Course Outline
Introduction
Overview of Pricing Psychology
- The significance of pricing.
- The psychological power of the number nine.
- Price anchoring techniques.
- Strategies for inviting price comparisons.
Selecting the Appropriate Price
- Strategies aligned with target audience.
- The '99' effect.
- Comparing 95 versus 99.
- Strategies for avoiding odd-ending prices.
- The precision effect.
- Ego pricing.
Presenting Prices to Consumers
- The syllables effect.
- Adding cents.
- Using commas in pricing.
- The verticality effect.
- The male-red effect.
Strategic Framing for Pricing
- The pennies-a-day effect.
- The spare change effect.
- Gain-framings combined with prices ending in 9.
- Time framing techniques.
Presenting Products to Consumers
- Offering compromise options.
- The decoy effect.
- The descending order effect.
- Anchoring effect.
Structuring Product Sales and Discounts
- The subtraction principle.
- Facilitating discount computation.
- Percentage-based discounts.
- Relative size and relative distance.
- Verbal matching effect.
- Vertical and horizontal positioning.
- Left and right digit effects.
- Setting discount limits.
Managing Additional Charges
- Partitioned pricing.
- Presenting surcharges.
- The impact of surcharge amount.
- Surcharge consolidation effect.
- Reverse partitioning.
Summary and Conclusion
Requirements
- A fundamental understanding of sales, marketing, and pricing.
- An interest in psychological theories and research applied to business.
Audience
- Entrepreneurs
- Marketing staff
- Sales staff
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.
