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What option would you pick - $500 per month or $6k per year?

Stella8·Jan 29, 2021

Posted in:Advice Management and Leadership Startups Money

Hello Amazing Elpha Women - If you were to buy a product, which option would you choose - $500 per month or $6000 per year.The reason I am asking this is that I'm facing some to and fro while selling my product. So wanted to see which of the two numbers would be an easy sell in the eyes of a buyer! TIA :)

teresaman·Jan 29, 2021

Can we get more context on the plans? Is it purely a perceptual difference that you're trying to gauge? Or does the yearly version provide additional benefits? (if not, I would personally lean towards a per month basis so that it's not a large sum up front and also gives me the flexibility to cancel anytime)

Stella8·Jan 31, 2021

Thank you for your reply @teresaman. This is helpful :) It is more of a perceptual difference that I am trying to weigh. This is more to understand what numbers will give a pass versus what will get more eyeballs.

teresaman·Jan 31, 2021

I think overall, one way to think about it is, at one point is a larger number EVER preferred over a smaller one. I would say never, unless people are trying to optimize for ease in expensing so that there is only one invoice. That said, the monthly rate gives them the flexibility to end at anytime, which is also a plus.

RebeccaStevenson·Jan 29, 2021

What in the world am I buying at that price point?!

Stella8·Jan 31, 2021

Hahah. I am sorry for scaring you. It was meant to have a better understanding of how someone would react looking at these numbers rather than showing an actual purchase.

RebeccaStevenson·Jan 31, 2021

"Heart attack" would be my best answer then. :D

Iynna·Jan 30, 2021

Second what Teresa and Rebecca's comment: can you share more info on the product? Is this consumer or business (ie. trying to sell it to me as a professional but my company would pay for it), why this price point, what service is it etc.

Stella8·Jan 31, 2021

Hi @iynna. Sure. It is more on the lines of selling an individual, but company would've to pay for it. Which means that you might have to internally advocate for this product. So in such a scenario, which number will be an easier sell

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dianasolatan·Jan 31, 2021

Displaying the price in terms of monthly should be easier to sell. You might want to consider a discount for longer term commitment (or higher price for monthly).

Stella8·Jan 31, 2021

That makes sense, @dianasolatan. Thank you for sharing your thoughts :)

Toccara131·Jan 31, 2021

$6000 is a lot of money, so if there's no annual discount, $500/month would make me feel a little better BUT depend purely on my financial situation when I'm buying this product.I'm thinking if I'm buying a 6k product, I'm guessing it might be an investment decision (school course, maybe a laptop, etc.). For example I could look for some crazy iphone deal with phone providers but they're hard to comeby where I'm located, so I usually just buy an iphone straight from the Apple store, rather than splitting the payments through a provider.