Course Outline
Introduction
Overview of Pricing Psychology
- The importance of pricing.
- The power of the number nine in pricing.
- Price anchoring.
- Inviting price comparisons.
Selecting the Right Price
- Strategies for audience matching.
- The 99 effect.
- Comparing 95 versus 99.
- Avoiding odd-ending prices.
- The precision effect.
- Ego pricing.
Presenting Prices to Consumers
- The syllables effect.
- Adding cents.
- Adding commas.
- The verticality effect.
- The male-red effect.
Framing Strategies for Pricing
- The pennies-a-day effect.
- The spare change effect.
- Gain-framing combined with 9-ending prices.
- Time framing.
Presenting Products to Consumers
- Providing compromise options.
- The decoy effect.
- The descending order effect.
- The anchoring effect.
Offering Product Sales and Discounts
- The subtraction principle.
- Ensuring ease of discount computation.
- Percentage-based discounts.
- Relative size and relative distance.
- The verbal matching effect.
- Vertical and horizontal positioning.
- Left and right digit effects.
- Discount limits.
Handling Additional Charges
- Partitioned pricing.
- Presenting surcharges.
- The role of surcharge amount.
- The surcharge consolidation effect.
- Reverse partitioning.
Summary and Conclusion
Requirements
- A foundational understanding of sales, marketing, and pricing.
- An interest in psychological theories and research applicable to business.
Target Audience
- Entrepreneurs.
- Marketing staff.
- Sales staff.
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.