Course Outline
Introduction
Overview of Pricing Psychology
- The significance of pricing
- The persuasive power of the number nine
- Price anchoring
- Facilitating price comparisons
Selecting the Optimal Price
- Strategies for audience alignment
- The '99' effect
- Comparing 95 versus 99
- Avoiding odd-ending prices
- The precision effect
- Ego-based pricing
Presenting Prices to Consumers
- The syllables effect
- Incorporating cents
- Using commas in pricing
- The verticality effect
- The male-red effect
Framing Strategies for Pricing
- The pennies-a-day effect
- The spare change effect
- Gain-framed messaging and prices ending in 9
- Time-based framing
Presenting Products to Consumers
- Offering compromise options
- The decoy effect
- The descending order effect
- Anchoring effect
Offering Product Sales and Discounts
- The subtraction principle
- Simplifying discount calculations
- Percentage-based discounts
- Relative size and distance
- Verbal matching effect
- Vertical and horizontal positioning
- Left and right digit effects
- Discount limits
Managing Additional Charges
- Partitioned pricing
- Presentation of surcharges
- The role of surcharge amounts
- Surcharge consolidation effect
- Reverse partitioning
Summary and Conclusion
Requirements
- A fundamental understanding of sales, marketing, and pricing concepts
- Interest in psychological theories and research applicable to business
Target Audience
- Entrepreneurs
- Marketing professionals
- Sales professionals
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.