Legal Talk Network - Law News and Legal Topics Price Psychology: The Psychology Behind Setting Legal Fees with Dr. Kai-Markus Müller
In this episode, Dr. Kai-Markus Müller joins me to discuss and understand the psychology behind pricing models and pricing structure, and how to better frame legal fees.
Kai-Markus Mueller is a Professor of Consumer Behaviour at HFU Business School of Furtwangen University in Schwenningen, Germany, and Director of Pricing Research at Neurensics, Amsterdam. He previously founded and ran a start-up where he developed NeuroPricing™, a suite of neurotechnology-based methods to measure and model the optimal price – meanwhile acquired by Neurensics. Before, Kai gained experience both as a neurophysiologist at the US government and as a strategy consultant with an international management consultancy. He holds a PhD in neuroscience.
His work has been featured by the BBC, Forbes, Businessweek, ZDF, Der Spiegel and many more. His latest milestone is a book co-authored by top sales expert Gaby Rehbock titled “The Invisible Game – The Secrets and the Science of Winning Minds and Winning Deals”.
Kai-Markus gives listeners actionable tips on:
- [4:00] The main mistakes lawyers make on discovery calls
- [7:15] Does a ‘payment threshold’ exist?
- [13:40] How to apply Kai-Markus’ research to attorney pricing strategies
- [14:50] The price quality heuristic
- [16:55] How to create perceived value without going too far
- [21:15] Tips build reassurance and trust
- [24:45] Changing value by how we frame things and understanding decoy pricing
- [32:40] Kai-Markus’ book review
- [36:00] One big takeaway from this episode
Resources mentioned in this episode:
Connect with Kai-Markus here:
- https://twitter.com/neuropricing
- https://www.facebook.com/kaimarkus.mueller
- https://www.linkedin.com/in/kaimarkusmueller/
- www.kai-markus-mueller.com
Connect with me
- Karin on Twitter
- Karin on LinkedIn
- Conroy Creative Counsel on Facebook
- https://conroycreativecounsel.com
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