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What is behavioral economics? Why does it matter to you?

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Podcast Episodes

What is behavioral economics? Why does it matter to you?

355. The Truth About Pricing: Behind the Scenes

In this episode of The Brainy Business podcast, Melina Palmer unveils the backstory of her latest book, The Truth About Pricing: How to Apply Behavioral Economics so Customers Buy. By tracing her path from book concept to publication, Melina underscores the significance of pricing confidence for businesses. The episode delves into the challenges businesses encounter in pricing and how Melina’s book offers actionable advice to cultivate that essential confidence. 

With a focus on unraveling the psychology and behavioral economics underpinning pricing decisions, Melina’s book aims to empower businesses to enhance their sales strategies and cultivate customer loyalty. For business owners and entrepreneurs seeking to elevate their pricing acumen and drive profitability, this episode is a valuable resource. Melina’s expertise and pragmatic insights make it an indispensable guide for navigating the complexities of pricing strategy.

In this episode, you will be able to:

  • Mastering the Book Publishing Process: Unveiling the intricacies and essentials of publishing a book for aspiring authors and entrepreneurs.
  • Optimizing Pricing Strategy for Businesses: Maximizing profitability and competitiveness through strategic pricing methodologies tailored to your business.
  • Leveraging Behavioral Economics in Pricing: Harnessing consumer psychology and decision-making behaviors to drive sales and revenue.
  • Cultivating Confidence in Pricing Decisions: Developing the expertise and assurance needed to make sound pricing choices for your products or services.
  • Incorporating Psychology into Pricing Strategy: Understanding the psychological triggers that influence consumer purchasing decisions and using them to your advantage.
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HERE'S A 2 MINUTE TIP.

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SHOW NOTES:

00:00:00 – Introduction

Melina introduces the episode, discussing the launch of her new book. She provides an overview of what listeners can expect in the episode.

00:04:16 – The Journey to Writing The Truth About Pricing
Melina shares the journey of writing The Truth About Pricing, from connecting with a book agent to finalizing the contract for the book. She discusses the process of pitching the book to publishers and the serendipitous events that led to its publication.

00:09:30 – The Problem with Pricing
Melina delves into the common struggles and stress associated with pricing for businesses. She highlights the pressure to get pricing perfect, the tendency to procrastinate, and the overwhelming amount of information available on pricing strategies.

00:11:33 – Gaining Confidence in Pricing Strategy
Melina emphasizes the importance of confidence in pricing and its impact on customer behavior. She discusses the value of gaining confidence in pricing strategy and presents the book as a guide to achieving this confidence.

00:15:36 – Overcoming Procrastination and Setting the Right Price
Melina addresses the common pitfalls of procrastination in setting prices and the cognitive biases that contribute to this behavior. She highlights the book’s focus on overcoming these challenges and setting prices with confidence.

00:16:05 – Setting the Stage
Melina explains that the book focuses on understanding the pricing problem and how behavioral economics is the key to success. It covers the science behind pricing and the steps to optimize pricing using behavioral economics and psychology.

00:19:25 – The Golden Octopus
Melina introduces a short story about the purchase of a golden octopus to illustrate how pricing really works. This section also provides insights on pricing placement and psychology, outlining the brain tricks that impact pricing.

00:21:06 – Building a Foundation
This part focuses on the importance of the factors that come before the price itself. It emphasizes the need to create a seamless buying experience for customers and highlights the significance of choice architecture in pricing strategy.

00:25:22 – Applying the Framework
Melina introduces the It’s Not About the Cookie framework, which consists of six categories of behavioral science to consider when applying the foundation of the pricing strategy. It also discusses the value of properly structuring a choice in pricing.

00:30:06 – Case Studies
Melina discusses four case studies of well-known global businesses to inspire readers on how to apply the concepts to their specific business types. The case studies cover quality and value-based product and service businesses, offering practical insights for readers.

00:31:40 – The Importance of Pricing Strategies
Melina emphasizes the importance of making pricing decisions efficiently and confidently. She offers a guide to streamline the process and highlights the value of incorporating psychology and behavioral economics into pricing strategies.

00:32:38 – Freebies and Resources
Melina discusses the complimentary items available, including a virtual glossary and a pricing mastery checklist. She invites listeners to visit thebrainybusiness.com for a free sample chapter and provides links for ordering the book.

00:33:47 – Availability and Formats
Melina shares that the book is available for purchase on various platforms and mentions the upcoming ebook and audible versions. She encourages preordering and assures that the audiobook is professionally narrated.

00:34:48 – Audiobook and Book Content
Melina addresses the suitability of the audiobook for learning, highlighting that the book’s tasks are not heavily reliant on visual aids. She provides links to order all her books and emphasizes the value of the book’s content.

00:36:19 –  Conclusion
Melina’s top insights from the conversation. What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media — you’ll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

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