Pricing Strategy: Leveraging customer psychology to maximize average customer value

Pricing Strategy: Leveraging customer psychology to maximize average customer value

In this session, Flint McGlaughlin will cover key marketing management topics like:
• Where and when to ask for price
• Dangerous pricing errors
• The relationship between value proposition and price
• Determining the epicenter of appeal

Price is an essential element of marketing, one of “The Four Ps” of the marketing mix according to E. Jerome McCarthy.

To help you with your pricing decisions and marketing strategy, Flint McGlaughlin, CEO and Managing Director, MECLABS Institute, will share fundamental pricing concepts for your products and brands based on more than two decades of marketing experimentation combined with psychology concepts developed by Sigmund Freud, Friedrich Nietzsche and Viktor Frankl.

Here are some key points in the video:
(4:40) Pricing strategy resource list
(8:39) Price is not a number: How can I get the most value per customer?
(19:14) Case study: 97% increase in conversion by finding optimal location of the price in the customer journey
(20:25) Why you should not change just one variable at a time when testing
(26:06) Maximum Moment of Motivation (MMM) Customer’s perceived value of your offer diminishes after this point
(28:25) How to map your funnel to achieve MMM
(33:00) Value Proposition courses available –
(35:12) “You will learn more about marketing if you get outside of the marketing literature and into the mind literature.”
(39:10) How to apply customer psychology to pricing: Freud, Adler, Frankl
(44:20) Victor Frankl: The importance of appealing to the customer’s desire for meaning

Learn more from Flint with a MECLABS online marketing course. Courses include certification in
• Online Testing
• Value Proposition Development
• Landing Page Optimization
• Email Messaging Optimization

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