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EP235: 15 Minute Ecommerce Masterclass - 10 Pricing Strategies You Can Test

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Manage episode 418543279 series 2581854
Content provided by Paul Rogers and James Gurd, Paul Rogers, and James Gurd. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Paul Rogers and James Gurd, Paul Rogers, and James Gurd or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

There is da Vinci quote used in Nick Kolenda’s book on pricing psychology that sums up what I’m talking about in this video masterclass: “All our knowledge has its origin in our perceptions” Pricing is perception. How we each react to the same price can be different, depending on our perspectives. For this reason, price doesn’t have an absolute meaning. And if we understand what shapes perception, we can influence how price is perceived. This video explores ten practical ways this applies to ecommerce stores. [01:10] Your building blocks for understanding price [02:40] 1. Price fluency [03:45] 2. Price structure and simplicity [03:45] 3. Anchor high prices with larger numbers [06:30] 4. Break pricing into smaller units [07:15] 5. Use words of a small magnitude [08:25] 6. Alliteration creates a pleasant sensation [09:20] 7. Put the larger WAS price on the left [10:25] 8. Break down product costs [11:50] 9. Encourage customers to spend early [13:10] 10. Emphasise the most popular pricing option

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242 episodes

Artwork
iconShare
 
Manage episode 418543279 series 2581854
Content provided by Paul Rogers and James Gurd, Paul Rogers, and James Gurd. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Paul Rogers and James Gurd, Paul Rogers, and James Gurd or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

There is da Vinci quote used in Nick Kolenda’s book on pricing psychology that sums up what I’m talking about in this video masterclass: “All our knowledge has its origin in our perceptions” Pricing is perception. How we each react to the same price can be different, depending on our perspectives. For this reason, price doesn’t have an absolute meaning. And if we understand what shapes perception, we can influence how price is perceived. This video explores ten practical ways this applies to ecommerce stores. [01:10] Your building blocks for understanding price [02:40] 1. Price fluency [03:45] 2. Price structure and simplicity [03:45] 3. Anchor high prices with larger numbers [06:30] 4. Break pricing into smaller units [07:15] 5. Use words of a small magnitude [08:25] 6. Alliteration creates a pleasant sensation [09:20] 7. Put the larger WAS price on the left [10:25] 8. Break down product costs [11:50] 9. Encourage customers to spend early [13:10] 10. Emphasise the most popular pricing option

  continue reading

242 episodes

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