Did you know there is a psychology behind all numbers associated with your site? The end game to most business’ online success is to make more online sales. Affiliate sales can be a good way to make some extra money, however, there are some downfalls to this option.
You write the posts, take the time to sign up to an affiliate that you think will be beneficial, and have a customer relationship marketing strategy, but in the end, you’re not getting the full profits for your hard work. That said, the best way to make money with your site is to create your own products that can help people.
Here is how you’re going to benefit from that next person that comes to your site.
The Psychology of Numbers
Did you know that in the marketing world, 60% of the pricing options end with the digit 9? According to a study done in 1997 from the Marketing Bulletin, 30% of the prices ended in the number 5, and 7% ended with the number 0. This goes to show you how the psychology of numbers affects the sales world.
As I researched this, I began to notice a trend that is happening with numbers and sales online. More research showed me that people were more comfortable paying for something that was ending with the number 9…even after all of these years!
A HubSpot article suggests mistakes can still be made in pricing:
Prices ending in the number 9 were so effective, they were actually able to outsell lower priced goods. The study compared price points such as $39 and $34 for items of clothing, and the researchers were shocked to find that the $39 dollar price point actually outsold the cheaper price point by 24%.
Use Pricing Wisely
Ater all of these years, it seems like 9 is still the number to lean on. However, I have also found that when you “have a discount” on an item, say from the original price of $89 (9 being your hot number here), and you want to discount it to $35, you will see negative results because you’re actually going backwards. While you are giving the buyer a better deal, the number is not where it needs to be.
In this scenario, you would need to change the starting number, round it up for instance, to $90 and then raise your lower price to $39, and you will start to see more positive results. Ideally, the number 7 also has it’s value when working with certain numbers. Take that same pricing model and while you’re idea is to eventually drop the price, you would start at $90, and then a couple of days later drop to $37 or $39. 7s and 9s work best psychologically when they’re not the first number, but the last.
That said, don’t feel like you have to discount something because you don’t think people will think it’s not worth the $99 that you charge for it. That’s a whole different topic altogether, but make sure that when you use these pricing models, you can prompt the potential buyer to buy what you want them to buy. In marketing, there can be a lot of manipulation going on behind the scenes and you can learn how to read people in social to benefit your business.
What if I’m selling bigger packages?
There is really a lot more to this than just throwing up random prices and hoping for the best. In my social media coaching program, you will see the numbers that I have chosen to display my packages. The “Basic Plan” contains two very hot numbers psychologically for people. Also, the wording that is included can really draw people in.
However, that’s not the top-selling package. When working with three-digit numbers, 9 is still prominent at the end, but only when you have one product to sell. On my coaching page, I give my potential buyers a choice of three options from which to choose. The basic plan is a two-digit price which contains the two hottest numbers psychologically. However, when working with three-digit numbers, 1s, 4s, and 7s are usually the route to take.
But there’s still more to having more than one option
The Rules Of Placement
Not only does the psychology of numbers play a big role in getting people to buy from you, but so does the way you place these options. Companies or organizations that have something to sell usually offer various items from which to choose.
Guess what? People tend to pick the middle option when you’re trying to sell more than one item. When objects are arranged from left to right, the center item tends to stand out.
In a new study, psychologists have provided further evidence for what’s called the “Center Stage effect” – our preferential bias towards items located in the middle.
Dr. Paul Rodway recently completed a study of 100 participants where he gave a questionnaire consisting of 17 questions, wherein each question featured five different pictures of the same item or type of item (e.g. five scenic views or five border terriers). Each set of five pictures was arranged in a horizontal row and the task for participants, depending on the question, was either to pick their most preferred or least preferred item. When picking out their favorite, the participants showed a clear preference for the central items.
The Center Is King in Sales
Thus, it’s wise to place the option from which you can make the most money, in the middle. Coupled with the psychology mentioned regarding numbers 9, 7, and 5, you should start to notice difference in the amount of money made because you start to better understand how sales and marketing affect each other. When looking at pricing from a psychological perspective, you will approach the wants and needs of the social media user more effectively.