#6: The psychology behind effective pricing

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#6: The psychology behind effective pricing

FromNudge

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Length:

22 minutes

Released:

Jun 22, 2019

Format:

Podcast episode

Description

Did you know that removing a $ sign from a menu increases the amount consumers buy? In this episode I chat to Sybil Yang who explains the psychology behind pricing, how to organise the most effective menus and why charm pricing shouldn’t be ignored.

Sign up to the mailing list: https://www.nudgepodcast.com/mailing-list

Released:

Jun 22, 2019

Format:

Podcast episode

Titles in the series (100)

Learn the science behind great marketing. Every bite-sized 20-minute show comes packed with practical advice from admired marketers and behavioral scientists. Nudge is fast-paced but still insightful with real-world examples that you can apply - this is not your average marketing podcast.

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#10: Time to stop targeting “millennials”: Marketers are constantly told stories about how a brand targeted millennials with great success. But is it a smart tactic? In this episode I chat to best selling author Richard Shotton who explains that consumers aren’t really changing and to influence them we need to think beyond simple segmentations like ‘millennials’.  Link to Richard’s book: <a href="https://amzn.to/2ZtvLcB">https://amzn.to/2ZtvLcB</a> Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
19 min listen
#9: How to nudge people into voting, buying and recycling: “How do you plan to get to the polling booth?”. This phrase can swing voter turnout by 9% and ultimately change the outcome of an election. To figure out why I chatted to bestselling author Steve Martin about the powerful consistency principle.  Link to Steve’s book Small Big https://www.amazon.com/small-BIG-changes-spark-influence/dp/1455584258 Sign up to the mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
18 min listen
#3: Why marketers want to know your habits: Did you know that companies spend millions trying to discover when customers have kids? In this episode I chat to best-selling author Richard Shotton about the power of habit. He explains how life events encourage purchases, why those aged 49 are more likely to run a marathon and how Sainsbury’s used habitual marketing to generate billions in revenue. Link to Richard’s book https://www.amazon.com/Choice-Factory-behavioural-biases-influence/dp/085719609X  Sign up to the mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
24 min listen
#19: Why marketing is vital, not a nice to have: "Can’t products sell themselves?” Most marketers will have heard a variation of this question throughout their careers, but is it true? In this episode, Phil Barden, author of the bestselling consumer psychology book Decoded, explains the importance of marketing. He talks about why we spend 3x more on Starbucks than Greggs, how a product’s packaging changes perception and why marketing is more important than many believe. Phil's book Decoded: <a href="https://amzn.to/2EXoIMl" rel="ugc" target="_blank">https://amzn.to/2EXoIMl</a> Phil's agency Decode: <a href="https://decodemarketing.com/en" rel="ugc" target="_blank">https://decodemarketing.com/en</a> Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
26 min listen
#18: 8 nudges you need in 2020: In this special end of year episode we take a look back at the most important nudges shared on the show in 2019. Listen to learn about the most successful advertising campaign of the 20th century, the easiest way to sell more cookies and the simple sales tactic that improved revenue by 20%. Sign up for the mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
25 min listen
#6: The psychology behind effective pricing: Did you know that removing a $ sign from a menu increases the amount consumers buy? In this episode I chat to Sybil Yang who explains the psychology behind pricing, how to organise the most effective menus and why charm pricing shouldn’t be ignored. Sign up to the mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
22 min listen
#2: Five highly effective negotiation tactics: Let’s say you're trying to negotiate a pay rise at work. Do you know what to say, how to say it, or even when to say it? Most of us have no idea. In the episode best selling author, Steve Martin, talks through 5 effective tactics for getting the best deal in a negotiation. Sign up to the mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
21 min listen
#26: Why do 80% of product launches fail?: According to HBR, 80% of new product launches fail. But why? Could it be because the frameworks and models marketers implement aren't fit for purpose? Or perhaps because our understanding of what works might not be right? In this episode Richard Chataway, vice president of BVA Nudge Unit UK and author of Behavior Business, explains the mistakes most marketers make and how to avoid them.  Link to Richard's book: <a href="https://amzn.to/2TyIfuE" rel="ugc noopener noreferrer" target="_blank">https://amzn.to/2TyIfuE</a> Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
25 min listen
#4: How social proof reduces theft and doubles sales: One line of text has helped the UK government save billions in unpaid tax, helped pubs sell 2x more beer and stopped hikers stealing endangered petrified wood. In this episode Steve Martin explains how social proof can dramatically influence consumers and how brands use it to great success.  Link to Steve’s book The Small Big: https://www.amazon.com/small-BIG-changes-spark-influence/dp/1455584258 Sign up to the mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
