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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

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