Sales volume dropped after increasing my price…is this normal?

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Obviously, as you now realize, making a lot of changes at once is a risky business. If performance decreases, or increases, you will have no idea which changes helped, and which changes hurt your website’s performance. Since this is a marketing forum, or at least it used to be, let me tell you how marketing professionals would do it differently.

This is an excellent case for performing A/B Split testing. By randomly splitting traffic between your previous website and your new website changes would help you determine if those changes are helping or hurting.

Chances are that some changes are helping and some are making no difference, or worse, actually hurting your offer’s performance. A better approach would be to split test each minor change before implementing permanently, that way you can be sure the change is actually helping to improve performance.

A very good tool for setting this up is Google Optimize, and it’s free.

Changes to website content are not the only thing you can Split Test, You can and probably should A/B Split test your price changes to see which price point produces the greatest revenue. Forget about whether your price is too low or not, instead focus on the price point that generates the most total profit.

Let me share an important concept in marketing. People generally will not purchase your offer unless they feel that they are getting far more value than the price they are paying. This is how markets work. If you priced your offer fairly, then you will have the fewest number of sales. Typically, you will only get more sales by offering a better than fair deal.

Test and let actual data inform your pricing decision, not what you feel is fair. Don’t let your desire to get a fairer price prevent you from maximizing your profits. Your goal should be to increase total profits, not to merely increase profit margins. The highest margin generally results in the smallest number of sales, and a smaller total profit.

Another thing you may want to consider is to offer 2 tier pricing. Offer a limited version at a lower price and create a checkout funnel with a One-Time-Offer to get the full version for just an extra $39 dollars. If they don’t purchase the OTO, then take them to a down-sell offer to try out the full version for 30, 90, or 180 days for only $19, then make a fair upgrade offer at the end of that limited period. By then your limited subscribers will have a clear sense of your offer’s value and you will likely close many of those customers that you are currently missing.

Just email, or add a website alert at the end of the full version tryout and make one last special upgrade offer for only $39 at the end of that period before raising the final upgrade price to $49 (or whatever your data shows give you the most total profit).

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