Why 97?

[MAU]

Hello, just finished Millionaire Fastlane and love the concept.

My question is why so many marketers online are now charging some form of 97 dollars for their product?

Whether it be 997 or 97 a month or 97 down I have lately seen a lot of this.

Is there a selling psychological reason for this?

Would love to know.

All the best,

Michael

 

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[The-J]

Psychological pricing ideas. It's been empirically found that in purchases under $1000 (citation needed), using 7's and 9's makes people think that an item is a better deal than it actually is (citation needed).

However, just like with all research, take it with a grain of salt. Similar research has also found that pricing things without using a dollar sign (such as with restaurant menus) causes people to think less about the price when ordering (citation needed). They've also found that using 0's at the end of of prices conveys that a product is more expensive, thus a higher perceived value. (citation needed)

(I can't be F*cked to find the actual papers, do a search on Google Scholar. Read CA$HVERTISING for more stuff like this, it and "Influence: The Power of Persuasion" by Cialdini are probably the best psychology books that are relevant to business owners)

Also wtf @ those tags? Lmao

 

[MAU]

[QUOTE="Also wtf @ those tags? Lmao[/QUOTE]

The tags are just a few of the sites I saw using this method.

MAU

 

[Deleted20833]

It's a proven price point that sells well when selling info products

 

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[PureA]

Great article on this topic, check it out http://www.nickkolenda.com/psychological-pricing-strategies/