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Course Outline

Introduction

Overview of Pricing Psychology

  • The significance of pricing
  • The pricing power of the number nine
  • Price anchoring
  • Encouraging price comparisons

Selecting the Appropriate Price

  • Strategies tailored to the target audience
  • The '.99' effect
  • '95' versus '.99'
  • Avoiding prices with odd endings
  • The precision effect
  • Ego pricing

Presenting Prices to Consumers

  • The syllable count effect
  • Adding cents
  • Inserting commas
  • The verticality effect
  • The male-red effect

Framing Strategies for Pricing

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

Presenting Products to Consumers

  • Offering a compromise option
  • The decoy effect
  • The descending order effect
  • The anchoring effect

Offering Product Sales and Discounts

  • The subtraction principle
  • Ease of discount calculation
  • Percentage-based discounts
  • Relative size and relative distance
  • The verbal matching effect
  • Vertical and horizontal positioning
  • Left and right digit effects
  • Discount limitations

Handling Additional Charges

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

Summary and Conclusion

Requirements

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

Audience

  • Entrepreneurs
  • Marketing professionals
  • Sales professionals
 7 Hours

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