Pricing Psychology Training Course
The psychology of pricing is a strategic approach in marketing and sales that leverages psychological insights to encourage customer spending. The primary objective is to present prices that capture consumer attention and positively influence buying decisions.
This instructor-led, live training session (available online or onsite) is designed for entrepreneurs, marketing professionals, and sales teams who aim to harness the power of psychology to motivate consumers to make purchases.
Upon completing this training, participants will gain the ability to apply pricing strategies and principles to create attractive and suitable offers that drive sales.
Course Format
- Interactive lectures and discussions.
- Extensive exercises and practical practice.
- Hands-on implementation in a live-lab environment.
Customization Options
- To request a customized version of this course, please contact us to arrange your needs.
Course Outline
Introduction
Overview of Pricing Psychology
- The importance of pricing.
- The power of the number nine in pricing.
- Price anchoring.
- Facilitating price comparisons.
Selecting the Right Price
- Strategies for matching the target audience.
- The '99' effect.
- Comparing 95 versus 99.
- Avoiding odd-ending prices.
- The precision effect.
- Ego-driven pricing.
Presenting the Price to Consumers
- The syllables effect.
- Adding cents to prices.
- Using commas in pricing.
- 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 the Product to Consumers
- Offering compromise options.
- The decoy effect.
- The descending order effect.
- The anchoring effect.
Offering Product Sales and Discounts
- The subtraction principle.
- Ensuring ease of discount computation.
- Percentage-based discounts.
- Relative size and relative distance.
- The verbal matching effect.
- Vertical and horizontal positioning.
- Effects of left and right digits.
- Discount limits.
Handling Additional Charges
- Partitioned pricing.
- Presenting surcharges.
- The role of the surcharge amount.
- The surcharge consolidation effect.
- Reversal of partitioning.
Summary and Conclusion
Requirements
- A foundational understanding of sales, marketing, and pricing.
- An interest in psychological theories and research relevant to business.
Target Audience
- Entrepreneurs
- Marketing professionals
- Sales personnel
Need help picking the right course?
southafrica@nobleprog.co.za or +27 (0)10 005 5793
Pricing Psychology Training Course - Enquiry
Testimonials (1)
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.
Sithabiso - Vodacom
Course - Digital Marketing
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