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Psychologically, people tend to regard cheaper pricing to equal cheaper product (in general). They perceive a drop in price as desperation on the part of the webmaster to boost sagging sales.
I'd sooner go with fewer sales at a higher price than rely on volume of sales at a devalued price. But that's the producer in me. We work long hours to produce our original content - I just can't bring myself to devalue it by dropping prices.
Colleagues I've talked with over the years think much the same way. Many have noticed a decline in sales after lowering their prices.
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