3 Pricing Tips to Increase Conversion on Your Landing Pages
When it comes to landing page optimization, pricing is usually not at the top of the list. But if you’re not getting the results you want, it’s worth testing old world marketing strategies like pricing, instead of focusing solely on new media strategies like SEO. Following are three ways to experiment with pricing to possibly increase conversions.
Odd Numbers Win
Ever stopped to think about why you see prices like $19.95, $12.97; and $15.99 so much, as opposed to $20.00; $13.00 and $16.00? This is because there are tried-and-true pricing strategies that work. And one of them is that prices that end in odd numbers sell more. Those that end in 79, 95 and 99 have been proven to perform especially well.
Increase Your Price to Increase Your Sales
Standard marketing wisdom is that lowering your price will increase sales. But, this is not always the case. Consumers purchase based on a variety of factors, and rarely is price the main reason. It’s an emotional as well as a financial decision. Some of the emotions are tied to how a customer feels about your brand, the perceived value (or lack thereof) of your product, and presentation.
All of this helps prospects form an opinion about what your product is worth – to them – and consequently how much they’re willing to pay for it.
By increasing your price, you can raise the perceived value of your product. It’s this kind of logic that makes one brand of jeans sell for $300, and another for only $30.
Know Who You’re Marketing To
Different prices for the same product/service may reek of price discrimination at first glance, but with a little more thought, you realize that it happens every day. Airline tickets are a great example of this. As a frequent flyer, you may pay $300 for a ticket to Miami and be sitting next to someone who paid twice that much.
So when you optimize your landing pages, it helps to keep in mind who you’re marketing to.
For example, if you’re running a pay per click campaign, your profit margin may be greater at 49.95; but if you’re reaching out to your social media community on LinkedIn, $79.99 may generate the highest profits. While it’s the same product/service, the demographics and psychographics of each group may be different. Hence, a different price point is justified.
As these examples illustrate, landing page optimization includes considering all factors that can impact sales. And pricing is an easy, straightforward one to test.