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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.
  • Facilitating price comparisons.

Selecting the Appropriate Price

  • Strategies aligned with target audiences.
  • The '99' effect.
  • Comparing 95 versus 99.
  • Strategies for avoiding odd-ending prices.
  • The precision effect.
  • Ego-driven pricing.

Presenting Prices to Consumers

  • The syllables effect.
  • Strategies for adding cents.
  • Strategies for adding commas.
  • The verticality effect.
  • The male-red effect.

Framing Strategies for Pricing

  • The 'pennies-a-day' effect.
  • The spare change effect.
  • Gain-framing in conjunction with prices ending in 9.
  • Time-based framing.

Presenting Products to Consumers

  • Providing options for compromise.
  • The decoy effect.
  • The descending order effect.
  • The anchoring effect.

Offering 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.
  • Left and right digit effects.
  • Setting discount limits.

Managing Additional Charges

  • Partitioned pricing strategies.
  • Presenting surcharges effectively.
  • The role of surcharge amounts.
  • The surcharge consolidation effect.
  • Reversed partitioning.

Summary and Conclusion

Requirements

  • A fundamental understanding of sales, marketing, and pricing concepts.
  • An interest in psychological theories and research as applied to business contexts.

Audience

  • Entrepreneurs
  • Marketing staff
  • Sales staff
 7 Hours

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