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Pricing and Psychology

healthstatus

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We are starting a program that will create a new revenue stream for our client, they will get between 15-30 % of the revenue generated, we will use the rest to fund they system and pay ourselves. Are there any tips on presenting these types of percentages? It sounds like if the the left most number is anchored then, their would be negligible motivation between offering say 25% vs 22%, but considerable motivation in offering 20% vs 19%. Would that be accurate?
 
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FeaRxUnLeAsHeD

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Have you read Cashvertising?

What do you think of the concepts outlined in the book, if so?
 

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Thanks for the kind words, everyone. I'm glad that people are gaining value from the discussion.

If I priced at $59.99, the item would be less likely to be seen as a $60 item. BUT, Fifty Nine Ninety Nine is a lot of syllables, compared to Sixty.

This product is being positioned as a high end and luxury item, with a lifetime warranty. Any thoughts?

Have you considered pricing it at a flat $59? That price seems to meet in the middle of your dilemma. It takes advantage of charm pricing because the left digit changes, but it also avoids the cheap connotation that .99 pricing can sometimes bring.

We are starting a program that will create a new revenue stream for our client, they will get between 15-30 % of the revenue generated, we will use the rest to fund they system and pay ourselves. Are there any tips on presenting these types of percentages? It sounds like if the the left most number is anchored then, their would be negligible motivation between offering say 25% vs 22%, but considerable motivation in offering 20% vs 19%. Would that be accurate?

You're correct. An increase from 18% to 19% won't be as powerful as an increase from 19% to 20%.

Are you negotiating those percentages? I don't have much information on the situation or if you're working with very common percentages (where 15-30% is common for that situation). However, if everything is negotiable, then here's a tactic that could help.

I'm guessing that you have some specific goal that you want to reach in the negotiation (e.g., 25%)? If so, you should make the first offer by presenting a range of percentages to the client, with 25% at the bottom of that range (e.g., ask for 25% to 40%). Research in negotiation has found that approach to be extremely effective. I'll be tackling the topic of negotiation in my next blog post, so you could refer to that upcoming article if you're interested in learning more.

Have you read Cashvertising?

What do you think of the concepts outlined in the book, if so?

I haven't read it, so unfortunately, I can't comment on any of the material.
 
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dirk.wert.3

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Wow great article! Welcome to the forum!
Just my 0.02 on precise pricing I always look at the rounded off price as being a ripoff where as the precise price feels more like that's what it really costs.
Thoughts?
 

tafy

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Just my 0.02 on precise pricing I always look at the rounded off price as being a ripoff where as the precise price feels more like that's what it really costs.

I thought he covered this in the article?
 

dirk.wert.3

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I thought he covered this in the article?
He said that it's not because of the costumer feeling like there's no room for negotiation but because we associate precise with small amounts.
I how I feel when I buy something that the precise price is because the retailer (or whoever) is giving the best price he could being a "nice" guy which makes me feel better about giving him my money.
 
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nkolenda

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Wow great article! Welcome to the forum!
Just my 0.02 on precise pricing I always look at the rounded off price as being a ripoff where as the precise price feels more like that's what it really costs.
Thoughts?

I've always considered precise pricing to be effective because it conveys less room to negotiate (and, as you mention, it conveys a more accurate price - rather than being pulled from thin air). However, in the article, I mention that researchers determined the real reason stemmed from the connotation between precise numbers and small numbers. I still think the previous reasons are involved to some extent, but those are some of the possibilities why precise pricing is effective.
 

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Hi Nick
I have a couple of questions about rental property in terms of pricing.
Would it make a difference if I was to price something at:
$999 instead of $1000.

Secondly, how much of a difference would adding extras such as internet with a $10 increase make to the potential tenant?

For example:

Property A:

$1000 (internet not included)

Property B

$1010 (internet included!)
 
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FeaRxUnLeAsHeD

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Good note here I figured I would add, learned this in a marketing class:

Consumers actually place more value in an item being marked down from lets say, $14.99 to $13 as opposed to just being marked as '$12.99'

So

WAS: $14.99
NOW: $13

Vs.

$12.99

The '$13' will actually induce more buyers based on the perceived discount. Although.. you can get the best of both worlds and mark it down to $12.99 from what 'originally' was 14.99
 
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nkolenda

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Hi Nick
I have a couple of questions about rental property in terms of pricing.
Would it make a difference if I was to price something at:
$999 instead of $1000.

I don't have experience with rental property pricing, so don't give too much weight on my suggestions.

