poll Best Pricing Strategy

[NameFinest]

Hi, I'm wondering which price has the highest STR.
And if this really matters.

 

[ArielT]

Any chinese?

What about 8,888 ?

Thanks

 

[Kenny How]

Hi ArielT

I am Singaporean Chinese and its true that the number 8 in Mandarin is pronounced as "ba", which is associated with the Chinese character "Fa". For 8,888, it is considered an auspicious number as it is intrepreted as "fa fa fa fa", which means prosper financially in English.

On the other hand, the number "4" is pronounced as "si" which sounds like die. Hence, Chinese people try not to use this number in hotels or weddings (unless you are at a wake).

Hope this clears any doubts on the Chinese intrepretation of numbers!

 

[Bob Hawkes]

I am not sure it makes much difference, and over years keep changing my preference, but voted 1995.

As @Samer and @abcuser123 pointed out, the Asian interpretation of 8 as lucky probably has much to do with the 88 popularity, and several highly successful big sellers use it, I presume based on evidence within their own portfolio. I do use 88 for some of my pricing.

A Turkish marketing study, not based on sales of domain names in any way, found that triply repeating digits were effective, i.e. consumers might prefer $2222 to $1988. I tried it for a little while, but have switched most back.

Thanks for the interesting points made by all commenters, and to @TopBrandsForSale for starting the discussion.

Bob

 

[NameFinest]

I am not sure it makes much difference, and over years keep changing my preference, but voted 1995.

As @Samer and @abcuser123 pointed out, the Asian interpretation of 8 as lucky probably has much to do with the 88 popularity, and several highly successful big sellers use it, I presume based on evidence within their own portfolio. I do use 88 for some of my pricing.

A Turkish marketing study, not based on sales of domain names in any way, found that triply repeating digits were effective, i.e. consumers might prefer $2222 to $1988. I tried it for a little while, but have switched most back.

Thanks for the interesting points made by all commenters, and to @TopBrandsForSale for starting the discussion.

Bob

Thank you Mr. Bob for your contribution

I decided to switch back to 88 for now.

Let's see how it goes!

 

[Bob Hawkes]

DomainMarket is fond of 888 for the majority of their names, although interestingly the really high value ones they go to 000 pricing.

BuyDomains use a few alternatives, although a lot of their names end in 888 or at least 88.

SquadHelp seem to like 99 endings for premium listings, but exceptions, perhaps some of which are sellers changing prices.

-Bob

 

[bmugford]

I am not sure it makes much difference, and over years keep changing my preference, but voted 1995.

As @Samer and @abcuser123 pointed out, the Asian interpretation of 8 as lucky probably has much to do with the 88 popularity, and several highly successful big sellers use it, I presume based on evidence within their own portfolio. I do use 88 for some of my pricing.

A Turkish marketing study, not based on sales of domain names in any way, found that triply repeating digits were effective, i.e. consumers might prefer $2222 to $1988. I tried it for a little while, but have switched most back.

Thanks for the interesting points made by all commenters, and to @TopBrandsForSale for starting the discussion.

Bob

Right off the bat, I would eliminate $2000.

There have been many studies on the psychology of pricing when it comes to round numbers.

From there, I don't think it really matters much.

I doubt that any of the various numbers would make much of a difference.

Brad

 

[SpareDomains]

I end in 99 but honestly I don't think it matters much. If someone wants your domain whether it's 88, 98 or 99 it will still sell. Focus more on...

1)Buying quality domains that an end user would want

2)Using a registrar that is capable for both Sedo & Afternic MLS to get eyeballs on your domains

No buyer is gonna say... "the price ends in 88 if only it was 99 then I'd pull the trigger"

 

[twiki]

I use both 88 and 99 depending on the price.

The answer is: test for yourself.

 

[VadimK]

Where does this $x88 $xx88 $x888 etc. frenzy stem from? I know there is someone who regularly reports sales of $xx888, but now everyone and their mother seems to be using those kind of prices when the traditional charm pricing (odd number endings) would make more sense, at least when we are talking about ”consumer level” prices, otherwise I wouldn’t even bother with charm pricing.

