Use Precise Pricing To Entice Buyers

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I'm not sure when I first heard the price point "$19.95," but something about that combination of letters impressed me - perhaps it was the fluidity the sound those numbers made and the sense of attainability it provided. Apparently, I'm not alone.

via NPR: Researchers at Cornell University say they've discovered something strange about the way consumers absorb price information. They say when the price of an item is in a round number, people perceive it as higher than an odd number. In other words, people think a $3,000 car is more expensive than one priced at $3,129.50. The finding has implications for people trying to sell their homes.

It's easy to see how this can be applied to anything at all - especially the Web. So what's the lesson? Don't round off those numbers - get creative with your pricing and test out various pricing schemas with A/B testing to ensure maximum sales.

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