An example I give in my course copywriting, the psychology of your irresistible offer is about the program by Eben Pagan named wake up productive. Eben is a marketing superstar, he has generated over $100 million in online sales. Wake up productive is an online course program with a price tag of 497. It's not really high in comparison with his other programs that would go to over $2,000 price tag. But still 497 is a reasonable amount of money. As you can imagine, in his program, he teaches people how to be more productive, and how to manage their time, more specifically, how to double their productivity.

I remember he framed his price and value proposition in a very clever way. Here's what he did. I cannot recall the whole copy precisely. But you will get the point here. Found out that an average PC deal prospects make around $50,000 per year. Then he calculated how much they were earning per hour, and it turned out $25 per hour.

In fact, in his copy, he gave a very specific formula so prospects can calculate how much money they were earning per hour themselves based on their yearly income. Then he said something like this. Again, this is not precise. I'm using this example to show you what framing effect does and how you can use it in your marketing copy. Even though these are not the precise words, I'd like to give credit to Eben Pagan. Here's what he said.

Let's be conservative and realistic and my program would not perform as well as them promising. This is somewhere at the end of the copy by the way, it wouldn't double your productivity, but in the worst case, it will help you save just one hour per day. If you're making $25 per hour, that means you will have an extra $500 worth of your time per month or over a year. That would be $6,000 worth of your time that you can invest in your other projects. When you hear these numbers $500 worth of my time in the first month, or even even better, $6,000 worth of my time per year. And this is the worst case scenario.

Well, the value in my mind that I'm perceiving is huge. Now 497 price tag doesn't look that expensive anymore. In fact, it's a real bargain. This is what the framing effect does. It changes our perception of offers, questions and statements. I hope you're getting to understand why I told you there is a difference between traditional pricing and digital pricing.

The perceived value plays too important a role here and I would argue Do that you feel marketing is strong. Your product is of a high quality, your copywriting is excellent. It does not really matter whether you will price your product for 97 or 397. And I would also argue that the lower price point will not necessarily lead to more sales. This is why it's very important you test prices, or you provide pricing plans. It's not uncommon, you increase the price of your product, and that leads to increasing in sales.

So you need to test time To recap, the framing effect is an example of cognitive bias in which people react to a particular choice in different ways, depending on how it is presented. framing can be used in questions, statements, and most importantly, in our case prices. your prospects are always asking how do we know that what I'm paying for is worth a lot more than my investment. When we talk pricing in the digital world, what matters most is perceived value. It's very important you test prices. Thank you for watching and stay purposeful