Do you need a blueprint for driving mega-traffic to your niche site? Real-world examples of effective use of social proof? How about a product/pricing strategy that seems illogical but drives sales? That, and lots more, is in this week's picks post.
We’ve got a double dose of great content for you this week. We didn’t publish a roundup “picks” post last week due to the U.S. Thanksgiving holiday. Here’s what you don’t want to miss: […]
[Guest post by Jeremy Smith.]
I absolutely love buyer psychology and neuroeconomics. Want to know why?
● Because it’s like a secret weapon that produces torrents of conversions (and money).
● Because it’s the only real way to understand why and how buyers make purchases.
● Because it’s the proven route to successful marketing.
● Because it’s guaranteed to squash the competition. […]
Want to make your prices seem lower without actually changing them? Here's a research-based technique that will do exactly that, with one small catch... it doesn't work equally well for male and female customers!
If you have an ecommerce site, how often do customers visit – often after a costly paid click – and end up leaving without buying? Are abandoned shopping carts all too common? Or, if your customers visit your retail store, how often do you see them compare several items, only to buy none of them and move on? If you stock similar items (and who doesn’t?), the problem could be your pricing. […]
If you want to sell more product by running a sale, which would make more sense: advertising “price cut 33%” or “50% more” product? Functionally, the two are the same level of discounting. Researchers at the University of Minnesota found, though, that a “50% bonus pack” sold 71% more than a “35% discount,” even though the latter is a slightly lower price per unit. […]
Does grouping products together into a single-price bundle increase the perception of value? Most of us would answer “yes,” but surprising new research shows there is at least one condition where such grouping can actually reduce the apparent value. In fact, the bundle may be seen as worth not just less than the sum of its parts, but less than the individual product! […]
The way you display a price has a surprising effect on how consumers gauge the magnitude of the price. It's important to read the price aloud as a consumer might, as more syllables in the price make it seem higher.