{"id":33094,"date":"2025-02-15T08:22:55","date_gmt":"2025-02-15T13:22:55","guid":{"rendered":"https:\/\/beyondphilosophy.com\/?p=33094"},"modified":"2025-01-27T17:26:28","modified_gmt":"2025-01-27T22:26:28","slug":"psychological-pricing-7-practical-tips-you-can-use-today-to-boost-sales","status":"publish","type":"post","link":"https:\/\/beyondphilosophy.com\/psychological-pricing-7-practical-tips-you-can-use-today-to-boost-sales\/","title":{"rendered":"Psychological Pricing: 7 Practical Tips You Can Use Today to Boost Sales"},"content":{"rendered":"\n<!-- iframe plugin v.6.0 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" title=\"Embed Player\" src=\"https:\/\/play.libsyn.com\/embed\/episode\/id\/35029230\/height\/128\/theme\/modern\/size\/standard\/thumbnail\/yes\/custom-color\/ffffff\/time-start\/00:00:00\/hide-playlist\/yes\/download\/yes\/font-color\/000000\" height=\"128\" width=\"100%\" scrolling=\"no\" allowfullscreen webkitallowfullscreen=\"true\" mozallowfullscreen=\"true\" oallowfullscreen=\"true\" msallowfullscreen=\"true\" 0=\"style=&quot;border:\" 1=\"none;&quot;&gt;&lt;\/iframe\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n<p dir=\"ltr\"><em><strong>Pricing<\/strong><\/em>. It\u2019s one of the most critical decisions your business will ever make, yet most people approach it like a finger-in-the-air guessing game. But what if you could tap into psychological principles to not just set prices, but make your customers feel they\u2019re getting a great deal? That\u2019s what this episode of The Intuitive Customer is all about.<\/p>\n<p dir=\"ltr\">Join Colin Shaw and Professor Ryan Hamilton as they break down the fascinating\u2014and sometimes hilarious\u2014world of psychological pricing. From late-night infomercials and $400 bath towels to popcorn buckets and outrageous anchoring techniques, we explore why pricing is more than numbers on a tag\u2014it\u2019s a story you tell your customers.<\/p>\n<p dir=\"ltr\">Along the way, Ryan reveals the secrets behind charm pricing, scarcity cues, and the \u201cdecoy effect,\u201d while Colin shares how early mistakes taught him the importance of understanding customer perception. (Spoiler alert: guesswork is not a strategy.)<\/p>\n<p dir=\"ltr\">If you want to understand the psychology behind pricing\u2014and how to use it to improve your bottom line\u2014you\u2019ll love this episode. But be warned: you might never look at a price tag the same way again.<\/p>\n<p><!--more--><\/p>\n<p dir=\"ltr\"><strong>Best Quote from the Episode:<\/strong><br \/>\n<em>&#8220;The price isn\u2019t just a number; it\u2019s a conversation you\u2019re having with your customer. And if you\u2019re not telling the right story, someone else will.&#8221; \u2014 Professor Ryan Hamilton<\/em><\/p>\n<p dir=\"ltr\"><strong>Key Takeaways<\/strong>\u00a0(But You\u2019ll Have to Tune In for the Full Insights!):<\/p>\n<ol>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Anchoring: The &#8220;Big Daddy&#8221; of Pricing<br \/>\nWhy giving customers a frame of reference can make your prices seem more attractive.<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Charm Pricing Still Works (But It\u2019s Changing)<br \/>\n$0.99 vs. $1.00\u2014what\u2019s really happening in the customer\u2019s mind?<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">The Decoy Effect: Guide Them to the Right Choice<br \/>\nHow medium popcorns make large popcorns irresistible.<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Scarcity and Social Proof: The FOMO Effect<br \/>\nThe subtle art of using \u201conly 2 left!\u201d without annoying your customers.<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Price Elasticity: Know Who You\u2019re Selling To<br \/>\nSome customers care deeply about price changes\u2014others don\u2019t. Do you know the difference?<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Signpost Items: First Impressions Matter<br \/>\nWhy your pricing on milk, batteries, or even AA batteries can shape brand perception.<\/p>\n<\/li>\n<li dir=\"ltr\" aria-level=\"1\">\n<p dir=\"ltr\" role=\"presentation\">Price Fairness: Handle with Care<br \/>\nOvercharging can ruin trust, even if it makes short-term financial sense.