Teams of 6 and above
This programme is not available to join on an individual basis
Duration
Half-day programme.
Overview
Consumer Behaviour
Prerequisites
None. Suitable for all levels
Price and value are not the same thing
Psychological pricing is a strategy that uses pricing to influence a consumers spending behaviour. Pricing can be used as a marketing strategy or as a way to increase quality perception.
It can be part of a brands core ethos or it can fluctuate to keep transient consumers interested. Price is far more than a simple equation of [Cost+Profit = Price], especially when it comes to psychological pricing. The wrong price positioning can have an incredible impact on your clients buying behaviour and decisions.
Psychological pricing uses simple perception changes that go unnoticed by the brain and one of the most well known strategies is left digit pricing, where you take a whole amount and price it down by a penny, so it becomes £899.99 instead of £900, this is so common that it’s used everywhere, most consumers are not fooled by it anymore.
Course Modules
- What is Price Psychology
- Reverse Partitioning Effect
- 99 Effect
- Left Digit Effect
- Round-Luxury Effect
- Price-Conscious Consumers
- 95 vs 99: Is one better?
- Precision Effect
- Ego Pricing
- Presenting Price Visually
- Syllables Effect
- Whole numbers or decimals?
- Comma Effect
- Verticality Effect
- Framing Your Price
- Spare Change Effect
- Gain-Framings and 9 Ending Prices
- Time Framing
- Compromise Effect
- Decoy Effect
- Descending Order Effect
- Anchoring Effect
- Discounting Practices
- Subtraction Principle
- Verbal Matching Effect
- Vertical vs. Horizontal Positioning
- Left Digit Effect
- Right Digit Effect
- Handling Additional Charges
- Partitioned Pricing