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Course Outline

Introduction

Overview of Pricing Psychology

  • The importance of pricing
  • The power of the number nine
  • Price anchoring
  • Inviting price comparisons

Selecting the Right Price

  • Strategies for audience alignment
  • The effect of pricing at 99
  • Comparing 95 versus 99
  • Avoiding odd-ending prices
  • The precision effect
  • Ego pricing

Presenting the Price to Consumers

  • The syllables effect
  • Adding cents
  • Adding commas
  • The verticality effect
  • The male-red effect

Framing Strategies for Pricing

  • The pennies-a-day effect
  • The spare change effect
  • Gain-framing and prices ending in 9
  • Time framing

Presenting the Product to Consumers

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

Offering 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
  • Discount limits

Handling Additional Charges

  • Partitioned pricing
  • Presenting surcharges
  • The role of surcharge amounts
  • The surcharge consolidation effect
  • Reversed partitioning

Summary and Conclusion

Requirements

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

Target Audience

  • Entrepreneurs
  • Marketing professionals
  • Sales professionals
 7 Hours

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