<\/p>\n<\/li>\n<\/ol>\n<p dir=\"ltr\"><strong>Why You Should Listen:<\/strong><br \/>\nWhether you\u2019re pricing consulting services, running a retail store, or managing a SaaS product, this episode is packed with actionable insights that will make you rethink how you price\u2014and how your customers perceive your value. Plus, it\u2019s full of funny stories, practical advice, and a healthy dose of British-American banter.<\/p>\n<p dir=\"ltr\">Don\u2019t just set prices. Shape perceptions.<\/p>\n<p dir=\"ltr\"><strong>About the Hosts:<\/strong><\/p>\n<p><strong>\u00a0<\/strong>Colin Shaw is a\u00a0<a href=\"https:\/\/www.linkedin.com\/newsletters\/6592050440320368642\/\" rel=\"nofollow noopener\" target=\"_blank\">LinkedIn &#8216;Top Voice&#8217;<\/a>\u00a0with a massive 284,000 followers and 86,000 subscribers to his &#8216;Why Customers Buy&#8217; newsletter. Shaw is named one of the world&#8217;s &#8216;Top 150 Business Influencers&#8217; by LinkedIn. His company,\u00a0<a href=\"https:\/\/beyondphilosophy.com\/\">Beyond Philosophy<\/a>\u00a0LLC, has been selected four times by the Financial Times as a top management consultancy. Shaw is co-host of the top 1.5% podcast &#8216;<a href=\"https:\/\/beyondphilosophy.com\/podcasts\/\">The Intuitive Customer<\/a>&#8216;\u2014with over 600,000 downloads\u2014and author of eight best-sellers on <a href=\"https:\/\/beyondphilosophy.com\/customer-experience\/\">customer experience<\/a>, Shaw is a sought-after keynote speaker.\u00a0<a href=\"https:\/\/www.linkedin.com\/in\/colinrjshaw\/\" rel=\"nofollow noopener\" target=\"_blank\">Follow Colin on LinkedIn<\/a>.<\/p>\n<p><strong>\u00a0<\/strong>Ryan Hamilton is a Professor of Marketing at Emory University&#8217;s Goizueta Business School and co-author of &#8216;The Intuitive Customer&#8217; book. An award-winning teacher and researcher in consumer psychology, he has been named one of Poets &amp; Quants&#8217; &#8220;World\u2019s Best 40 B-School Profs Under 40.&#8221; His research focuses on how brands, prices, and choice architecture influence shopper decision-making, and his findings have been published in top academic journals and covered by major media outlets like The New York Times and CNN. His work highlights how psychology can help firms better understand and serve their customers. Ryan has a new book launch in June 2025 called \u201cThe Growth Dilemma: Managing Your Brand When Different Customers Want Different Things\u201d Harvard Business Press\u00a0<a href=\"http:\/\/linkedin.com\/in\/ryan-hamilton-49b3321\" rel=\"nofollow noopener\" target=\"_blank\">Follow Ryan on LinkedIn.<\/a><\/p>\n<p dir=\"ltr\"><strong>Subscribe &amp; Follow<\/strong><\/p>\n<p dir=\"ltr\"><a href=\"https:\/\/podcasts.apple.com\/gb\/podcast\/the-intuitive-customer-helping-you-improve-your\/id1319228135\" rel=\"nofollow noopener\" target=\"_blank\">Apple Podcasts<\/a><\/p>\n<p dir=\"ltr\"><a href=\"https:\/\/open.spotify.com\/show\/1Jqx6D32nGurAqVXZ6vAEE?si=ace8c990b8254ec5\" rel=\"nofollow noopener\" target=\"_blank\">Spotify<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pricing. It\u2019s one of the most critical decisions your business will ever make, yet most people approach it like a finger-in-the-air guessing game. But what if you could tap into psychological principles to not just set prices, but make your customers feel they\u2019re getting a great deal? That\u2019s what this episode of The Intuitive Customer [&hellip;]<\/p>\n","protected":false},"author":1385,"featured_media":27706,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[640],"tags":[],"class_list":["post-33094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts"],"_links":{"self":[{"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/posts\/33094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/users\/1385"}],"replies":[{"embeddable":true,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/comments?post=33094"}],"version-history":[{"count":1,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/posts\/33094\/revisions"}],"predecessor-version":[{"id":33095,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/posts\/33094\/revisions\/33095"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/media\/27706"}],"wp:attachment":[{"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/media?parent=33094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/categories?post=33094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beyondphilosophy.com\/wp-json\/wp\/v2\/tags?post=33094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}