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Video on 9.99 $ The Psychology Of Pricing
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9.99 $ The Psychology Of Pricing
Prem Bahadur
There are several well established "rules", which pricing
Should follow to be successful, as follows:
a) End your price with a 5, 7, 8 or 9. NEVER end in a 0 or
1. Doesn't $19.99 sound better than $20? Isn't 99 cents much
Cheaper than a $1
Don't forget humans buy on emotion first and then justify
That buying decision with a rational explanation afterwards!
b) Something for nothing. We all love to get something for
Free. Many times on the Web you will see free bonuses
Offered with an ebook
If you have purchased my latest ebook "How to Search the
Internet" you will have
Received free bonuses to the value of $148! The most valid reason for using this strategy is that your
Ebook covers something new, maybe a new technique for doing
Something, which is not yet common knowledge
Don't stick with this skimming strategy forever as your
Ebook sales will eventually peter out to nothing.
I have only scratched the surface of the ins and outs of
Pricing unfortunately pricing can be something of a black
Art and very difficult to do properly hopefully this
Article has put you on the right road pointing in the right
Direction An existing customer is more likely to buy from
You again In fact, it is not uncommon for more than 80% of
First time customers to buy a second product from the same
Source as the first this is especially true if the first
Product they bought was deemed by them to be of exceptional
Value.
Other ways of building in perceived value is to bundle
Several ebook together for a single price this price must
Be lower than the price of all ebook added together. For
Example if you offer two ebook that normally sells for $19
Each, selling them together for $29 would make them a
Perceived bargain and more attractive to a customer
With this strategy you
Price your ebook high and every sale brings a much larger
Profit at the expense of fewer customers, and therefore a
Smaller market share.
If you are pricing high on the net your ebook had better be
Unique and covering a subject that everyone wants to know
Something about Even then you are begging for someone to
Come along and undercut you on price.
The most valid reason for using this strategy is that your
Ebook covers something new, maybe a new technique for doing
Something, which is not yet common knowledge
Don't stick with this skimming strategy forever as your
Ebook sales will eventually peter out to nothing.
I have only scratched the surface of the ins and outs of
Pricing unfortunately pricing can be something of a black
Art and very difficult to do properly hopefully this
Article has put you on the right road pointing in the right
Direction An existing customer is more likely to buy from
You again In fact, it is not uncommon for more than 80% of
First time customers to buy a second product from the same
Source as the first this is especially true if the first
Product they bought was deemed by them to be of exceptional
Value.
If you want to establish market dominance with your ebook
Then pricing to penetrate is a good strategy although your
Profit level will be low at the expense of acquiring a large
Number of customers
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