# Pricing strategy using statistical test

I have a data set like this:

User      price     converted   time
A         10          0        1st April
B         12          0        2nd April
C         10          1        3rd April
D         10          0        4th April
E         12          1        4th April
F         10          0        4th April
G         10          0        5th April
...
...
...
Z         12          1        23rd September


and so on

Out of the total user base, 75% were shown price of 10 and rest 25% were shown price of 12. I want to find out the which price should I keep for the product.

Also, since this experiment ran for 6 Months, how many days after the first day should the company have stopped the experiment?

I am thinking of using t-test but need to know of a better way of doing this.

• You first question is statistics related, but the second one (when to finished the experiment) I believe is not. Certainly they are two different questions. Regarding the first one, you want to select the price based on what? – Lucas Farias Apr 2 at 21:33
• I want to select the optimum price point. So basically find out which gets the highest revenues for the company. – Kshitij Yadav Apr 2 at 23:33
• Revenue or profit? Also, with info only on how many people bough the product at a specific price this problem is not well-posed. What does converted means? – Lucas Farias Apr 2 at 23:40
• So we don't have any information regarding the manufacturing and marketing cost so can't take out profit. I am betting on revenue. Converted means bought that product – Kshitij Yadav Apr 2 at 23:42