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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 aligning with your audience
  • The '99 effect'
  • Comparing 95 versus 99
  • When to avoid odd-ending prices
  • The precision effect
  • Ego-driven pricing

Presenting Prices to Consumers

  • The syllables effect
  • Incorporating cents
  • Strategic use of 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

Managing 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
  • Surcharge consolidation effect
  • Reverse partitioning

Summary and Conclusion

Requirements

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

Target Audience

  • Entrepreneurs
  • Marketing professionals
  • Sales teams
 7 Hours

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