Paulina: I also am getting many more sessions, many more, let's say 15% more sessions automatically just because there is a coupon, I don't know exact percentage, but it's not like double or triple, right? The day increases just slight. But what happens on Amazon, as soon as Amazon sees that your conversion rates are increasing and more clicks, I happen, so CTR and conversion rate of both increasing automatically your ranking is getting better. So it was like a skating effect. You put the coupon, you get more clicks than automatically your rank is better. And then you get, because of Ab more clicks and then there's this cascading up, right? It's really good effects of slick and mingle launch that you can have for two or three weeks. A little boost by just adding a coupon there. Okay. Is there, is there any point where you take the coupon off afterwards?
Paulina: It doesn't seem to be a very good question. You see on the screen there's this, uh, between one and 90 days period only that you can set. So maximum coupon existing life will be only in 90 days. You'll have to ask you a VA or yourself to go after 90 days and click a button, restart this campaign. So you will not have to create again, there's just refresh the same company. So yeah. Um, you know, one other thing I really wanted to bring up is the actual little bit of psychology in setting the prices and what is better. You know, remember there was a choice you could choose a percentage of, or you could choose dollar amount of. So just like I mentioned, if it's less than a hundred dollars, I recommend using dollar amount. Um, in addition, you should try to make it very easily comprehendable. So it should be very, very quick for the buyer to understand the, the amount of the discount that you're giving. So for example, 21, seven to nine, and you're giving me 15%. Okay, 10% is two door something. Ah, I want to move on. Right? It just hurts my brain, right? So I want to move on. So look at this. How easy it is. $3 from 21 and it's fantastic. That's going to be much easier to convert. Now, path, I have a question for you. Look left and right. So both of them are the same except the coupon amount is different. There's $4 off, there's $3 off. So which one you think converse better?
Pat: Um, $4. Why? It's more than three.
Paulina: It's more than three, right? That's like a natural answer. That's where I was thinking also because you only look at how much you save and so on. But you see on top, I have this indicated as complicated and the other one is easy, not why it's complicated. Again, it's about that psychological comprehension of price. Since we were kids, we are taught multiplication table, you know, uh, two times seven, 14 three times seven 21 for 10 cents to to 28. Right? So if you are using a discount that is not the multiple that comes up to that number, it's much harder to understand how much of the parts of that number. I'm getting a discount. For example, I know that three from 21 I'm going to pay $18 and that is basically one seventh of the price. I'm getting a discount just like all this math is so in in us that we don't even think about it. Now here, how much I'm actually paying. Okay, take one off and then 20 months, three the 17 [inaudible] 17 see that little extra millisecond I spent two to a account for how much I'm getting here. So because of that, it's sort of...
Paulina: it's easier when I'm skimming very fast because we all skimming on it or not. No, just skimming, skimming, skimming. One, I'm skimming, skimming, skimming. I just somehow quicker understanding and the quicker I understand it, the more clicks you're gonna have. So increases your CTR for some reason. Of course, if you're a save, $10 is going to be better, but if it's just a slight difference, it's always better to choose. That would be a multiple equally viable
Pat: Okay, good observation.
Paulina: Yeah. There's another thing that I can tell you as well. Uh, you know how, uh, there are even numbers, odd numbers, right? So by the way, even number implies a little bit of a luxury in the item and odd number implies more discount, bigger effect. But in this case, I'm just showing another example here that 4 in this case is better than 3 it's bigger, but it's also divided and from at 22 easier,
Pat: Clean. Yup.
Paulina: So yeah, there you go. That's the idea about the , uh, things. Let me just mention one other thing. I'm going to try and find. Here's the example. So, see the two different endings. A items are the same. One is $30 one is $29.99. Now you know, everyone is using these 99 99 99 things. Now when they're doing that, we are so used to seeing the 99.99, that automatically our brain thinks that when you see 99.99, it's some sort of deal. It's some sort of discount bargain, a deal. And when there is not an 99 in the end. So if it's not a deal, not a bargain, that means it's more luxury, something more expensive. Right. So when you're looking at these two, the one on the right, the $30 one is assuming that that product is more luxury. It's like it's positioning itself as more luxury just by having one sentence difference here.
