Course Outline
Introduction
Overview of Pricing Psychology
- The significance of pricing.
- The psychological power of the number nine.
- Price anchoring.
- Encouraging price comparisons.
Selecting the Optimal Price
- Strategies for audience alignment.
- The '99' effect.
- Comparing 95 versus 99.
- Avoiding odd-ending prices.
- The precision effect.
- Ego-based pricing.
Presenting Prices to Consumers
- The syllables effect.
- Adding cents.
- Utilizing commas.
- The verticality effect.
- The male-red effect.
Framing Strategies for Pricing
- The 'pennies-a-day' effect.
- The spare change effect.
- Gain-framing combined with prices ending in 9.
- Time-based framing.
Presenting Products to Consumers
- Offering compromise options.
- The decoy effect.
- The descending order effect.
- The anchoring effect.
Offering Product Sales and Discounts
- The subtraction principle.
- Facilitating easy discount calculations.
- Percentage-based discounts.
- Relative size and relative distance.
- Verbal matching effect.
- Vertical and horizontal positioning.
- Effects of left and right digits.
- Setting discount limits.
Managing Additional Charges
- Partitioned pricing.
- Presenting surcharges.
- The role of surcharge amounts.
- Surcharge consolidation effect.
- Reversing partitioning.
Summary and Conclusion
Requirements
- A foundational understanding of sales, marketing, and pricing principles.
- An interest in psychological theories and research relevant to business.
Target Audience
- Entrepreneurs.
- Marketing professionals.
- Sales professionals.
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.