17 min listen
#17: How marketers alter our behavior: One of the best marketing campaigns of the 20th century encouraged millions of Americans to brush their teeth. It is lauded as incredibly effective, but was it ethical? Helping us understand the ethics behind habit-shifting marketing is Nathalie Nahai. In this episode, she explains how habits change and the ethics behind where to draw the line.   Link to Nathalie's book Webs of Influence: <a href="https://amzn.to/2QC5va3">https://amzn.to/2QC5va3</a>  Link to Nathalie's podcast: <a href="https://bit.ly/2r68c9i">https://bit.ly/2r68c9i</a>  Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
19 min listen
#24: How to nudge within your business: What simple tricks make call centers more effective? How do Amazon, Google and Netflix increase product usage? And what can private organizations learn from governments when it comes to behavior science? In this episode Richard Chataway, Vice president of BVA Nudge Unit UK and author of Behavior Business, explains how the world's leading governments and organizations use nudges within their work, and tips you can follow to do the same.  Link to Richard's book: <a href="https://amzn.to/2TyIfuE">https://amzn.to/2TyIfuE</a> Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
24 min listen
#16: What makes a good website?: Most of us have experience creating a website. Whether it’s for work, a personal project, a wedding or a charity fun run. But do you know the psychology behind why one site is more effective than another? In this episode, best-selling author and international public speaker Nathalie Nahai condenses years’ worth of research to reveal what makes a good website.   Link to Nathalie's book Webs of Influence: <a href="https://amzn.to/2QC5va3 ">https://amzn.to/2QC5va3 </a> Link to Nathalie's podcast: <a href="https://bit.ly/2r68c9i ">https://bit.ly/2r68c9i </a> Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
22 min listen
#5: The science behind distinctive advertising: There are simple rules that make brands stand out, but most marketers and advertisers dismiss them. In this episode Richard Shotton will explain the science behind distinctive marketing and why so many brands fail to capture our attention.  Link to Richard’s book https://www.amazon.com/Choice-Factory-behavioural-biases-influence/dp/085719609X  Sign up to the mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
24 min listen
#1: How music affects what we buy: We know music can make us happy or sad, but did you know it can change the type of wine you buy? In the first episode of Nudge, we chat with Adrian North who has studied how music affects what consumers buy. Listen to learn: How music can change the products we buy. Why ads change narrators to improve product recall, and how a gym used music to keep people working out for longer. Sign up to the mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
24 min listen
#28: Coronavirus: How to change the behavior of a nation: The last few months have shown that unprecedented changes to human behavior and habits is possible. But how was it achieved? Some countries chose a hard, enforced approach, while some were more lenient. In this episode we take a look at how the UK has changed behavior. We’ll look at the messaging the government used, the adverts that worked, the opportunities available and the problems we still face.  John Drury’s blog: <a href="https://bit.ly/2XoKiDT ">https://bit.ly/2XoKiDT </a> UK government’s Easter weekend advert: <a href="https://bit.ly/2UVg3Tw ">https://bit.ly/2UVg3Tw </a> UK’s Covid-19 designs overtime <a href="https://imgur.com/koj5lpA ">https://imgur.com/koj5lpA </a> Richard Chataway’s blog: <a href="https://bit.ly/2Vd9SsU ">https://bit.ly/2Vd9SsU </a> Professor Chris Witty TV ad: <a href="https://bit.ly/2VkuWh4 ">https://bit.ly/2VkuWh4 </a> Rog by Nudge
19 min listen
#21: The science behind improving your productivity: Only 8% of us in the UK feel engaged by our jobs and the majority of us say we’re say we feel burned out in our roles. The modern workplace is actually less productive and more stressful than before. So what’s the solution? In this episode best selling author and podcast award winner Bruce Daisley talks through the optimal amount of hours to work per week, the science behind taking a lunch break and the differences between a productive and unproductive office. Bruce’s book Joy of Work: <a href="https://amzn.to/35vgjuB ">https://amzn.to/35vgjuB </a> Bruce’s podcast Eat Sleep Work Repeat: <a href="https://eatsleepworkrepeat.com/ ">https://eatsleepworkrepeat.com/ </a> Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
23 min listen
#23: How to make your writing more effective: Whether we like it or not, writing is a vital part of our jobs. It's the way we communicate, negotiate, convince and ultimately work. If your writing isn't persuasive, you won't be very good at convincing others. In this episode I chat to Joanna Wiebe who explains how to create effective writing that persuades others. Breakthrough or bust blog: <a href="https://bit.ly/2P3WF3s">https://bit.ly/2P3WF3s</a> CopyHackers site: <a href="https://copyhackers.com/">https://copyhackers.com/</a> Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
28 min listen
#7: How the UK government nudges British people: The UK governments contains a team of 60+ behaviour scientists in charge of nudging the country. They tweak HMRC letters, JobCenter scripts and road signs on the M6 all to nudge British people in the right directions. Listen to hear the success they’ve had and what the private sector could learn. Sign up to the mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
