Training: Influencing Customer Price Acceptance

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Influencing Customer Price Acceptance

Abstract

Why do prices end in nines?  Why do mattress salesmen show customers outrageously expensive beds first?  Why are price cuts easy but price increases hard?  How do customers think about prices and what can a company do to influence their expectations positively?

In Influencing Customer Price Acceptance, Tim explores over 17 different economic, perceptual, behavioral, psychological, and neurological influences to customer price perception.  Some of these factors can be influenced by the actions of sellers, others are inherent within buyers, and still others are impacted by competitors.  Yet all are important in understanding and influencing customer price acceptance.

Attendees Will Learn

  • Hidden economic effects influence customer purchase behavior and price perceptions.
  • Customer perception challenges that influence how customers perceive prices.
  • Why prospect theory accurately predicts challenges customers have in making rational tradeoffs between price and value.
  • Implications of prospect theory in consumer behavior, including anchoring, endowment effects, framing, and more.

Audience

This seminar is appropriate for the general executive audience.  From C-level, VP, Directors, and Managers to salespeople and marketing / pricing analysts, business leaders leave this talk with new ideas for managing customer behavior.

Agenda

Item

Time (7 hrs)

Rational Pricing through Exchange Value Models

1:00

Limitations of Rational Price Acceptance through Customer Behavior, Decision Biases, Psychology, and Neuroeconomics:

 

  • 4 True Economic Factors that Drive Perceptions

1:30

  • 5 Perceptual Challenges to Rational Price and Value Decisions

1:30

  • Predictably Irrational Behavior Understood by Prospect Theory

1:30

  • 7 Effects Related to Prospect Theory

1:30

One-Sheet Overview of Price Training Courses