Course Outline
Introduction
Overview of Pricing Psychology
- The significance of pricing
- The psychological power of the number nine
- Price anchoring
- Strategies for inviting price comparisons
Selecting the Appropriate Price
- Strategies aligned with target audiences
- The '99' effect
- Comparing 95 versus 99
- When to avoid odd-ending prices
- The precision effect
- Ego pricing
Presenting Prices to Consumers
- The syllables effect
- Incorporating cents
- Using commas in pricing
- The verticality effect
- The male-red effect
Framing Strategies for Pricing
- The pennies-a-day effect
- The spare change effect
- Gain-framings combined with 9-ending prices
- Time framing
Presenting Products to Consumers
- Offering compromise options
- The decoy effect
- The descending order effect
- The anchoring effect
Structuring Product Sales and Discounts
- The subtraction principle
- Simplifying discount calculations
- Percentage-based discounts
- Relative size and distance effects
- Verbal matching effect
- Vertical and horizontal positioning
- Left and right digit effects
- Setting discount limits
Managing Additional Charges
- Partitioned pricing
- How to present surcharges
- The role of surcharge amounts
- The surcharge consolidation effect
- Reversed partitioning
Summary and Conclusion
Requirements
- A foundational understanding of sales, marketing, and pricing mechanisms
- An interest in psychological theories and research relevant to business
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.