Yes I know about the value of number 8 when you’re focusing on the Asian market, because Asian sellers & buyers emphasize luck and good fortune, but I still find its popularity baffling.

As counterbalance, 88 is a neo-nazi symbol (at least in Europe; e.g. it's banned on Austrian license plates) and 1488 is also used by white supremacists.

 

[Kenny How]

Show attachment 244149

Congratulations on the sale @VadimK! May I know how long did you take to sell this?
Thanks in advance!

 

[VadimK]

Congratulations on the sale @VadimK! May I know how long did you take to sell this?
Thanks in advance!

Thank you. Here are all sales reports:
https://www.namepros.com/threads/report-completed-domain-name-sales-here.83628/page-1012#posts

 

[Kenny How]

Nice, you flipped it in 7.5 months time! Not bad of a ROI I feel...

 

[mani0307]

1950 looks cheap to me.

 

[WingMan]

If a buyer doesn't like a domain, pricing it at $1988 rather than $1995 or $1999 or whatever is unlikely to convince them to change their mind.

 

[mani0307]

If a buyer doesn't like a domain, pricing it at $1988 rather than $1995 or $1999 or whatever is unlikely to convince them to change their mind.

Pricing style matter too, if a specific domain listed at $2000 and other same niche domain listed at $1988 or even 1999 then def this attract buyer thought..

 

[Mkt Sales Leads]

SquadHelp seem to like 99 endings for premium listings, but exceptions, perhaps some of which are sellers changing prices.

-Bob

Brandpa likes 95 endings
BB....?

 

[JB Lions]

I saw this thread briefly pop up in the NP sidebar for some reason and forgot about this article I had bookmarked:

Pricing Strategies for Domain Names​

https://namebio.com/blog/pricing-strategies-domain-names/​

I think this is one of those type of deals where people overthink and put too much into.

If somebody wants to buy a name, does it really matter if it's priced:

4888
4895
4900

It's not like somebody is a buyer at 4888 but 4900 is a dealbreaker. However, it seems that round numbers tend to close the sales, based on data from article above:

"The results are the same, an overwhelming majority end in 00 despite the pricing ending in 88 for pretty much every domain.

Obviously this is probably due in large part to negotiations over email or phone, perhaps the brokers are more inclined to use round numbers when making counter-offers. But still, what actually got someone to pull the trigger was a round number a majority of the time."

I had mine ending in 95 but as I update prices, I'm just rounding them off.

 

[Bravo Mod Team]

According to research by NameBio ( @Michael) and Squadhelp ( @GrantP), it really doesn't matter at this price point:

NameBio:

The bottom 30% of the portfolio was priced into three buckets: $1795 (20%), $1295 (5%), and $995 (5%). After three months of testing, this group of names was contributing 14% to our total sales by quantity. 3/7

— NameBio (@NameBio) February 2, 2023

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As an experiment, for the next three months we combined those buckets into a single price point: $2195. Logically we were expecting fewer sales, but we wanted to see if the higher price could more than offset the decrease in STR. 4/7

— NameBio (@NameBio) February 2, 2023

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But something shocking happened... the number of sales didn't decrease. The bucket was still contributing 14% to our total sales by quantity, except now it was contributing 38% more to our gross revenue. 5/7

— NameBio (@NameBio) February 2, 2023

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Squadhelp:

We don't see much price sensitivity among buyers for Brandable domains priced under $2K.

We have tested several price points and have concluded that there is no material sell-through impact whether you price a domain at $1499 or at $1999.

— Darpan (@darpanmunjal) July 29, 2020

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[zotix]

This could be the thing because "9" is the luckiest number in China
And 888 as well.
Source

Maybe a bit of overthinking. But in Pricing strategy, it is well known that, e.g., 1999 is better than flat 2000.
Its called "Charm Pricing"
+ Buyers often concentrate subconsciously on the left digit, I think it is called the "left digit effect".
So 1,
Looks better than 2 :D
There are a lot of pricing strategies in Retail.

 

[Sam1234]

1949