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
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.