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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

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