Everyone Hates Marketers | No-BS Marketing & Brand Strategy Podcast
Stop Wrestling With Pricing: How to Set Prices Customers Want
Apr 9, 2024
Behavioral economist Melina Palmer discusses using behavioral economics to set prices customers want. She emphasizes it's about how you show the price, not changing it. Topics include pricing psychology, customer objections, branding impact, luxury pricing strategies, and using cognitive biases in pricing.
01:01:24
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Quick takeaways
- Pricing is about psychology and presentation, not just the price itself.
- Consistency and value perception in pricing build customer trust.
Deep dives
The Psychology of Pricing
Pricing is not about the price itself, but about the psychology behind setting prices, the confidence in presenting them, and understanding the customer's perspective. Differentiating between quality and value businesses is crucial, with each requiring a distinct pricing approach based on rounded numbers or discounts.
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