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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

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