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Old May 9th, 2008, 09:55 AM   #1
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This can be yours for 19.95 19.99

I'm curious, has anyone every done research or does anyone have an opinion about pricing in terms of digits. I was going to adjust my pricing and right now, my packages are solid even numbers. I know there is a psychology when it comes to pricing, and by all means, I don't want to come across as a infomercial.

Any opinions?
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Old May 9th, 2008, 10:08 AM   #2
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This might give you an idea on the whole 19.95 thing.

http://www.sciam.com/article.cfm?id=...995&ec=su_1995
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Old May 9th, 2008, 10:11 AM   #3
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I think the issue with the "$19.99" type pricing applies more to small per unit cost items like a DVD. This particularly applies in the area of an "impulse purchase" , an item a customer has not really been shopping for, sees and says "What the heck, I get it" In larger identical items, the customer is shopping for the entire package. When you buy a large screen plasma TV you are less swayed by minor price differences even though the model numbers are identical in three different stores - you also look at delivery times & costs, warranty, store's return policy, reputation and helpfulness of the staff. And that is for an identical TV.

For a production service package, you rarely have identical items to compare to a competitor. If you are talking about pricing for production services, the quality of your project and scope of what is provided, reputation, past performance and interpersonal skills SHOULD determine your price point and if your potential customers don't contract with you because your wedding package was $6,000 instead of the competitors $5,999, you probably saved yourself a lot a hassle!
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Old May 9th, 2008, 10:15 AM   #4
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RE: This can be yours for 19.95 19.99

For the retail work I currently do, $X.95 is the most common retail price used. But when items are being clearanced, the industry trend (at least in the area of retail I work in) is to price the items at $X.97. However, these numbers aren't necessarily chosen because of consumer psychology (with what I do), they are chosen more because they are the industry trends/standards. But, I would assume that ultimately they are the trends/standards because of the psychology behind them.

I probably didn't help too much, but this is my feedback from real-world experience.

Hope this does help a little,
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Old May 9th, 2008, 10:32 AM   #5
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Thanks

I will continue to think about the price change. I didn't want to add 55dollars to each package, and then have the potential client ask, what's the 55 dollars for? I don't know, maybe I'm thinking too much. But thanks again.
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Old May 9th, 2008, 10:45 AM   #6
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Quote:
Originally Posted by Josh Chesarek View Post
This might give you an idea on the whole 19.95 thing.

http://www.sciam.com/article.cfm?id=...995&ec=su_1995
Very interesting link Josh. Thanks.
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Old May 9th, 2008, 11:25 AM   #7
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I understand that some marketing people have some psychological theory behind the .99 or .95 pricing scheme, but when I look at the price of something, I automatically round up to the dollar anyway. In fact, I find it just a little bit insulting that they think they are fooling me with that kind of thing.

One interesting thing to consider: when you go out to eat, look at how lower scale fact food or family chain restaurants price, and how more upscale quality places price. Low scale prices with the .95 scheme; upper scale restaurants tend more often than not to price to the dollar.

FWIW
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