Understanding how people make buying decisions is a key component to any successful pricing strategy. By grasping the concepts of how humans make decisions you can be better equipped to price successfully and increase your profitability. This session will provide a look at behavioral economics, marketing strategy, customer psychology and how these principles should be applied to pricing. This course is ideal for any professional who is interested in being among the leaders in the profession moving away from the old business model of “We sell time,” while embracing the critical success factors of the knowledge economy, will find this presentation stimulating, dynamic, and thought-provoking.
Learning Objectives
• Recognize the First and Second Law of pricing and how they influence your pricing decisions
• Identify anchoring and framing effects that influence pricing
• Determine your highest value offerings using the Stan Shih Smile Curve
Major Topics
• Understand how psychology influences your pricing decisions
• Learn how behavioral economic effects influence pricing
• Comprehend what and how people buy
• How to develop and price options
• Using the Stan Shih Smile Curve to determine the value of various services
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