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Course Outline
Introduction
Overview of Pricing Psychology
- The significance of pricing
- The psychological power of the number nine
- Price anchoring
- Strategies inviting price comparisons
Selecting the Right Price
- Strategies tailored to the target audience
- The '99' effect
- Comparing 95 versus 99
- When to avoid odd-ending prices
- The precision effect
- Ego-based pricing
Presenting Prices to Consumers
- The syllables effect
- The impact of adding cents
- The impact of adding commas
- The verticality effect
- The male-red effect
Framing Strategies for Pricing
- The 'pennies-a-day' effect
- The 'spare change' effect
- Combining gain-framings with prices ending in 9
- Time-based framing
Presenting Products to Consumers
- Offering compromise options
- The decoy effect
- The descending order effect
- The anchoring effect
Managing 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
- Setting discount limits
Handling Additional Charges
- Partitioned pricing
- Presenting surcharges
- The role of surcharge amounts
- The surcharge consolidation effect
- Reversing partitioning
Summary and Conclusion
Requirements
- A foundational understanding of sales, marketing, and pricing principles
- Interest in applying psychological theories and research to business contexts
Target Audience
- Entrepreneurs
- Marketing professionals
- Sales professionals
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.