If you are selling something on your blog, does the price matter? Obviously it's got to be competitive but does it matter otherwise?Tests have been carried out on this and it's strange but some prices appeal to prospective buyers while others can cause a resistance.
Shops and stores love to end the price with 99p (or cents) and this does prove effective. The difference in cost between £9.99 and £10.00 is nominal but, to a customer, it can make a world of difference between buying and walking on. Though my examples are in UK Pounds, this applies to most world currencies.
If someone buys something for say £4.99, and they are asked by a friend as to how much the item cost, the most likely answer will be £4 - they forget the other 99p.
Prices slightly under the value of a banknote appear inexpensive. If something is £9.99 or £10 the customer is only parting with one banknote (bill) and therefore, in his or her mind, this isn't too expensive.
Prices with even amounts are preferred to odd numbers. There is no logical explanation but £12.95 will normally pull in more orders than £13.95. It's also been shown that amounts up to £15 don't put customers off but they are not so keen on £16 to £19 - though for some reason £19.95 or £19.99 is alright - most odd!
What I'm getting at is that when selling anything, where you determine the price, try out different amounts to see which is the most effective. It isn't always the cheapest that is the best - higher prices sometimes equate to something of more worth in a customers' mind.
Testing is an important part of marketing.
Good luck,
Mike.
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