If you had a chance to see any product being sold online (particularly popular in the space of Internet Marketing, Coaching and Seminars) , you should be familiar with the typical “precious metal” value ranking system.
Here is an example of one that we personally used for one of our businesses, Silva Life Systems:
ordermenu-gems
Our conversions and optimisation team ran an interesting test, and the results boosted sales by 25% percent.  We started with questioning something simple:

Why do we even call it Silver, Gold and Platinum?

This question was never asked in a way that could be statistically relevant.  Like most people who put such naming standards, we started putting them up there since, well, it seems like everyone else was doing it to.
So we decided to challenge the status quo and get some data.  The Hypothesis was this:

If you remove the metal reference and instead highlight the product differences, would sales go up?

So we decided to re-design the order menu with the following:
order menu - descriptions
We kept everything else the same and the results came back and we proved the hypothesis true.
  • Original conversion rate: 3.92%
  • Variation conversion rate: 4.92%
  • Change: +25.62%
  • Statistical Significance of data: 92%
So now, we are rolling this new format across our businesses.  Are you still running a “precious metal” order menu style?  I would suggest you make your own test and see if you reach similar results.  Let us know if you do.
 
*We use visualwebsiteoptimizer.com for all our split tests.
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