The other night I was at a party. The discussion turned to marketing. I spoke to a gentleman (a non marketer) who said that he refuses to buy any product, offer or course, that ends in a 7. He had seen the trend so much and heard it from so many people, usually on webinars, that it made him not want to buy. Have other people become tired and burned out from seeing 7’s everywhere? Has the 7 had it’s time in the sun?Have other people become tired and burned out from seeing 7's everywhere? Has the 7 had it’s time in the sun? Click To Tweet
Where did it come from?
According to Blog Marketing Academy: “It seems to have begun with a well-known marketer named Ted Nicholas. He said in one of his workshops that the number “7” raises sales – and from there it started what became almost an urban myth.” The article goes on to state that “If the number 7 had some magic factor to it, you’d see retail stores using it constantly. But, you don’t. At least not more than any other number.” I think that’s a very good point. We don’t see the 7 anywhere but online. The infomercial industry hasn’t adapted it yet either.
We all got use to “It’s only $19.95! Act now. Has the 7 become normalized? Has the same thing happened with the $27?Has the 7 become normalized? We all got use to “It’s only $19.95! Act now. Has the same thing happened with the $27? Click To Tweet
Does it actually make a difference in sales? That is the real question. I have not come across any solid evidence or articles, that the 7 pricing strategy works. Just like most things it comes down to testing. What works well for one product or audience might not work well with another.
There must be some kind of pricing psychology involved. If it wasn’t working, everyone wouldn’t be doing it right? Or is it just a herd mentality?
What do you use in your pricing strategy? Do you end your pricing with a 0, 9, 5, 7, or something else? What kind of results have you seen? Please comment below.
In a previous blog post, I went over my Social Media wishes for 2019. The number 7, was number 1 on the list.
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