Paulina: Why have it round price of $30 is appears to be more expensive, more uh, for one. And this one is sort of trying to position itself as a keeper bargain to prevent something so you can play with that as well in your prices when you are working on them. Uh, so yeah, uh, just wanted to mention about that ending. Uh, I think that's my last point that I'll bring up. Uh, you know, those little endings, how some people are thinking maybe seven is like, cause you know, seven, seven, seven. So his lucky numbers, I'm going to use that. And you know, there's all kinds of psychological experiments, but in reality, all of them, when we are skimming the price, this one we, we read from left to right just very quickly. This 1.9 something, this one 29 [inaudible] nine something, 29 something. So see all of them, I read as 29 something.
Paulina: I don't really as a customer read the full price, I just read the beginning of it and now we'll look at extra profit that you can make if you make 98 or 99 so that's like the last column shows that the most profit in the year you will make if you're using those higher sense. So just in my opinion, just avoid those strange painful for our brains numbers that we are not used to. You can just play on the last digit if you want. Be perceived more as a luxury item used like the eight at the end or nine if you want to compete with other competitors for the price. So that kind of thing. Yeah. So that's pretty much it. I guess. Let me go back to our screen. Yeah,
Pat: that was awesome. That's so much good stuff in such a short amount of time. Yeah, thanks. Okay. Um, right. Yeah, so, so that's basically a, yeah. Run through of coupons as well as pricing psychology. Um,
Pat: Yeah. Okay. Uh, yeah, really interesting. So I guess, um, I, I did have a, did have a clarifying question. I get, I guess when you, when you would, there were items that were more expensive, say over $100, you a recommended a percentage off. Um, is that because the, the dollar off just looks too crazy if it's like $200 off or, or, or like why go high ticket in percentage?
Paulina: Uh, just because uh, people, when they put percentages, the hope is that it will appear as a bigger discount. Right. So when you were saying 10% instead of $3 off, you are hoping that you are giving impression as if the amount is bigger, but you are making the person to calculate, you know, he, he has to actually think in his mind the next one millisecond how much you're giving him and that stops your, kills your conversion rate. That's why I recommend using a number of itself.
Pat: Right, right, right. Yeah. The, the number one principle, uh, among all of these things appears to be just to reduce friction and increase a simplicity for the customer. If it's something easier to understand, it just flows better.
Paulina: Exactly. As simple as you can so that the conversion flows easier and you will be surprised how much it increases on helps. Actually it applies to any business that you do. You know, if you are promoting anything else online or on your own website, on Shopify sites for your own products. Right. We are putting prices there so it's the same strategy supplier as well. So the simpler your pricing page is, the better for your user conversion are.
Pat: Okay. Okay. Yeah, very good. Um, yeah, well, uh, yeah, speaking of you know, other stuff online, if you want to let people know where they could get ahold of you or see you also have a very cool, um, list of, uh, I guess Amazon seller resources, apps, services, that sort of thing. Um, yeah, thanks for, thanks for listing AsteroidX on there. I appreciate it. But there are other good ones as well. Um, so yeah, maybe just start, tell people where they can get ahold of you and look at your current work.
Paulina: Yeah, it's really popular page on our site. So if you go to shopkeeper.com you don't have to memorize the whole year. I'll just go shopkeeper.com. Scroll to the bottom, you'll find the link there, which says big list of tools for Amazon sellers. And I personally review each tool. So actually I connect my account, I take the time to test it and so on. So I really like doing that as an experiment. Like I said that I love doing all kinds of experiments and they give a mini review like a few sentences or what I personally thought and how it applied to me as a private label seller. Some things you might disagree with, but because of that informal way that I describe it, that's why the list is so popular because it's so easy to, you know, to read it and to have fun and some jokes I make that as well, I don't know.
Pat: And you're reducing friction by not telling people the URL. So yeah, just go to shopkeeper.com, scroll down, find the services. It's a, it's a really good resource. And um, yeah, probably this is a, this is a tremendous sort of interview and really good, um, just just great value. So, um, yeah, thank you so much.
Paulina: You're welcome. Nice to meet you. Thank you, everyone. Come read my blog, as well. I have a lot of interesting articles about freight shipping and like, my personal story is us being an Amazon seller, so I hope you enjoy those.
Pat: Yeah, yeah, guys, I would say one of the best hacks to growing your Amazon business is definitely learning from people who have done it before or are currently doing it. And Paulina's a got a great view of the industry. So yeah, thanks for stopping by and, uh, hopefully we'll do this again sometime. That's really fun.
Paulina: Thanks for having me.