $49.” Any thoughts on this?
You also have articles such as these: http://business.time.com/2013/05/23/the-consumer-psychology-behind-warby-parkers-95-pricing-for-eyeglasses/
This may be a little different and more understandable since WP didn’t want the discount vibe. But what if it was $85 vs $89?
And if there’s evidence such as in the former article (helpscout) that 9 is more effective why are so many brands still going for 5? A few successful ones that I can name off the top of my head:
- Warby Parker (obv): $95
- Casper: $75 (pillow)
- Away Luggage: $225
- Ritual Vitamins: $35
- Allbirds: $95
- Prose Hair: $25 (custom shampoo)
Not sure there’s a wrong answer here but really would appreciate any thoughts or insight – even as a consumer! Thanks!
[link] [comments]
from Entrepreneur https://ift.tt/2Pfq0tS
Business News Live devoted itself to sharing articles about Business, Entrepreneurs and Business Matters. It is fond of sharing knowledge and experience on the blog, our main goal is to deliver interesting articles that is worth a reader's time.