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Happy Price Testing
Getting to the Holy Grail of Marketing




Rachit Dayal
Lead Consultant, Happy Marketer
rachit@happymarketer.com
http://twitter.com/rachitdayal




                                         Google Confidential and Proprietary   1
How much can you charge for your product?




The optimal price is the holy grail of
trading / sales / marketing / business

Even prehistoric man wondered how
many pails of grain he could get for that
goat he was trading away!



    Google Analytics Master Class 2010      2
What’s the impact of price on profit?




   Google Analytics Master Class 2010   3
Current Methods of Price Testing

  Strategic “Guessing”
      Not based in fact, mostly guesswork


  Customer Surveys
      Honestly’s a problem – they do different from what they say


  In-Store Tests
      Very expensive, could lead to backlash




  Online Price Testing
      Affordable, quick to implement
      Accurate data compared to other mediums




   Google Analytics Master Class 2010                                4
The Story of Genopal

72 hrs to Launch of New Product
•  Weren’t sure how much to price
      US$24.95 ?
      US$29.95 ?
      US$39.95 ?




   1. Home Page                          2. Buy Page                 3. Checkout
  Where all users start out             Where all come to read    Beginning of the Shopping
   and explore the site                  about pricing details   Cart & Confirmation Process




   Google Analytics Master Class 2010                                                          5
Vary only one thing – the price


  Buy It Now. Only $24.95



  Buy It Now. Only $29.95



  Buy It Now. Only $39.95




   Google Analytics Master Class 2010   6
The Price Testing Results …

             Items Sold                                   Revenue
                           100%                               100%
      100%                                         100%
                                        50%                          60%

           0%                                 5%     0%                    8%




             2X Sales at $24.95
             and 66% more revenue
   Google Analytics Master Class 2010                                           7
A Subsequent Marketing Test Told Us …




   Google Analytics Master Class 2010   8
Summary of Testing Results




•    Home Page Headline
        Best Headline led to performed 42% better than the original headline

•    Home Page Image
        Best Image led to performed 27% better than the original image



•  Overall Results
        Conversion Rate went up from 2.6% to 3.8% (32% boost)
        Price changed from 29.95 to 24.95 (led to 2X more sales)



     Google Analytics Master Class 2010                                         9
Summary – How To Price Test

1.  The Process
                                                                Buy It Now. Only $24.95

        Relied on Online Testing & Google
         Website Optimizer – faster than offline
                                                   Buy It Now. Only $29.95
        Show the price in very few places
        Vary only the price –keep as many other
                                                                Buy It Now. Only $39.95
         things constant as possible



2.  The Result
        The data was probably not statistically




                                                    
         significant – too little time
        Provided some preliminary market
         intelligence about price
        Gave us a good idea about what
         headlines and images appealed



   Google Analytics Master Class 2010                                                     10
Lessons about Getting Good Data

1.  Be Patient, confidence
    in results take time
    (wait for green bars)
                                                                     
2.  Start with the most High
    Traffic Pages (home                          Home Page
                                                                 Call To
    page, ad landing pages)                       Message
                                                                 Action



3.  Focus on big things that             Price
    could really make a                                  Page
                                                        Format
    difference



    Google Analytics Master Class 2010                                     11
Thank You!
http://www.HappyMarketer.com/
Rachit@HappyMarketer.com
http://twitter.com/rachitdayal




                                 Google Confidential and Proprietary   12

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Gamc2010 09 - price testing holy grail of marketing - rachit dayal - happy marketer

  • 1. Happy Price Testing Getting to the Holy Grail of Marketing Rachit Dayal Lead Consultant, Happy Marketer rachit@happymarketer.com http://twitter.com/rachitdayal Google Confidential and Proprietary 1
  • 2. How much can you charge for your product? The optimal price is the holy grail of trading / sales / marketing / business Even prehistoric man wondered how many pails of grain he could get for that goat he was trading away! Google Analytics Master Class 2010 2
  • 3. What’s the impact of price on profit? Google Analytics Master Class 2010 3
  • 4. Current Methods of Price Testing   Strategic “Guessing”   Not based in fact, mostly guesswork   Customer Surveys   Honestly’s a problem – they do different from what they say   In-Store Tests   Very expensive, could lead to backlash   Online Price Testing   Affordable, quick to implement   Accurate data compared to other mediums Google Analytics Master Class 2010 4
  • 5. The Story of Genopal 72 hrs to Launch of New Product •  Weren’t sure how much to price   US$24.95 ?   US$29.95 ?   US$39.95 ? 1. Home Page 2. Buy Page 3. Checkout Where all users start out Where all come to read Beginning of the Shopping and explore the site about pricing details Cart & Confirmation Process Google Analytics Master Class 2010 5
  • 6. Vary only one thing – the price Buy It Now. Only $24.95 Buy It Now. Only $29.95 Buy It Now. Only $39.95 Google Analytics Master Class 2010 6
  • 7. The Price Testing Results … Items Sold Revenue 100% 100% 100% 100% 50% 60% 0% 5% 0% 8% 2X Sales at $24.95 and 66% more revenue Google Analytics Master Class 2010 7
  • 8. A Subsequent Marketing Test Told Us … Google Analytics Master Class 2010 8
  • 9. Summary of Testing Results •  Home Page Headline   Best Headline led to performed 42% better than the original headline •  Home Page Image   Best Image led to performed 27% better than the original image •  Overall Results   Conversion Rate went up from 2.6% to 3.8% (32% boost)   Price changed from 29.95 to 24.95 (led to 2X more sales) Google Analytics Master Class 2010 9
  • 10. Summary – How To Price Test 1.  The Process Buy It Now. Only $24.95   Relied on Online Testing & Google Website Optimizer – faster than offline Buy It Now. Only $29.95   Show the price in very few places   Vary only the price –keep as many other Buy It Now. Only $39.95 things constant as possible 2.  The Result   The data was probably not statistically  significant – too little time   Provided some preliminary market intelligence about price   Gave us a good idea about what headlines and images appealed Google Analytics Master Class 2010 10
  • 11. Lessons about Getting Good Data 1.  Be Patient, confidence in results take time (wait for green bars)   2.  Start with the most High Traffic Pages (home Home Page Call To page, ad landing pages) Message Action 3.  Focus on big things that Price could really make a Page Format difference Google Analytics Master Class 2010 11