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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
7 Hours
Testimonials (1)
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.
