Make more profit with intelligent pricing: NeuroPricing {Review}


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Today, a superspiring book on pricing that not only helps salespeople, but also provides career-enhancing knowledge for all those who have something to sell.


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Wolfgang Hanfstein 38Wolfgang Hanfstein is co-founder and chief editor of Managementbuch.de, the leading bookstore for executives, entrepreneurs and self-employed persons.

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With intelligent pricing, more sales and more profit

Overview

Please think about it for a while - it's very simple: An online subscription to a newspaper costs 59,00 Euro. A print subscription costs 125,00 Euro. And a double subscription, which includes print and online, also costs 125,00 Euro. Sounds good, right?

Anyway, 84% of the subjects (clever students) chose the double subscription in one experiment. Sure, online there's then "free" to it, so you save 59,00 Euro.

The price depends on the packaging

Overview

Now the same subscription - same prices, in other words. An online subscription costs 59,00 Euro. A double subscription (print and online) costs 125,00 Euro. Which one would you choose?

The students quickly agreed. Only 68% decided now for the double subscription. Although the prices were identical with those of the first experiment.

It depends on the perception, not on the product

Overview

And only because in the second version of the reference to the print subscription for 125,00 Euro was missing. What Kai-Markus Müller wants to say in his book "NeuroPricing" is clear: Pricing is not about prices but about "packaging".

The reason for this is our perception, which in the rarest cases promotes rational decisions. Kai-Markus Müller has dealt intensively with the subject, knows all the important studies and introduces all those who have something to sell into the perceptions of perception. And the results always refers to the subject of pricing.

Exploratory journey through the knowledge of the neuroeconomy

Overview

A true journey of discovery for all those who have not yet, or only marginally, dealt with the findings of the behavioral and neuroeconomics. Müller provides the basics and builds on them expert knowledge.

It quickly becomes clear that it is not a matter of reducing prices in order to remain competitive. Rather, it is important to evaluate and increase the willingness to pay and to buy.

How a farmer gets a higher income through a single extra line on the menu

Overview

Another, from a wealth of illuminating examples in the book "NeuroPricing": How can an innkeeper increase its sales by "pricing" without increasing prices? By enriching his menu with a very expensive dish (in the example the "New York Steak").

That does not have to be ordered. But it will have the effect of ordering the hitherto most expensive dish more frequently - because it now seems cheaper.

Scientific findings

Overview

Good on the book of Kai-Markus Müller is the high number of epistemological scientific facts, which he translates absolutely intelligibly.

Not so difficult, this task, because behavioral economics is an exciting field that presents many everyday decisions in a different light. And Müller knows how to turn this knowledge into action manuals.

A small selection of many pricing effects

Overview

  • Price anchors: Interestingly, anchors have nothing to do with the actual values ​​and prices. Anyone who is confronted with some high numbers (number of citizens, social insurance number, distance between Berlin and Munich) estimates the value of any product higher than if it were previously treated with small numbers (cars per household, number of children of an average family ).
  • Anchor prices: prices, which you once noticed. Müller shows the example of an oil tank filling that once cost 1.200 D-Mark. As dumb as it is, we will now consider a filling for 800,00 Euro as a good value.
  • Reference prices: In addition to the product to be sold, a much more favorable and a much more expensive one is placed (without the intention of selling these devices). See the menu example above.
  • Edge prices: used by customers "to get an idea of ​​the price level of the entire range of products ... which is why low milk and butter prices are so important to discounters." The reverse applies to designer stores. The piece for 19.000,00 Euro in the entrance marks the high-level and then lets sweaters for 200,00 Euro appear as a bargain.
  • Expensive is better: The wrong wine tasting, scientifically proved: Twice the same wine, once mords bottle, once Fuselettiket: Ahhh! The more expensive is clearly better! (Wrong, it was the same wine in different tubing).
  • Mini-shrink: Same pack, less in it. Popular and known strategy. It is difficult for consumers to see through.
  • The price-effect: How prices are perceived is strongly related to pricing. Size, color and wording influence the perception of prices immensely.

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Overview


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