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Unlocking Pricing Secrets in the Fitness Industry | Ep 11
Manage episode 407716812 series 3548802
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“ Imagine I went to the Apple store to buy a new iPhone and it was going to cost a thousand dollars to get a brand new iPhone. And the guy at the counter tells me, he says, Hey, listen, it's a thousand dollars here.
But if you drive A mile down the road, you can save 10 and you can get it for 990. I would tell him it's a complete waste of time and I would buy the thousand-dollar iPhone and go about the rest of my life.”
Welcome to the Little Gym, Big Heart podcast! Today, Devin Gage shares strategies on how to apply pricing psychology to avoid price pushback and ensure products are perceived as valuable by clients. It begins with an anecdote to illustrate that the perception of savings is relative, not absolute. Devin introduces tactics such as using precise price points instead of round numbers, limiting options to enhance the perceived value, minimizing the visual footprint of prices, and utilizing price anchoring to adjust customers' price perception.
Get ready to engage in today’s episode!
Timestamps:
(00:26) - The Emotional Logic of Pricing
(00:37) - Illustrating Pricing Psychology with Real-Life Scenarios
(02:16) - Tactic 1: Precision in Pricing
(04:25) - Tactic 2: Simplifying Choices to Boost Sales
(06:24) - Tactic 3: The Visual Impact of Price Presentation
(08:43) - Tactic 4: The Power of Price Anchoring
(13:49) - Applying Pricing Psychology for Effective Sales
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