Course Code
pricingpsychology
Duration
7 hours (usually 1 day including breaks)
Requirements
- A general understanding of sales, marketing, and pricing
- Interest in psychological theories and research for business
Audience
- Entrepreneurs
- Marketing staff
- Sales staff
Overview
Pricing psychology is a pricing and marketing strategy that uses psychology to invite customers to spend. The goal of pricing psychology is to offer prices that capture consumer attention and influence consumer purchase.
This instructor-led, live training (online or onsite) is aimed at entrepreneurs, marketing staff, and sales staff who wish to use the power of psychology to push consumers to spend.
By the end of this training, participants will be able to implement pricing strategies and principles to set attractive and appropriate offers that sell.
Format of the Course
- Interactive lecture and discussion.
- Lots of exercises and practice.
- Hands-on implementation in a live-lab environment.
Course Customization Options
- To request a customized training for this course, please contact us to arrange.
Course Outline
Introduction
Overview of Pricing Psychology
- Importance of pricing
- The pricing power of number nine
- Price anchoring
- Inviting price comparisons
Choosing the Right Price
- Audience-matching strategies
- The 99 effect
- 95 versus 99
- Avoiding odd-ending prices
- Precision effect
- Ego pricing
Presenting the Price to Consumers
- Syllables effect
- Adding cents
- Adding commas
- Verticality effect
- Male-red effect
Framing Strategies for Pricing
- Pennies-a-day effect
- Spare change effect
- Gain-framings and 9-ending prices
- Time framing
Presenting the Product to Consumers
- Providing compromise
- Decoy effect
- Descending order effect
- Anchoring effect
Offering Product Sales and Discounts
- Subtraction principle
- Ease of discount computation
- Percentage-based discounts
- Relative size and relative distance
- Verbal matching effect
- Vertical and horizontal positioning
- Left and right digit effects
- Discount limits
Dealing with Additional Charges
- Partitioned pricing
- Presenting surcharges
- Role of surcharge amount
- Surcharge consolidation effect
- Revers partitioning
Summary and Conclusion
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