I know that the research says $999 should be more favorable than $1,000. But my gut says otherwise. I've never come across rental properties that use charm prices, so I'm assuming there's a reason for it. I'll take a stab at the answer.

When you're dealing with expensive items (e.g., above $500), I think charm pricing can convey a devious or malicious motive. In your case, $999 signals a very obvious intent to persuade consumers into perceiving a lower price. Whenever persuasion tactics become obvious, people often exhibit "psychological reactance," and they resist those persuasion attempts. I don't think there's any research to support that claim with charm pricing, so I think that would be a useful research study.

On top of that, I also think the $999 conveys low quality. Even though most people want a good price on their rental property, they don't want it to be low quality.

If you want to use charm pricing for expensive or important items, you need to present a larger difference in price. For example, instead of reducing the price from $1,000 to $999, reduce it from $1,000 to $995 or $975. That should help disguise the underlying motive, while still gaining the benefits of charm pricing (without eating too much into your profit margin).

And for your second question...

Secondly, how much of a difference would adding extras such as internet with a $10 increase make to the potential tenant?

For example:

Property A:

$1000 (internet not included)

Property B

$1010 (internet included!)

In tactic 4 from the article, I explain why it's usually more effective to separate shipping and handling. The research in that section would also apply to utilities. I think it would be much more effective to keep utilities separate for the same reasons in the article.

Similarly, people determine the amount they spend by using relative values. If you just bought a $20,000 car, it's easier for the salesperson to upsell people on $250 worth of various add-ons (because that number seems so low in comparison). However, if those people were to wait a few weeks and judge the $250 by itself - in absolute terms - they would be much less likely to purchase them. In your case, extra add-ons will be judged in relative terms to the rent - so they won't seem as expensive.
 

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Marketing Research Analyst, I'm curious what the job entailed? I've heard of Market Research Analysts but not MarketING, so I guess I'm asking the difference or just an outline of what it was generally so I can figure out some good questions.

I'm heavily focused on setting up marketing right now. I have been on it as my sole focus for months, trying to dig out some scalable processes and proceedures, so I am wondering if you came across any marketing processes in bigger companies.

For example:
While working in x company, we liked to follow a y model that looked like z because the sheer quantity of marketting we had to do pulled us off the earlier abc's.

If I search Google all I get is the superficial marketing stuff (funnels, autoresponders, copy, brand, social, viral). I cannot explain how exasperating that shallow focus is for me, so if you know anything deep and proceedural that gets below all that I'd be eager to discuss, cuz I think it could be fun. Failing that, perhaps what areas of psychology you study, anything OUT THERE or outside the usual box? I'm always looking for a new angle.

If not, your pricing structures were pretty clearly explained (its appreciated).
Good job.

Added:
I also have some friends that want to get traction for their books
Are there 5 places to look for big mistakes? Or a few good ideas to getting it to take off that you could suggest?
 
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nkolenda

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Marketing Research Analyst, I'm curious what the job entailed? I've heard of Market Research Analysts but not MarketING, so I guess I'm asking the difference or just an outline of what it was generally.

It was essentially the same role - the only difference was the title.

My role involved two aspects of marketing research: new product development and litigation support.

On the NPD side, I worked with a team to find untapped needs for our clients - usually in three phases. We would first conduct in-depth interviews with customers (usually 30-40 interviews). We would then go through all of those transcriptions and pick out all of the needs/problems they were experiencing in the client's particular area. After compiling and de-duping all of those needs, we would then create a survey and collect a few hundred responses from customers. From that survey, we could pinpoint which needs were (a) most important, and (b) not currently being met. That way, our client could then work with their engineering team to develop a suitable product.

The litigation support side was pretty distant from core marketing. I helped create surveys and collect data that companies could use to support their case in legal trials.

I'm heavily focused on setting up marketing right now. I have been on it as my sole focus for months, trying to dig out some scalable processes and procedures, so I am wondering if you came across any marketing processes in bigger companies.

I empathize with your situation. Almost every marketing result from Google will be geared toward individuals/small businesses, so it's difficult to find processes geared toward larger organizations.

To get that information, I would strongly recommend searching Google Scholar. Most academic research in marketing is geared toward larger organizations, so the results that show up in Google Scholar should hopefully be insightful.

I also have some friends that want to get traction for their books
Are there 5 places to look for big mistakes? Or a few good ideas to getting it to take off that you could suggest?

My biggest mistake was writing a book in the first place. There's some backstory to that answer, but it's interesting and useful for the discussion.

