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
Testimonials (2)
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)
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.