In this episode, host Jay Schwedelson discusses effective pricing strategies for YOUR small business. He shares insights and research-backed tips on how you can better frame discounts, offering multiple pricing tiers, and using the "pennies per day" approach to increase conversions and sales.
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Best Moments:
(01:45) Displaying discounts by crossing out the original price can increase conversions by 200%
(02:42) Offering three pricing options (high, medium, and low) can boost conversions by over 100%, with customers often choosing the middle option
(04:18) Framing prices as "pennies per day" instead of a lump sum can increase conversion rates by over 25%
(06:38) Discounts of 15-25% have a 30% higher click-through rate than offers with discounts over 50%, due to perceived value
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