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The Truth About Pricing
Book

The Truth About Pricing

How to Apply Behavioral Economics So Customers Buy

Mango Publishing, 2024 more...


Editorial Rating

8

Qualities

  • Comprehensive
  • Applicable
  • Background

Recommendation

You may be surprised to learn that the price of a product or service is not most people’s first consideration when they’re making buying decisions. Consultant Melina Palmer advises businesses on how to focus on human behavior to get people to buy, instead of just setting a price and hoping to attract customers. The pricing context of behavioral economics draws on tactics such as nudging consumers at appropriate moments, catering to their herd instincts, and framing a purchase in an enticing way. Readers will find this important guide useful for its insights into drawing in customers.

Take-Aways

  • When it comes to their purchases, consumers are less focused on an actual price tag and are more attuned to what’s going on in their own heads.
  • It’s better to start with knowing the right pricing mindset and consumer psychology, rather than researching the market and competition.
  • Understanding the human brain’s biases can help inform pricing strategy.

About the Author

Melina Palmer is the CEO of The Brainy Business, a behavioral economics consulting firm. She is also the author of What Your Employees Need and Can’t Tell You.