Course Outline
Introduction
Overview of Pricing Psychology
- The significance of pricing
- The power of the number nine in pricing
- Price anchoring techniques
- Strategies for inviting price comparisons
Selecting the Optimal Price
- Strategies tailored to audience characteristics
- The '99 effect'
- Comparing 95 versus 99
- When to avoid odd-ending prices
- The precision effect
- Ego-driven pricing
Presenting the Price to Consumers
- The syllables effect
- Including cents
- Including commas
- The verticality effect
- The male-red effect
Framing Strategies for Pricing
- The 'pennies-a-day' effect
- The spare change effect
- Gain-framed messaging combined with 9-ending prices
- Time-based framing
Pitching the Product to Consumers
- Offering compromise options
- The decoy effect
- The descending order effect
- The anchoring effect
Structuring Product Sales and Discounts
- The subtraction principle
- Simplifying discount calculations
- Percentage-based discounts
- Relative size and relative distance
- The verbal matching effect
- Vertical and horizontal positioning
- Effects of left and right digits
- Setting discount limits
Handling Additional Charges
- Partitioned pricing models
- Presenting surcharges effectively
- The role of the surcharge amount
- The surcharge consolidation effect
- Reverse partitioning
Summary and Conclusion
Requirements
- A foundational understanding of sales, marketing, and pricing concepts
- An interest in psychological theories and research applied to business
Target Audience
- Entrepreneurs
- Marketing personnel
- Sales personnel
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.