The Backstory

To give you the backstory, I had created a viral video ("chat roulette mind reading"), and I knew that I could create follow up videos that would generate a lot more views. So before creating those videos, I decided to write a book so that I would have a product to sell (which would give me an income stream to fuel my pursuit toward self-employment). I worked 80-90 hour weeks writing my book. And that lasted for months. Not fun at all.

Once I finally launched the book, I launched my follow up video which depicted me influencing people's thoughts (so that I could associate that video with my book on persuasion). I described my book in the description and posted a link to Amazon. The video generated about 120,000 views in the first week. Not bad. Not as good as I hoped, but still decent.

At the time, my naive self estimated a 0.5% conversion rate. In other words, out of every 100,000 people that watched the video, 500 people would buy my book. Welp, that's when reality hit me in the face. Out of the 120,000 people that watched the video, a total of 3 people purchased my book...a pretty defeating outcome based on the amount of work that I put in to my book.

The Takeaway

That was in October 2013. To date, I've sold over 10,000 copies of my book. But I can honestly say that a good portion of that outcome was due to luck.

Most sales - even today - come from people organically finding my book through Amazon. My pricing article reached 100,000 views, yet my book sales don't look any different than they normally do. That's not why I'm writing articles (or even participating on this forum).

So that leads to the first takeaway. Unless you already have a well-established platform, distribution is more important than marketing/advertising for books.

The second takeaway is this. Before writing a book, ask yourself why you want to write it. Are you writing the book for money or credibility/authority?

If you care more about the immediate cash (perhaps to fuel the early stages of your business), you shouldn't write a book. You should create a more expensive product or service with higher margin. With a more expensive item, you don't need a large platform. You just need to generate a few sales to earn that immediate revenue. You'll also have more control over the marketing and distribution, rather than working your butt off and crossing your fingers that people will buy it.

On the other hand, if you care about establishing your credibility and authority, a book is a great way to go. Your book should ideally have (a) an enticing selling point for a mainstream audience, and (b) common search-conducive keywords so that people will organically find it through Amazon and other online stores.
 
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Vigilante

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It was essentially the same role - the only difference was the title.

My role involved two aspects of marketing research: new product development and litigation support.

On the NPD side, I worked with a team to find untapped needs for our clients - usually in three phases. We would first conduct in-depth interviews with customers (usually 30-40 interviews). We would then go through all of those transcriptions and pick out all of the needs/problems they were experiencing in the client's particular area. After compiling and de-duping all of those needs, we would then create a survey and collect a few hundred responses from customers. From that survey, we could pinpoint which needs were (a) most important, and (b) not currently being met. That way, our client could then work with their engineering team to develop a suitable product.

The litigation support side was pretty distant from core marketing. I helped create surveys and collect data that companies could use to support their case in legal trials.



I empathize with your situation. Almost every marketing result from Google will be geared toward individuals/small businesses, so it's difficult to find processes geared toward larger organizations.

To get that information, I would strongly recommend searching Google Scholar. Most academic research in marketing is geared toward larger organizations, so the results that show up in Google Scholar should hopefully be insightful.



My biggest mistake was writing a book in the first place. There's some backstory to that answer, but it's interesting and useful for the discussion.

The Backstory

To give you the backstory, I had created a viral video ("chat roulette mind reading"), and I knew that I could create follow up videos that would generate a lot more views. So before creating those videos, I decided to write a book so that I would have a product to sell (which would give me an income stream to fuel my pursuit toward self-employment). I worked 80-90 hour weeks writing my book. And that lasted for months. Not fun at all.

Once I finally launched the book, I launched my follow up video which depicted me influencing people's thoughts (so that I could associate that video with my book on persuasion). I described my book in the description and posted a link to Amazon. The video generated about 120,000 views in the first week. Not bad. Not as good as I hoped, but still decent.

At the time, my naive self estimated a 0.5% conversion rate. In other words, out of every 100,000 people that watched the video, 500 people would buy my book. Welp, that's when reality hit me in the face. Out of the 120,000 people that watched the video, a total of 3 people purchased my book...a pretty defeating outcome based on the amount of work that I put in to my book.

The Takeaway

That was in October 2013. To date, I've sold over 10,000 copies of my book. But I can honestly say that a good portion of that outcome was due to luck.

Most sales - even today - come from people organically finding my book through Amazon. My pricing article reached 100,000 views, yet my book sales don't look any different than they normally do. That's not why I'm writing articles (or even participating on this forum).

So that leads to the first takeaway. Unless you already have a well-established platform, distribution is more important than marketing/advertising for books.

