I’m making a recommendation on a price point for an online product launch. So I did a bit of research.
My research was asking people, online, these two questions:
1. What are your thoughts of or feelings when you see or hear “21″?
2. What are your thoughts when you see or hear “Shipping And Taxes Included”?
Now before I tell you my opinion I want to share with you that I believe I am a Millennial. What is a Millennial?
Some believe it is an age group (a person born in the 1980s or 1990s – according to Merriam-Webster). Others believe that it is a mannerism – the way a group of people in society act and what they value.
Since I was not born in the years mentioned you can guess with side of this debate I’m on.
Flowtown – Social Media Marketing Application
Why is it important to recognize a Millennial? They are driving Consumer Trends.
In summary Millennial share attitudes, priorities, the way they access technology, how they interacted with others and what they value as important.
They believe that technology makes life easier and that the most important thing in life is being a good parent. Their news comes from the internet and they visit their social networking sites daily.
As Millennial they have an efficiently running BS meter. I first heard this from Michael Drew in January of 2010 – at the Pendulum Presentation.
So for this discussion – lets assume the launch was set to be marketed with a price of $7 however the shipping and taxes were not mentioned and the International shipping cost upon reaching the payment screen, brought the product to a price of $20.
Here are some of my thoughts:
-Rather than having a product marketed at a very low price (bait) – I would like to know what I’m going to be paying in total. No surprises. I would like the answer the question: “What is it really going to cost?” before it’s asked.
-Why not make it $19.97 – All In? I would even say 21, however there is mixed feedback on the number 21.
When I think of 21 – I think of 21 days to change a habit -which is also up for debate.
Feedback on the number 21 was – Black Jack, youth, rebellion, partying and gambling. The question then becomes – will the product be shadowed by these thoughts. Does it come to -if that’s the price point of the product it had better be light and fun vs serious, educational and intended for the business minded.
So use $21 delivered and reframe. Less than $1 a day to a more successful business.
Seems there is a debate on everything these days. Anyone following the U.S. Presidential Debates? Personally I could not be bothered.
If there were not already a well developed relationship here – I would have been put off. Since there is an important relationship here – I want to do everything I can to be helpful.
Today I received an email related to shipping. “Hello. Just a quick note to let you know that we are temporarily suspending our free shipping promo (coupon code: FREE).
Why? Simply put, Economy Shipping is too slow for Halloween delivery at this point. So we no longer want to push it as an option.
After the Halloween season, we will push it once more.
Thank you for all you do! This has been an amazing Halloween season! Keep up the great work!”
Like I mentioned the relationship here is what matters.
However this might go over like a “Tick, Tick, Ticking Time Bomb”.