Pricing Strategy & Product Development (2023)
Jun 10, 2023 - Aug 22, 2023
Full course description
“How do I set my prices?” “Which numbers are best (should it end in a 9, 5, 7 or 0)?” “Does it matter which product, service or package you mention first?” And, of course, “Why aren’t people buying when I know they should?”
People in business from around the world (from global corporations to small businesses in every industry imaginable) constantly struggle with questions like these around pricing strategy and properly creating and presenting products that people will be excited to buy.
Confidence in this area is key to increased sales and behavioral economics unlocks the mysteries of this for all kinds of businesses. This 10-week course will help students understand the brain and how to work with it to create and present pricing and products they and their business can be confident in, increasing sales, ROI, and engagement with customers.
The course instructor is Melina Palmer, founder and CEO of The Brainy Business, which provides behavioral economics consulting to businesses of all sizes from around the world. Her podcast, The Brainy Business, has downloads in over 170 countries. Melina worked in corporate marketing and brand strategy for over a decade before earning her master’s in behavioral economics. She has contributed research to the Association for Consumer Research, Filene Research Institute, and runs the Behavioral Economics & Business column for Inc Magazine. Check out her award-winning books, What Your Customer Wants and Can’t Tell You and What Your Employees Need and Can't Tell You, on sale now.
Curriculum Outline (subject to change)
In this class, students can expect to learn about:
· An introduction to pricing strategy and product development
· Priming (how to set the stage before you even get to the price – i.e. finding your scent of the cookies)
· Developing product/service packages (thoughtful strategy and understanding of the brain makes a huge difference)
· Relativity (how to showcase products/services together to make the one with the best value shines)
· Know Your Numbers (what to think through to ensure your prices are profitable)
· Discounting (when to do it, when not to, and how to decide what’s right for you)
· Framing (making that star product/service irresistible to your customers)
· Anchoring (how to showcase your pricing/products in various scenarios, including a chart, list and when speaking)
· 5, 7, 9 or 0 (it’s time to finalize those prices with confidence)