Course Outline
Introduction
Overview of Pricing Psychology
- The importance of pricing
- The power of the number nine in pricing
- Price anchoring
- Encouraging price comparisons
Choosing the Right Price
- Strategies aligned with audience preferences
- The 99 effect
- 95 versus 99
- Avoiding odd-ending prices
- The precision effect
- Ego-based pricing
Presenting the Price to Consumers
- The syllables effect
- Adding cents
- Using commas effectively
- The verticality effect
- The male-red effect
Framing Strategies for Pricing
- The pennies-a-day effect
- The spare change effect
- Gain framings and prices ending in 9
- Time framing
Presenting the Product to Consumers
- Providing a compromise option
- The decoy effect
- The descending order effect
- The anchoring effect
Offering Product Sales and Discounts
- The subtraction principle
- Ease of discount calculation
- Percentage-based discounts
- Relative size and relative distance
- The verbal matching effect
- Vertical and horizontal positioning
- Left and right digit effects
- Discount limits
Dealing with Additional Charges
- Partitioned pricing
- Presenting surcharges
- The role of the surcharge amount
- The surcharge consolidation effect
- Reverse partitioning
Summary and Conclusion
Requirements
- A general understanding of sales, marketing, and pricing.
- An interest in psychological theories and research as applied to business.
Audience
- Entrepreneurs
- Marketing professionals
- Sales teams
Testimonials (3)
Irma was attuned to us as learners and our business needs. It was clear that she was actively listening to us from the informed feedback she then provided.
Siobhan - Raintree
Course - Digital Marketing for Software-as-a-Service (SaaS)
Responses with solutions and practical use.
Agnieszka - AIRBUS HELICOPTERS POLSKA SP. Z O.O.
Course - Google AdWords: Beginner to Advanced
Found the entire two days of training very informative and educational, but the content covered on Day 2 (Social Media & Mobile Marketing, Analytics, as well as Strategy & Planning) was the most valuable to me as it relates directly to my current line of work.