Pricing Strategy: Leveraging customer psychology to maximize average customer value [Video]
MarketingExperiments contributor Linda Johnson has published a new video ‘Pricing Strategy: Leveraging customer psychology to maximize average customer value’ featuring Flint McGlaughlin.
In this video McGlaughlin has shared some ways to understand customer psychology and set an effective pricing strategy in your business.
Johnson says, “Flint McGlaughlin shares two key factors in pricing strategy — timingandintensity.
He explains the importance of using the customer’s maximum moment of motivation (MMM) to get the timing right. A common error marketers make today is to continue discussing your product’s value after the MMM has passed. This mistake can actually lessen your product’s perceived value in the customer’s eyes, decreasing conversions.
McGlaughlin introduces how to intensify your product’s perceived value by tapping into three primary human desires — pleasure, power and meaning — suggesting that one of these is the top motivator marketers should consider for their pricing/messaging strategy. In doing so, genuine value is added to the customer’s life, as well as the marketer’s”.
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