Unlock significant profit growth by mastering the art of price split testing. This episode reveals how to scientifically optimize your product pricing, even without directly changing listed prices for all customers. Learn from the founders of IntelliGems how to conduct effective A/B tests, understand the psychology behind pricing, and mitigate customer service risks while dramatically increasing your profitability.
Key takeaways
Many businesses leave money on the table by not actively testing prices; strategic split testing is key to unlocking hidden profits and increasing profitability.
Implement indirect price testing methods to gauge customer sensitivity without immediately altering displayed prices for all customers, minimizing risk.
Leverage A/B testing platforms and scientific principles to optimize your price testing process, ensuring reliable data and actionable insights.
Proactively manage customer service risks associated with price changes by employing careful communication and strategic testing methodologies.
Understand that pricing strategy is deeply intertwined with conversion rates and customer perception of value; optimize both for maximum revenue.
DIY price testing is feasible with the right strategies and an understanding of the science involved.
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 can find show notes and more information by clicking here: https://bit.ly/2Vir0kI Interested in our Private Community for 7-Figure Store Owners? Learn more here. Want to hear about new episodes and eCommerce news round-ups? Subscribe via email.
What does this episode say about conversion & cro?
Many businesses leave money on the table by not actively testing prices; strategic split testing is key to unlocking hidden profits and increasing profitability.
What does this episode say about analytics & attribution?
Implement indirect price testing methods to gauge customer sensitivity without immediately altering displayed prices for all customers, minimizing risk.
What does this episode say about dtc strategy?
Leverage A/B testing platforms and scientific principles to optimize your price testing process, ensuring reliable data and actionable insights.
What does this episode say about conversion & cro?
Proactively manage customer service risks associated with price changes by employing careful communication and strategic testing methodologies.
What does this episode say about conversion & cro?
Understand that pricing strategy is deeply intertwined with conversion rates and customer perception of value; optimize both for maximum revenue.
