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Course Outline
Introduction
Overview of Pricing Psychology
- Significance of pricing
- The power of the number nine
- Price anchoring
- Encouraging price comparisons
Selecting the Appropriate Price
- Strategies for audience alignment
- The '99' effect
- '95' versus '99'
- Avoiding odd-ending prices
- Precision effect
- Ego pricing
Presenting the Price to Consumers
- Syllables effect
- Including cents
- Incorporating commas
- Verticality effect
- Male-red effect
Framing Strategies for Pricing
- Pennies-a-day effect
- Spare change effect
- Gain-framed approaches and '9'-ending prices
- Time framing
Presenting Products to Consumers
- Providing compromise options
- Decoy effect
- Descending order effect
- Anchoring effect
Offering Product Sales and Discounts
- Subtraction principle
- Simplifying discount calculations
- Percentage-based discounts
- Relative size and distance
- Verbal matching effect
- Vertical and horizontal positioning
- Left and right digit effects
- Discount limits
Managing Additional Charges
- Partitioned pricing
- Presenting surcharges
- Impact of surcharge amount
- Surcharge consolidation effect
- Reverse partitioning
Summary and Conclusion
Requirements
- A foundational understanding of sales, marketing, and pricing
- Interest in psychological theories and research applicable to business
Target Audience
- Entrepreneurs
- Marketing professionals
- Sales personnel
7 Hours
Testimonials (1)
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.