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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Episode guests

Melina Palmer

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Pricing is about psychology and presentation, not just the price itself.

Consistency and value perception in pricing build customer trust.

Understanding quality vs. value businesses informs pricing strategies.

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.

Introduction

2min

Navigating the Complexity of Pricing Strategies

11min

The Psychology of Pricing and Branding

7min

Octopus Breeding Business Pricing Strategies

12min

Luxury Pricing Strategies

9min

The Psychology Behind Pricing Strategies

18min

Engaging Newsletter Feedback and Subscription Prompt

2min

I’m so f*cking happy to announce that my book, Stand The F*ck Out, is officially available for PURCHASE! To buy the book—and more!—DIRECTLY from us and support our small business, go to: book.stfo.io

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***

Listen to Melina Palmer, behavioral economist and author of "The Truth About Pricing," explain how you can use simple tricks from behavioral economics to make your prices feel just right for your customers. It’s not about changing the price but how you show it.

(00:00) - Intro
(02:52) - The pricing paradox
(06:32) - Pricing psychology & finding the perfect price point
(16:55) - Putting theory into practice (step-by-step guide)
(24:45) - How to understand what's beyond the core product of your business?
(29:44) - Looking at the competition
(34:03) - Main pricing principles
(46:08) - Little-known principles that can boost your sales
(49:46) - The cookie framework
(53:05) - Tips to harness the power of curiosity bias
(55:45) - Outro
(58:10) - Melina's top 3 resources

***

→ Buy my book: book.stfo.io
→ Join 14,000+ weirdos who learn to stand the f*ck out with my daily (Mon-Fri) emails: everyonehatesmarketers.com
→ See my pretty face on LinkedIn: https://www.linkedin.com/in/louisgrenier/
→ Leave a review on Apple Podcasts: https://apple.co/3p4wL4r
→ Leave a review on Spotify: https://open.spotify.com/show/7iEF1qovZZiaP1iRtxGARo

Finally...

If you're curious about putting your brand in front of my 14,000+ daily newsletter subscribers and/or podcast listeners, email me: louis@stfo.io

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