Welcome back to episode 159 and the second instalment in the Scale Up Season. This season is to provide businesses with actionable advice, insights and inspiration on how to scale their business in the current climate. We will be inviting key individuals from brands that are currently and successfully scaling their business, mar-tech providers and digital marketing practitioners to join us on the sofa to share their knowledge.
This week, we’re joined by Melina Palmer, applied behaviour economist, podcast host of the Brainy Business and Author. Melina’s latest book “The Truth About Pricing” discusses how pricing isn’t just about price and the psychological factors to consider to make your customers buy. Jon had the chance to chat with Melina about what drives consumers to buy, how business can tailor their pricing strategy for scale and how you might be the biggest hindrance to your sales.
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Key Takeaways:
- How to focus on the psychological aspects and make it easier for people to buy from you.
- Learn how understanding and applying behavioural economics can provide businesses with a competitive edge in influencing consumer behaviour and driving sales.
- Discover practical pricing strategies and psychological pricing techniques that can help businesses scale effectively while enhancing perceived value.
- Understand the anchoring concept, how it can be applied and how it can heavily influence consumer perception of value and willingness to pay.
- Discover the power of experience and how pricing can be about the experience and perception of value.
This episode delves explores the often-overlooked importance of pricing strategy in business success, emphasising that pricing is less about the numbers and more about the psychological factors that influence consumer behaviour.
Melina shares her expertise, including the common misconceptions about pricing, the role of behavioural economics in setting effective prices, and how brands can strategically position themselves to either focus on quality or value. Melina provides practical examples and advice on how businesses can reframe their pricing strategies to maximise success.
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