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Smart Marketing with Price Psychology

Improve online marketing success with fundamental psychological pricing research for your business and marketing
Bestselling
4.8 (85 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
1,647 students enrolled
Last updated 7/2016
English
$10 $35 71% off
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Includes:
  • 3 hours on-demand video
  • 6 Articles
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What Will I Learn?
Price your product or service to maximize revenue
Understand how consumers perceive and think about prices
Run promotions that make people think they're getting an amazing deal
Think about your full set of products and services in ways that maximize earnings
View Curriculum
Requirements
  • You should be open to using psychological research to optimize your business.
  • You do not already need to know anything about psychology.
Description

Getting people to buy something is hard. So many things can happen in a customer's mind that factor into the purchase decision. This course turns to solid scientific research in psychology to uncover tricks and hacks you can use to increase sales by massaging one fundamental element: the price.

What You'll Learn

In this course we consider six major strategies you can use to your marketing pursuits by using real data from price psychology. Within each one are many individual things that make prices more appealing, totaling more than 30 psychological price effects that will strengthen your offline and online marketing campaigns.

  1. Picking the Right Price: How to choose the number that will appeal most to consumers without changing your profit level.
  2. Presenting Your Price: How to write and say your price in the most appealing ways possible.
  3. Framing Your Price: How to communicate your price more effectively once the price is set.
  4. Using Context to Your Advantage: How to present differently priced products together in ways that maximize profits.
  5. Smart Discounting Practices: How to present your promotions in ways that make the deal irresistible.
  6. Handling Extra Charges: How to most effectively present your prices when there are unavoidable additional fees to communicate.

As a bonus, I also include a full PDF notes document that summarizes all the major techniques we go over because when you are designing your marketing and advertising strategies, you don't always have time to review a full 3 hour video course.

Why Learn From Me?

As an award-winning psychology instructor, I have experience translating research in the field and presenting it in an engaging, understandable way. My students routinely evaluate my courses highly and comment on the passion I have for social psychology. I hope you can join this group of satisfied students and learn something new about yourself and psychology.

So take this course now and understand the science of pricing and what it can do for your business and marketing efforts!

Who is the target audience?
  • If you're selling anything, you need to know how people are perceiving your price. This applies to people selling both online and offline, and it applies just as well to physical products as it does to service-based businesses.
  • If you want to increase the likelihood that people will buy from you without changing anything about the goods themselves, this course is vital.
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Curriculum For This Course
Expand All 45 Lectures Collapse All 45 Lectures 02:55:56
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Introduction to Price Psychology
2 Lectures 05:09

Welcome to the course! In this quick intro, I want to introduce you to the idea of pricing psychology and walk you though a few of the things you should think about as you move through this course.

Preview 04:29

Just a quick note from me about navigating the Udemy interface!

A Quick Word About Reviews
00:40
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Picking the Number
8 Lectures 33:46

You probably already know that $7.99 looks less expensive than $8.00 even though there's not much difference. In our first lecture, you'll gain an appreciation for this effect and see how good psychological research can show that it actually is effective to set your prices in this way. By the end of this lesson, you'll have a good idea of how this course is structured, what we'll be talking about, and how research in psychology gives us what we want to know.

Preview 08:38

This lecture features one reason why 9-endings have such power and how you can maximize that power.

The Left Digit Effect
05:14

This lesson considers when you might avoid using odd-ending prices.

Preview 03:31

EXAMPLE: Wall Street Journal Interview
00:27

When thinking about your pricing strategy, it's worth considering the audience to whom you're marketing. This video will give one suggestion for how to think about this audience-matching strategy.

Appealing to Price-Conscious Consumers
03:23

Ever wonder whether it makes any difference to price something at $1.95 vs. $1.99? This lesson explains the difference.

95 vs 99: Which is Better and When?
02:36

When it comes to big number prices, consider precision.

The Precision Effect
03:14

This one may seem a little nuts, but the research has shown the power of connecting a price to an individual person.

Ego Pricing
06:43

Let's do a quick quiz over the first section of this course. I'll give you a couple different prices, and you decide which one's more effective.

Picking the Price QUIZ
3 questions
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Presenting the Price Visually and Auditorily
5 Lectures 19:12

This lesson features something you should keep in mind when you're presenting your price in audio.

The Syllables Effect
03:50

Is it better to leave cents in your price or is it better to leave them off? This lesson explains when and why.

Do Cents Make Sense?
05:42

The difference between $1000 and $1,000 might be bigger than you think.

The Comma Effect
03:18

Something as simple as the spatial dimensions that you emphasize can signal clear information about your product's value.

