I have long been a huge advocate for testing your pricing. Why? Because if you have never tested, there is potentially money you are leaving on the table. So in this episode, we’re taking the discussion a step further and talking about split testing your pricing with the founders of IntelliGems, an analytics and optimization platform for mobile developers to run A/B tests and ultimately drive monetization. Adam Kitain and Drew Marconi both have a lot of experience with product pricing and split testing, and they’re in the trenches helping e-commerce store owners test pricing.
Listen in as we discuss how to test your prices—with the goal of raising those prices to increase profitability—including some not-so-obvious ways that you can test without actually changing your prices. We’re also diving into the science behind price testing, how to optimize your testing, and ways that you can DIY price testing and mitigate any potential customer service risk.
You’ll learn:
- Adam’s and Drew’s in-the-trenches experience with price testing. (4:05)
- A real-life example of the power of price testing. (7:30)
- The prime candidates for price testing. (10:30)
- How to DIY price testing. (13:30)
- How to mitigate customer service risk when price testing. (17:05)
- How to overcome the emotional hurdle of a potential customer blowback and the subtle ways that you can get more profitability without explicitly raising your price. (24:00)
- What you shouldn’t do when price testing. (30:20)
- How to quickly DIY a price test. (32:00)
- What Adam and Drew are working on next. (35:55)
(With your host Andrew Youderian of eCommerceFuel.com and Adam Kitain and Drew Marconi of IntelliGems)
What Was Mentioned
Ideas Worth Sharing:
“If you own your channel and you’re a relatively large store, that’s the perfect candidate.” – @IntelliGems Click To Tweet
“It took us months to make our first big price change at VIA.” – @IntelliGems Click To Tweet
“At the end of the day, if you’re able to change a bunch of prices and your conversion rates don’t fall through the floor, that’s an incredible outcome.” – @IntelliGems Click To Tweet
Image credit to Joseph Mucira from Pixabay.
Source: https://www.ecommercefuel.com/ab-testing-product-prices/