The second takeaway is this. Before writing a book, ask yourself why you want to write it. Are you writing the book for money or credibility/authority?

If you care more about the immediate cash (perhaps to fuel the early stages of your business), you shouldn't write a book. You should create a more expensive product or service with higher margin. With a more expensive item, you don't need a large platform. You just need to generate a few sales to earn that immediate revenue. You'll also have more control over the marketing and distribution, rather than working your butt off and crossing your fingers that people will buy it.

On the other hand, if you care about establishing your credibility and authority, a book is a great way to go. Your book should ideally have (a) an enticing selling point for a mainstream audience, and (b) common search-conducive keywords so that people will organically find it through Amazon and other online stores.

@MJ DeMarco wanted to make sure you saw this latest post of his. The thread isn't gold yet but this post certainly was.
 

RogueInnovation

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Ok, excellent, that was very useful.

On the NPD side, I worked with a team to find untapped needs for our clients - usually in three phases. We would first conduct in-depth interviews with customers (usually 30-40 interviews). We would then go through all of those transcriptions and pick out all of the needs/problems they were experiencing in the client's particular area. After compiling and de-duping all of those needs, we would then create a survey and collect a few hundred responses from customers. From that survey, we could pinpoint which needs were (a) most important, and (b) not currently being met. That way, our client could then work with their engineering team to develop a suitable product.

That I can certainly use, I know how I can get something like that up and running.
It will help narrow down some of the outlying risk. I'm thinking I can do preliminary "guestimate" of the same questions (from the company side) then do it from the customer side, and tighten up the ideas by looking at how far off the guesses are and getting them closer.

I empathize with your situation. Almost every marketing result from Google will be geared toward individuals/small businesses, so it's difficult to find processes geared toward larger organizations.

To get that information, I would strongly recommend searching Google Scholar. Most academic research in marketing is geared toward larger organizations, so the results that show up in Google Scholar should hopefully be insightful.

Hmm, its already provided some better ideas by it referencing campaigns etc. It won't be explosively helpful, but its another inch I wasn't using. Cheers

My biggest mistake was writing a book in the first place. There's some backstory to that answer, but it's interesting and useful for the discussion.

(nods)
Yeah I know what you mean (keep everything in perspective). I appreciate it.



Your answer was great, thanks
I'll definately start leveraging some data, to help curve out the crazy risk factors.
Lots to think about.

Back to work for me then :writing:
Appreciated
 

DaRK9

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I'm astounded that I've never heard of Google Scholar. Thanks again.
 
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Thanks for your detailed response Nick!

Lately, I have been getting inquiries from people trying to negotiate on rent. (My price is on par with the market in the area)

I have thought about different options:

1) List a "higher" price and then come down to the price I originally want. (Tactic #12 in your article)

2) Include an extra bonus such as an appliance. (toaster, microwave, etc.)

I was wondering which option would have a greater impact where the "customer/tenant" feels like their getting a "deal" on the rent.

Secondly, the majority of the people don't negotiate on rent. So would it have a negative affect if I used Tactic #12.
(Example: Possible tenant "turned off" that my rental property is higher than comparable ones in the area)
 

nkolenda

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Thanks for your detailed response Nick!

Lately, I have been getting inquiries from people trying to negotiate on rent. (My price is on par with the market in the area)

I have thought about different options:

1) List a "higher" price and then come down to the price I originally want. (Tactic #12 in your article)

2) Include an extra bonus such as an appliance. (toaster, microwave, etc.)

I was wondering which option would have a greater impact where the "customer/tenant" feels like their getting a "deal" on the rent.

Secondly, the majority of the people don't negotiate on rent. So would it have a negative affect if I used Tactic #12.
(Example: Possible tenant "turned off" that my rental property is higher than comparable ones in the area)

I think tactic 12 works best in contexts with a high connotation for negotiation (e.g., car buying, asking for a raise, etc.). If people aren't negotiating on rent (and you think they may be turned off by a high price), then you should go with the second option. Try to give a low price by separating utilities, and then sweeten the deal with the add-ons.
 

Ecom man

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Thanks for all your information and your site. Loads of wisdom there and here.

Is there a price point where dropping the .99 makes sense? I have products ranging from 29.99 to 199.99 and I wasn't sure if over a certain amount should be just dollars and drop the cents or leave the .99 on everything. Products are mainly emotional, something they really like. Thanks so much for your contributions.
 
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nkolenda

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Thanks for all your information and your site. Loads of wisdom there and here.

