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Sales And Marketing Tip : Increase Sales By Varying Prices...

Wednesday, June 24th, 2015 by Charlie Hutton,

Jun 24
Marketing Tips

Categories: Marketing Tips

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For today’s sales and marketing tip is aimed squarely at those people who offer more than one product at a time on their website.

If that’s you are those products all priced the same?

If they are, you might be losing sales simply because they are priced identically.

In one experiment by researchers in Singapore and Yale, subjects were given the choice of either buying gum or not. In the group that was offered two gum options at the same price, 46% of participants made a purchase.

… BUT when the second group was offered the exact same two gum options – one priced 2 cents higher than the other – 77% of participants made a purchase!

So if you’re offering more than one option on your website, you might want to test and see if pricing those options differently increases your sales.

Even if you’re simply offering several different low ticket items at $7 a piece, for example, try pricing them all slightly different and see if your sales increase.

http://www.neurosciencemarketing.com/blog/articles/small-price-differences.htm

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Cover Photo by Richard Masoner / Cyclelicious and covered under Creative Commons

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