In 24 Hours, Discover Your Most Profitable Price Point
Consider it...
It is not only the price that is important, but also the conversion rate.
If $27 converts at nearly twice the rate or better than $47, then $27 is a superior pricing point for you.
But what if you charge $37 instead? Maybe $37 is the winning price, but you won't know till you test.
And, if you have any costs associated with fulfillment, such as if you provide services, you must account for those as well.
Doesn't it get complicated quickly?
But I heard about the '100 prospect test' a long time ago. According to the theory, if you send 100 people to your page, you will be able to evaluate the results.
I tested a squeeze page with 100 and 1000 visitors since I couldn't believe it. And, wouldn't you know it, it's true? The conversion rate on the first 100 was roughly comparable to the conversion rate on the 1000.
Since then, I've been trying a variety of things with only 100 people, including price.
In the above example, you may send 100 folks to the $27 pricing point, 100 to the $37 price point, and 100 to the $47 price point. You can buy traffic through a solo ad, Facebook, or any other means you like. Just make sure you follow the same procedure for all three.
Compare the price points and determine which is the most profitable. If it's $27, you may run another test at $17. If it's $47, you may run another test at $67.
You can know for sure – without guessing – which pricing point will make you the most money in 24 hours.
And, if you consider a campaign that will last six months, even a tiny boost in your income might build up to a lot of money.
That is to say, don't guess. Instead, test and be certain.
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