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
Testimonials (2)
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)
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.