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
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.