Is there a price point where dropping the .99 makes sense? I have products ranging from 29.99 to 199.99 and I wasn't sure if over a certain amount should be just dollars and drop the cents or leave the .99 on everything. Products are mainly emotional, something they really like. Thanks so much for your contributions.

There is a point where .99 becomes counter-productive. But I'm not sure what that point would be (it would probably depend on the product). However, a good rule of thumb might be $100. Anything over $100, leave out the .99. (e.g., use $129 instead of $129.99). Since the power of the effect comes from the change in the left digit, you'll still be gaining the benefits of charm pricing.
 

Harti

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Which price points of these would you recommend and why?

Stack 1:
49.90
49.95
49.97
49.99

Stack 2:
39.90
39.95
39.97
39.99

Stack 3:
29.90
29.95
29.97
29.99

Stack 4:
19.90
19.95
19.97
19.99
 
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nkolenda

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Which price points of these would you recommend and why?

Stack 1:
49.90
49.95
49.97
49.99

Stack 2:
39.90
39.95
39.97
39.99

Stack 3:
29.90
29.95
29.97
29.99

Stack 4:
19.90
19.95
19.97
19.99

I like that question (because I would like to know the best answer myself).

Here's my guess. For any price with cents, both .99 and .95 will be better than .97 and .90. Since .99 and .95 are more common, people might be less likely to question or second guess the price. If you were to price something at $29.97, for example, it's pretty unusual. People might wonder, "why wouldn't they use the normal .99 and .95 ending?" That second guessing might cause them to second guess their purchase (or become suspicious about the product). I don't have any research or data to support that claim, so it's just my "two cents."

With that being said, I don't think it's harmful to see base prices ending in 7 (e.g., $97, $197). You tend to see those prices with online content. I don't have anything against them. Although you could argue that the "7" increases the syllabic length of the price, I don't think it would play a large role. I think that effect comes more into play when you remove the comma from prices (e.g., $1,950 vs. $1950 -> "one thousand nine hundred fifty" vs. "nineteen fifty").
 
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Nick,

Thanks for the AMA and sharing your knowledge.

Do you have any tips on how to go about marketing/pitching/purseuding a service based business? I have the urge to try a social media marketing service to companies that don't have any or a strong social media presence. My biggest concern is that these small businesses do not see the value in social and can't fathom spending $xxx each month for the service. Do you have any psychology hacks that would allow them to see the value I can provide for them and their business?
 

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Nick,

Thanks for the AMA and sharing your knowledge.

Do you have any tips on how to go about marketing/pitching/purseuding a service based business? I have the urge to try a social media marketing service to companies that don't have any or a strong social media presence. My biggest concern is that these small businesses do not see the value in social and can't fathom spending $xxx each month for the service. Do you have any psychology hacks that would allow them to see the value I can provide for them and their business?

Based on my experience, it might be a tough pitch. A lot of small businesses have trouble seeing the value in social media.

But you should be able to improve the pitch by giving them custom-tailored value. For example:
  • Offer them real example posts that they could use
  • Analyze their current social sharing data and explain those results to them
  • Give them a proposed strategy based on their business and current presence
If you give them social media value for free, you'll (a) demonstrate your expertise in that area, and (b) trigger a need to reciprocate.

Some people scoff at cold outreach campaigns. But they can be effective if they're done properly. I think one of the most important factors for outreach is creating a systematic process to compile that custom value (e.g., offering the same types of examples, grabbing the same type of data, etc.). For a successful campaign, you need a good balance of perceived customization and efficiency.
 

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The discovery of this thread came at a perfect time. This afternoon at my slowlane job I was agonizing over how to price my items. I was considering everything from materials, time worked, shipping, fees, and competitor prices. Sometimes I arrived at a number that felt too high or not high enough. But after reading the article on page 1, it was a sense of relief to know there is a method to the madness. While I still have a ways to go to nail a price, I think this article will help get me there sooner than if I was doing it completely on my own.

Many thanks, Nick!
 

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@nkolenda As a fan of human behaviour and persuasion, I found out your book last year and I have to say it's very good.

Thank you for coming here and share some of your knowledge with us.
 

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Spain
Thanks for joining us Nick, greatly appreciated.



FYI for anyone peeking in this thread, that article is a MUST READ for everyone who makes pricing decisions.

I’ve read half of the guides by Nick and all and each one of them is a MUST READ in its topic. Thanks @nkolenda for your work.
 
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AllenCrawley

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Resurrecting this thread as there have been some new pricing threads lately. This thread is an incredible resource.

(I can't believe this thread was started over 5 years ago! Where does the time go?)
 

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