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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
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.