What It's About
You'll be charmed by this question about pricing.
Notes from Chris
Episode 2226
In 2,000+ episodes I don’t think we’ve ever looked at this topic. The question is: “Is it always better to have prices end in the number 9?” One of our callers has noticed that lots of stuff for sale ends in the number 9. They mention Peloton bikes (high-end) but it’s also stuff at the grocery store that’s $5.99 or whatever. Is this some scientifically proven marketing principle? Is it in fact a global conspiracy by George Soros, who found rogue prices in Hunter Biden’s laptop? Or is there no reason at all for it? Of course, we’re interested in this from the side hustle angle: if you are going to price something, is there some advantage to ending it in the number 9? You might be surprised by the answer!"I recently heard that ending a price in 9 makes more people buy. Is there any truth to this? Ever since I heard it mentioned, I've been paying attention and it seems many products are priced that way: $39/month for my gym membership, or $1,499 for a Peloton bike. What's so special about $9? Do marketers just price that way because everyone else does, or is there any reality behind the idea that it affects consumer behavior?"Listen to today's episode to learn more...
SEE ALSO:
- Catholic Designer Creates Stylish Apparel Line: What shall it profit a man to gain the whole world but not sell any t-shirts? This designer cast his bread upon the waters and ended up with a profitable fashion line.
- Seattle Couple Creates New “Income LiveStream”: When a married couple runs into logistical problems at their wedding, it leads to an innovative service that other engaged couples need during the pandemic.
- Role-Playing Pastor Rolls The Dice On $2800/Month Hustle: Listener success story! This Presbyterian minister turns to his lifelong interest in role-playing games to set up a sustainable second income source.
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