simpo
New Contributor
Hi there, I'm a founder of a start-up in S.Korea.
I've been developing market research algorithm and I want to do a small experiment, which I call price testing!
I assume most of you have heard of the fake door testing. If you haven't and want to know how it goes, check this out (not promoting my blog or sth)
Interesting story here
I did price testing last week with a friend of mine's product which was an eco bag with Starbucks logo on it.
He was going to sell it for 9,500 won (=$8) But I made a fake door and promoted on Instagram the same bag for the price of 8,900won(=$7.2) which was a bit cheaper than the original price. Me and my friend were freaked out when we saw the result.
His decision was not really bad but he gotta face with the fact that he almost missed the opportunity to earn 800% more. He could've spend less on promoting and earn more revenue.
Now, I'm wondering if others outside of this country want to give it a go.
You don't even need to have an actual product, just images would do the job.
You should pay your advertising, but don't have to pay me anything. It's totally up to you how much you want to spend on advertising.
The more you spend, the more accurate data will come out.
Just let me know how did it go and get free copy writing and test result, pretty good deal isn't it?
comment below if you are interested in
I've been developing market research algorithm and I want to do a small experiment, which I call price testing!
I assume most of you have heard of the fake door testing. If you haven't and want to know how it goes, check this out (not promoting my blog or sth)
Interesting story here
I did price testing last week with a friend of mine's product which was an eco bag with Starbucks logo on it.
He was going to sell it for 9,500 won (=$8) But I made a fake door and promoted on Instagram the same bag for the price of 8,900won(=$7.2) which was a bit cheaper than the original price. Me and my friend were freaked out when we saw the result.
| $7.2 | $8 | $10 | |
| Ad Clciks | 100 | 100 | 100 |
| Purchase button clicked | 13 times | 5 times | 2 times |
| Total sales | $93.87 | $38.54 | $19.31 |
| Cost per click | $0.26 | $0.30 | $0.35 |
| Total sales - total promotion cost | $67.75 | $8.28 | $-15.82 |
His decision was not really bad but he gotta face with the fact that he almost missed the opportunity to earn 800% more. He could've spend less on promoting and earn more revenue.
Now, I'm wondering if others outside of this country want to give it a go.
You don't even need to have an actual product, just images would do the job.
You should pay your advertising, but don't have to pay me anything. It's totally up to you how much you want to spend on advertising.
The more you spend, the more accurate data will come out.
Just let me know how did it go and get free copy writing and test result, pretty good deal isn't it?
comment below if you are interested in
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