The Verticality Effect
03:40

The Male-Red Effect
02:42

Let's see how much you retained from Section 2.

Presenting the Price QUIZ
2 questions
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Framing Your Price Appropriately
4 Lectures 20:48

In this lesson, I share the "Pennies-a-Day" framing effect and discuss the specific ways in which you should try implementing it.

The Pennies-a-Day Strategy
07:41

New research has begun to suggest a new framing effect, and it has to do with the units of currency you emphasize.

The Spare Change Effect
04:04

The right framing can also enhance some of the variables we've already discussed. This research gives you a guide for most effectively using 9-ending prices.

Gain-Framings and 9-Ending Prices
04:57

There's a certain factor that you want to emphasize, and it's not the monetary savings.

Time Framing
04:06

Let's see how much you've picked up in this section of the course with a quick quiz.

Framing QUIZ
2 questions
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Using Context to Your Advantage
5 Lectures 27:44

In this lesson, we discuss how offering a set of products or services can be helpful.

The Compromise Effect
06:17

We expand on the compromise effect and look at other ways in which you can design your full product line to maximize profits.

The Decoy Effect
08:43

BONUS RESOURCE: Dan Ariely Discusses the Decoy Effect
00:12

Very simply--how should you order your products when you present them?

The Descending Order Effect
05:02

By applying the anchoring effect, you can nudge people to pay more for your product and/or buy more of it.

The Anchoring Effect
07:30

Time for a quick quiz! See how well you can see context effects in action.

Context Effects QUIZ
2 questions
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Smart Discounting Practices
10 Lectures 38:33

In this lesson, we'll talk about whether you should list your sale price first or the original price.

The Subtraction Principle
06:10

Here we'll go over several factors that maximize ease of discount computation and talk about why that matters.

The Ease of Computation Principle
05:11

When you run your promotion, should you say "30% off!" or "$30 off!"?

Percentage-Based Discounts
05:04

In this lesson, we'll discuss whether your sale price should be printed in larger or smaller print, compared to the original.

Preview 02:08

You might not believe it, but the words you have near the sale price can influence perceptions of that price.

The Verbal Matching Effect
03:24

Is it better to have your sale price printed close to or far away from the original price? I'll show you the answer in this lesson.

The Relative Distance Effect
02:41

Is it better to have the sale price and original price next to each other horizontally or to have one on top of the other? We'll see in this lesson how the critical determinant is the subtle point you're trying to make.

Vertical vs. Horizontal Positioning: When To Use Which
04:15

We talked about the left digit effect way back when, but it's back, and it has something of value to say about discounting.

The Left Digit Effect (Returns!)
01:56

If you can't implement the left digit strategies from the last lesson, research on the right digit effect could have something useful to suggest.

The Right Digit Effect
03:37

Putting Limits on the Offer
04:07

Quiz time! I'll show you a few ways that you could display your promotion, and you decide which one is the strongest psychologically.

Smart Discounting QUIZ
3 questions
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How to Handle Additional Charges
6 Lectures 22:29

In this lesson, I introduce the concept of "partitioned pricing."

Introduction to Partitioned Pricing
04:45

In this lesson, I'll talk about how the surcharge should be presented visually.

The Role of Visual Surcharge Size
02:46

When does partitioned pricing work best? It depends on the surcharge amount.

The Role of Surcharge Amount
06:20

Here we'll talk about what to do when you have to have many additional fees.

The Surcharge Consolidation Effect
02:36

Although the research has some evidence of the benefits of either percentage- or dollar-based surcharges, I share my skepticism.

Should Surcharges Be Presented as Percentages?
02:41

Finally, if you can't present a partitioned price, how do you best present the total cost?

The Reverse Partitioning Effect
03:21

Last quiz! Put your knowledge of partitioned pricing to the test.

Partitioned Pricing QUIZ
2 questions
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Conclusion
5 Lectures 08:14
Goodbye and Parting Words
01:12

Use these downloadable notes to remember everything we've learned in this course!

PDF Resource
00:15

References
05:29

Bonus Lecture: More from Andrew Luttrell
00:59

Bonus Lecture: Get a Free Psychology PDF Ebook
00:17
About the Instructor
4.4 Average rating
2,537 Reviews
35,050 Students
14 Courses
Social Psychologist

I am a social psychologist. My expertise is in the domain of attitudes and persuasion, but I have extensive experience with all corners of the social psychology world. The research in this field is so interesting that I can't help but want to share it! I look forward to the chance to share the world of social psychology with you.

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