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Course Outline

Introduction

Overview of Pricing Psychology

  • The importance of pricing
  • The power of the number nine in pricing
  • Price anchoring
  • Encouraging price comparisons

Selecting the Right Price

  • Audience-specific strategies
  • The '99' effect
  • '95' versus '99' endings
  • Avoiding odd-ending prices
  • The precision effect
  • Ego-driven pricing

Presenting Prices to Consumers

  • The syllables effect
  • Adding cents
  • Using commas in prices
  • The verticality effect
  • The male-red effect

Framing Strategies for Pricing

  • The 'pennies-a-day' effect
  • The 'spare change' effect
  • Gain-framed messages and '9'-ending prices
  • Time-based framing

Presenting Products to Consumers

  • Offering compromise options
  • The decoy effect
  • The descending order effect
  • The anchoring effect

Offering Product Sales and Discounts

  • The subtraction principle
  • Making discount calculations easy
  • Percentage-based discounts
  • Relative size and relative 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
  • Reversed partitioning

Summary and Conclusion

Requirements

  • A basic understanding of sales, marketing, and pricing
  • Interest in psychological theories and research for business

Target Audience

  • Entrepreneurs
  • Marketing professionals
  • Sales teams
 7 Hours

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