⚓️ Negative Price Anchoring 101

Plus: Ultimate CRO audit thread is live

What's cookin', Conversion Chefs? It's ConversionMail, your weekly recipe for whipping up a feast of clicks, sales, and happy customers.

Let's get baking! 👨‍🍳 

Highlights of Today’s Newsletter

  • A/B Test: "Best Seller" labels and above-the-fold optimizations

  • The Chosen Topic: Negative price anchoring

  • CRO Insight: Product page optimization for this famous wallet store

  • Video: Episode 2 of "Talks That Convert" with Ashvin Melwani

Weekly Content Roundup

Get the latest and greatest CRO content from around the web.

Design 🎨

Want to know why some online stores crush it while others struggle?

It's all about optimizing the right pages.

In this new episode of “Optimization by Oliver”, I reveal the 3 crucial pages you MUST optimize for e-commerce victory. (Link)

On-Going CRO ⚡️

A/B Test: Here's how we increased revenue by 💲1,416,000 with "Best Seller" labels and above-the-fold optimizations. 🤯 (Link)

CRO Around the Web 🌐

Shopify: 3D Models and videos are now hosted behind store URLs (Source)

Baymard: Prioritize investment in category navigation and curated paths over search (Source)

Podcast: Not CRO related, but if any fellow founders feel low or just need a kick up the ass, this is the best 20min podcast I’ve ever listened to (Source)

Academy 🎓️ 

I've always found value in learning from other businesses, even those in totally different fields. You'd be surprised how many strategies you can learn and apply to your business.

That's why we created The Ultimate Audits Thread in our academy. It links to all our past audits, organized by industry.

This way, you can easily find and apply insights from various niches to your own business. (Link)

Everyone's loving our new PDP Graphics Pack. It includes over 50 designs based on winning layouts and CRO tests we've run as an agency.

If you're an academy member, you can access them right now. (Link)

Client’s Result

Episode 2 of "Talks That Convert"

In the second episode of our podcast, our host Chris talked with none other than Ashvin Melwani, CMO and co-founder of Obvi.

Ash's journey is nothing short of impressive - scaling Obvi to $40 million in 40 months and spending over $100 million on paid ads.

But it's not just about the numbers...

Ash drops some serious knowledge about creative testing, customer feedback loops, and the importance of continuous product iteration.

In this episode, they look into:

  • How the story of Obvi began and how they scaled so quickly 📈

  • The importance of having a clear content strategy to scale your brand 🎥

  • The potential danger of selecting the wrong Influencer for your brand 🙅‍♂️

  • The biggest needle movers 8 figure brands like Obvi can focus on 💰

  • What to expect when going into retail 🏦

  • Why CRO is crucial for bigger brands 🙌

What I love about this conversation is how candid Ash is about the challenges they've faced.

It's not just a highlight reel - it's real talk about the ups and downs of scaling a DTC brand.

🎵 Spotify

High Converting Design Inspiration

As always, the design team is on 🔥. Take a look at the designs that we created for our clients last week.

Can you spot the CRO strategies that we used?

CRO Insight

See how I would optimize this famous wallet store 👇️ 

  1. Optimized navigation

❌ Before: The top toolbar doesn't stand out enough.

✅ After: We've changed the colour and added emojis in order to showcase how to make a toolbar stand out and be read. We've also added a secondary toolbar below the nav for our trust policies.

  1. Improved image UI/UX

❌ Before: The image ratio was good but the other image thumbnails aren't easy to navigate through.

✅ After: By making the top image 1:1 ratio and then adding clearly marked thumbnails underneath we've made the whole experience better.

  1. Added FOMO/social proof

❌ Before: Nothing shows me that the product is desired or limited due to popularity.

✅ After: We've added a simple one liner with a clock icon to instantly add social proof and a form of urgency to purchase the wallet right now or miss out.

  1. Enhanced social proof

❌ Before: The reviews are prominent but don't stand out enough against the other content.

✅ After: By simply changing the colour of the stars and adding a number (10,000+) to this section we've instantly enhanced it.

  1. Added a clear description

❌ Before: A big no no for CRO is hiding important elements or making potential buyers look for them.

✅ After: Instead we've showcased a clear and concise description of the product to eliminate any friction or uncertainty.

  1. Add urgency

❌ Before: Nothing on the product page tells me that the product is available and in stock.

✅ After: Adding a simple icon + in stock message subconsciously heightens the desire to buy the specific product this minute or miss out when it's no longer in stock.

  1. Added benefit driven bullets

❌ Before: Again all the selling points and value propositions are missing or hidden within drop downs.

✅ After: We've transformed the key points into very clear and easy to read benefit driven bullet points to increase the value perception.

  1. Used call to action anchors

❌ Before: The call to action button is bland, doesn't stand out and has nothing to support it.

✅ After: We've switched the colour to make it stand out more, added a directional cue 👉 and anchored it with trust in the form of payment logos.

  1. Leverage trust and credibility

❌ Before: Ridge has been featured on some awesome publications yet they are nowhere to be seen on the PDP.

✅ After: By adding a simple section with these publications logos we've instantly leveraged their trust and credibility.

Negative Price Anchoring

Price anchoring is powerful, but have you tried this twist?

💡 Emphasize losses, not gains, to drive sales!

So let's start with price anchoring.

Price anchoring is using an initial reference price to influence perception of a product's value, affecting purchasing decisions.

As you can see here on our Academy page, we anchor big savings on our annual plan against the monthly cost.

But how can we take this one step further and show the perceived value even more?

Introducing, negative price anchoring.

Negative price anchoring is highlighting potential losses/costs of NOT buying your product and therefor further reinforcing the need to make a purchase.

This can work on courses, coaching, services, softwares, physical products and more.

Let's take a look at how we do this 👇

Take another look at our Academy sales page.

Not only are we price-anchoring the value of our annual membership but we've also added a 3rd box to showcase the detrimental cost of NOT joining.

The large number automatically draws your attention and then reinforces the purchase.

Here are some use cases 👇

Courses: the cost of expensive freelancers

Coaching: the cost of joining multiple courses

Services: the cost of finding and hiring employees

Software: the cost of 4 software instead of 1

Physical products: the cost of taking 5 supplements instead of 1

And here's another example we use on our ConversionWise website

See how we compare the expenses and losses of traditional hiring Vs hiring our agency.

Losses don't have to just be about money.

Use the loss of time, direction, results, and more to boost your sales.

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