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The Agents of Change Digital Marketing Podcast
How to Set Your Prices with Melina Palmer
Apr 3, 2024
Behavioral economist Melina Palmer discusses pricing strategies in business and marketing, emphasizing the importance of confidence in pricing. Topics include psychological aspects of purchasing decisions, relative pricing, creating 'wingman' offers, and using power words to drive consumer behavior.
41:36
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Quick takeaways
- Quality businesses focus on luxury items and rounded pricing, while value businesses thrive on bargains and mid-range prices.
- Understanding behavioral psychology aids entrepreneurs in overcoming pricing challenges and setting optimal prices for products or services.
Deep dives
Quality vs. Value Business Strategy
Choosing between a business focused on quality or one on value is a crucial decision. Quality businesses emphasize certifications, luxury goods, and rounded number pricing, while value businesses thrive on discounts, bargains, and mid-range prices.
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