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
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.