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Course Outline

Introduction

Overview of Pricing Psychology

  • The significance of pricing
  • The power of the number nine in pricing
  • Price anchoring techniques
  • Strategies for inviting price comparisons

Selecting the Optimal Price

  • Strategies tailored to the target audience
  • The '99' effect
  • Comparing 95 vs. 99
  • When to avoid odd-ending prices
  • The precision effect
  • Ego pricing strategies

Presenting Prices to Consumers

  • The syllable effect
  • Incorporating cents
  • Using commas in price displays
  • 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-based framing

Presenting Products to Consumers

  • Offering compromise options
  • The decoy effect
  • The descending order effect
  • The anchoring effect

Promoting Product Sales and Discounts

  • The subtraction principle
  • Simplifying discount calculations
  • Percentage-based discounts
  • Relative size and relative distance
  • The verbal matching effect
  • Vertical and horizontal positioning
  • Left and right digit effects
  • Setting discount limits

Managing Additional Charges

  • Partitioned pricing strategies
  • Presenting surcharges effectively
  • The role of the surcharge amount
  • The surcharge consolidation effect
  • Reversing partitioning

Summary and Conclusion

Requirements

  • A foundational understanding of sales, marketing, and pricing mechanisms
  • An interest in psychological theories and research applicable to business

Target Audience

  • Entrepreneurs
  • Marketing professionals
  • Sales professionals
 7 Hours

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