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The Psychology of Price: How to use price to increase demand, profit and customer satisfaction Paperback – 2 Nov 2012

4.4 out of 5 stars 43 customer reviews

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Product details

  • Paperback: 248 pages
  • Publisher: Crimson Publishing; 1 edition (2 Nov. 2012)
  • Language: English
  • ISBN-10: 1780590075
  • ISBN-13: 978-1780590073
  • Product Dimensions: 13.8 x 1.4 x 21.6 cm
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (43 customer reviews)
  • Amazon Bestsellers Rank: 175,321 in Books (See Top 100 in Books)

Product Description

About the Author

Leigh is a pricing expert and leading researcher in behavioural economics, writing the UK's most popular behavioural blog (www.knowingandmaking.com) and appearing as a frequent guest on BBC News. By background a mathematician and economist, he is the founder and chief executive of Inon, the UK's leading pricing consultancy.


Customer Reviews

4.4 out of 5 stars
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Top Customer Reviews

By Martin Turner HALL OF FAMETOP 500 REVIEWERVINE VOICE on 7 Jan. 2013
Format: Paperback Vine Customer Review of Free Product ( What's this? )
Told with the aid of a highly entertaining tale about the fictional Chocolate Teapot Company, the Psychology of Price explains the key effects of pricing on retail, service and tender-based commerce.

Most people are aware of the 99p effect, but it turns out that the psychology of price goes much deeper, with techniques such as anchoring, bundles and decoys able to create substantial shifts of consumer behaviour while increasing overall margins.

Author Leigh Caldwell builds up a strong and coherent picture not just of how price psychology works, but also of how you can apply it in your own situation. Although his main narrative is in restaurants and retail, he gives good attention to services, consultancy and tender-bidding, which means there should be something for everyone here, as long as you are actually involved in price setting.

Unlike many books which have grown out of training courses, the Psychology of Price has successfully made its way into the book form, and this is largely due to the author's inspired use of narrative to take us there. The Chocolate Teapot Company is weirdly plausible, but it's the twist at the end which makes this a tale worth telling in its own right, rather than just a series of amusing fictional anecdotes.

I raced through this book, but you can also follow it more carefully using the charts and exercises as you work on your own products.

This is one of my top recommendations for business reading in 2013.
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By Dolphin #1 HALL OF FAMETOP 100 REVIEWER on 1 May 2013
Format: Paperback Vine Customer Review of Free Product ( What's this? )
A very engaging discourse on consumer perception of price and how this can inform pricing strategy. This is more a 'thought provoker' than a primer on the subject and I felt that some of the applied examples were rather lightweight. However, as a catalyst for challenging my attitudes and as a prompt for internal discussion on how we approach the subject I found it very useful.

It is very easy in business to see cost from the perspective of the seller and Caldwell encourages one to work back from the angle of the buyer. The concepts he expounds are not profound or novel but did enlighten in the way that something only seems obvious once it is expressed. Very worthwhile to stimulate strategic thinking and with a helpful bibliography for anyone who needs to read to a greater depth on the subject.

Caldwell's training was as a mathematical economist and he runs a business advising on price modelling. He therefore knows how to apply the concept and my sense that the examples were lightweight is probably the product of his efforts to communicate what are abstract concepts. Overall, he achieves this effectively. Recommended for anyone who runs a business or who works for a business at the interface between marketing and finance.
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By Rosey Lea TOP 1000 REVIEWERVINE VOICE on 17 Mar. 2013
Format: Paperback Vine Customer Review of Free Product ( What's this? )
I'm self employed, so pricing is of vital importance to my work. Price too high and you're out of the market, price too low and you're avoided as `there must be a catch'. It's difficult.

This is an okay book if you've never, ever considered the effects of pricing on your business, or played around with added value concepts, but the information presented is quite limited and basic. I get the impression it's been written for both the UK and US markets in one go, so has had to remain quite non-specific.

The book moves along through the story of a fictitious company, so a lot of the book is given over to the made-up narrative of that company. There are very few factual "Company X did this and they achieved Y" examples, or citations of real research, you just get told that fantasy company followed the author's advice and their fantasy business flourished. Not exactly real world proof...

My other concern is that the author is winging it a little in some areas. The story of the florist who wanted large corporate business, and achieved it through asking strangers on LinkedIn is so utterly ridiculous it's laughable. (As a florist I can tell you there's only one way - You walk in uninvited with a whacking great showpiece arrangement.)

Some interesting points to consider, but not enough evidence or fact to make me act on the advice directly.
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Format: Paperback Vine Customer Review of Free Product ( What's this? )
I came to this book via Rory Sutherland who's done some good talks on value. He quotes Ludwig von Mises who said, 'Value is subjective'. You can't distinguish when you go to a restaurant, the value created by cooking the food, from the value created by sweeping the floor.

I then started looking for a book that told me more, and this has turned up trumps. By coincidence, Rory Sutherland is quoted on the cover.

This book explains in great detail how perceptions influence our willingness to pay a premium for products. I've been self-employed for 12 years, but this book is helpful because it explains what I've always suspected and observed, but it helps me act with greater confidence when I'm planning my sales. The only downside is that the fictional example that drives the book is 'chocolate teapots' - a product concocted from a mixture of liquid chocolate and tea leaves. As someone who loathes the experience of the branded coffee chains, the thought of such a sickly soup made me queasy while reading.

Also, having read books on how to manage your money better, I find that this book applies all the techniques that get us into debt in the first place. Didn't some form of hyperbolic discounting cause the credit crunch?

Nevertheless, this is an essential book for anyone involved in selling. It's easy to follow and structured in a way that makes the points clear and digestible. Going round the supermarket I can spot all the techniques in action. The book uses storytelling in an effective way, and it's supported by online resources available on a website. The last chapter was a bit of a surprise, but it gave me a fresh perspective on what business is ultimately about.
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