Influencing Customer Price Acceptance

Abstract

Why do prices end in nines?  Why do mattress salesmen show customers outrageously expensive beds first prior?  Why are price cuts easy but price increases hard?  How do customers think about prices and what can a company do to influence their expectations positively?
In Influencing Customer Price Acceptance, Tim will explore over 17 different economic, perceptual, behavioral, psychological, and neurological influences to customer price perception.  Some of these factors can be influenced by the actions of sellers, others are inherent within buyers, and still others are impacted by competitors.  Yet all are important in understanding and influencing customer price acceptance.

Learning Objectives

• Hidden economic effects influence customer purchase behavior and price perceptions
• Customer perception challenges that influence how customers perceive prices
• Why prospect theory accurately predicts challenges customers have in making rational tradeoffs between price and value
• Implications of prospect theory in consumer behavior, including anchoring, endowment effects, framing, and more.

Audience

This seminar is appropriate for the general executive audience.  From C-level, VP, Directors, and Managers to sales people and marketing / pricing analysts, business leaders leave this talk with new ideas.

Agenda