Smart Marketing With Price Psychology

Improve online marketing success with behavioral science research on pricing for your business and marketing

What you'll learn

Price your product or service to maximize revenue

Understand how consumers perceive and think about prices

Run promotions that make people think they're getting an amazing deal

Think about your full set of products and services in ways that maximize earnings

Requirements

You should be open to using psychological research to optimize your business.

You do not already need to know anything about psychology.

Description

Getting people to buy something is hard. So many things can happen in a customer's mind that factor into the purchase decision. This course turns to solid scientific research in psychology to uncover tricks and hacks you can use to increase sales by massaging one fundamental element: the price.What You'll LearnIn this course we consider six major strategies you can use to your marketing pursuits by using real data from behavioral science. Within each one are many individual things that make prices more appealing, totaling more than 30 psychological price effects that will strengthen your offline and online marketing campaigns.Picking the Right Price: How to choose the number that will appeal most to consumers without changing your profit level.Presenting Your Price: How to write and say your price in the most appealing ways possible.Framing Your Price: How to communicate your price more effectively once the price is set.Using Context to Your Advantage: How to present differently priced products together in ways that maximize profits.Smart Discounting Practices: How to present your promotions in ways that make the deal irresistible.Handling Extra Charges: How to most effectively present your prices when there are unavoidable additional fees to communicate.As a bonus, I also include a full PDF notes document that summarizes all the major techniques we go over because when you are designing your marketing and advertising strategies, you don't always have time to review a full 3 hour video course.Why Learn From Me?As an award-winning psychology instructor, I have experience translating research in the field and presenting it in an engaging, understandable way. My students routinely evaluate my courses highly and comment on the passion I have for social psychology. I hope you can join this group of satisfied students and learn something new about yourself and psychology.So take this course now and understand the science of pricing and what it can do for your business and marketing efforts!

Overview

Section 1: Introduction to Price Psychology

Lecture 1 Introduction

Lecture 2 A Quick Word About Reviews

Section 2: Picking the Number

Lecture 3 The 99 Effect

Lecture 4 The Left Digit Effect

Lecture 5 The Round-Luxury Effect

Lecture 6 EXAMPLE: Wall Street Journal Interview

Lecture 7 Appealing to Price-Conscious Consumers

Lecture 8 95 vs 99: Which is Better and When?

Lecture 9 The Precision Effect

Lecture 10 Ego Pricing

Section 3: Presenting the Price Visually and Auditorily

Lecture 11 The Syllables Effect

Lecture 12 Do Cents Make Sense?

Lecture 13 The Comma Effect

Lecture 14 The Verticality Effect

Lecture 15 The Male-Red Effect

Section 4: Framing Your Price Appropriately

Lecture 16 The Pennies-a-Day Strategy

Lecture 17 The Spare Change Effect

Lecture 18 Gain-Framings and 9-Ending Prices

Lecture 19 Time Framing

Section 5: Using Context to Your Advantage

Lecture 20 The Compromise Effect

Lecture 21 The Decoy Effect

Lecture 22 BONUS RESOURCE: Dan Ariely Discusses the Decoy Effect

Lecture 23 The Descending Order Effect

Lecture 24 The Anchoring Effect

Section 6: Smart Discounting Practices

Lecture 25 The Subtraction Principle

Lecture 26 The Ease of Computation Principle

Lecture 27 Percentage-Based Discounts

Lecture 28 The Relative Size Effect

Lecture 29 The Verbal Matching Effect

Lecture 30 The Relative Distance Effect

Lecture 31 Vertical vs. Horizontal Positioning: When To Use Which

Lecture 32 The Left Digit Effect (Returns!)

Lecture 33 The Right Digit Effect

Lecture 34 Putting Limits on the Offer

Section 7: How to Handle Additional Charges

Lecture 35 Introduction to Partitioned Pricing

Lecture 36 The Role of Visual Surcharge Size

Lecture 37 The Role of Surcharge Amount

Lecture 38 The Surcharge Consolidation Effect

Lecture 39 Should Surcharges Be Presented as Percentages?

Lecture 40 The Reverse Partitioning Effect

Section 8: Conclusion

Lecture 41 Goodbye and Parting Words

Lecture 42 PDF Resource

Lecture 43 References

Lecture 44 Bonus Lecture: More from Andrew Luttrell

Lecture 45 Course Completion Certificate

If you're selling anything, you need to know how people are perceiving your price. This applies to people selling both online and offline, and it applies just as well to physical products as it does to service-based businesses.,If you want to increase the likelihood that people will buy from you without changing anything about the goods themselves, this course is vital.