16 min listen
#27: Understanding customers during times of uncertainty: Due to Covid-19, consumers across the globe have different priorities. Their needs, concerns and fears have changed over night. So, how should marketers continue their work without sounding out of touch or irrelevant? In today’s show I’m joined by Joel Klettle, founder of Business Casual Copywriting. We cover why attempting to understand consumers before you start marketing to them is more important now than ever. Link to Business Casual Copywriting: <a href="https://businesscasualcopywriting.com/">https://businesscasualcopywriting.com/</a> Sign up to my mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
22 min listen
#13: What makes products like Instagram so addictive?: What’s the first thing you do in the morning? If you’re like 79% of Americans, the first thing you’ll do is check apps like Instagram, Facebook or Twitter. But what makes these products so addictive? What differentiates them from thousands of similar products? In this episode I chat to best-selling author Nir Eyal about the science behind habit forming products. Link to Nir's book Hooked: <a href="https://amzn.to/2OrXjbe">https://amzn.to/2OrXjbe</a> Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
25 min listen
#40: What Makes A Great Story?: What do Star Wars, oil spills and eBay descriptions have in common? They help us understand what makes communication great. In this episode, neuroscientist Dr. Matt Johnson and marketing expert Prince Ghuman discuss the power of storytelling in marketing and the brilliant campaign that encourages millions of Americans to start paying for bottled water. <a href="https://www.amazon.co.uk/dp/B07ZKZ5DWF" rel="ugc noopener noreferrer" target="_blank">Blindsight book</a>. getbook.at/blindsight <a href="https://www.popneuro.com/neuromarketing-bootcamp" rel="ugc noopener noreferrer" target="_blank">Sign up for Prince and Matt’s neuromarketing bootcamp</a> https://www.popneuro.com/neuromarketing-bootcamp <a href="https://www.youtube.com/watch?v=LpJvuPOG40M" rel="ugc noopener noreferrer" target="_blank">TED Talk on Neuromarketing</a> https://www.youtube.com/watch?v=LpJvuPOG40M <a href="https://www.youtube.com/watch?v=l1DmFPPVtRE" rel by Nudge
26 min listen
#14: How to stop getting distracted: Ever find yourself at work, desperate to finish an important project, but seemingly getting nowhere? My guest, Nir Eyal used to experience that a lot. Then he started to look at the science behind distraction and what you can do to stop it. In this episode, Nir explains how to stop getting distracted, why open plan offices don’t work and how Slack created a distraction free workplace. Link to Nir's book Indistractable: <a href="https://amzn.to/2W13eWN">https://amzn.to/2W13eWN</a> Sign up to our mailing list to never miss an episode: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
21 min listen
#45: 3 Crucial Lessons for Entrepreneurs: There’s endless advice for entrepreneurs out there. It's overwhelming. With so many success stories it’s hard to know who to follow. In this episode, I debunk many of those stories and reveal the real science behind success. I’m joined by Melina Palmer, host of the Brainy Business podcast and we discuss three lessons, backed by science, that every entrepreneur should know. <a href="https://thebrainybusiness.com/podcast/">Melina’s podcast, Brainy Business:</a> <a href="https://thebrainybusiness.com/podcast/">thebrainybusiness.com/podcast/</a> <a href="https://thebrainybusiness.com/courses/">Melina’s courses and certifications:</a> <a href="https://thebrainybusiness.com/courses/">thebrainybusiness.com/courses/</a> <a href="https://www.nudgepodcast.com/mailing-list">Sign up to the Nudg by Nudge
23 min listen
#20: Debunking a marketing myth: As marketers, we are constantly told to change a consumer’s attitudes. Gurus often call it the key to long term success and cite examples from mammoth organizations like Nike, saying “they changed attitudes towards running”. But is it good advice? Should marketers focus on changing attitudes? In this show, my guess Phil Barden, suggests a different route. He talks about why changing behaviors is easier and more effective than changing attitudes, sharing diverse examples from organ donations to cafeteria designs.  Phil's book Decoded: <a href="https://amzn.to/2EXoIMl ">https://amzn.to/2EXoIMl </a> Phil's agency Decode: <a href="https://decodemarketing.com/en ">https://decodemarketing.com/en </a> Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
21 min listen
#30: The science behind great adverts: The best adverts are the ones that make us cry, or laugh, or both! Right? Well not quite. In this episode, Phil Barden, author of the best selling consumer psychology book Decoded, explains the science behind adverts that really work, why emotion is important but not everything, and gives an analysis of the best ad from 2019. Phil's book Decoded: <a href="https://amzn.to/2EXoIMl">https://amzn.to/2EXoIMl</a> Phil's agency Decode: <a href="https://decodemarketing.com/en">https://decodemarketing.com/en</a> Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
28 min listen
#41: The irrational way we perceive food: We’re obsessed with food. We spend more time creating it and more money on it than we ever have before. But do we love the actual taste of what we eat or simply how it makes us feel. In this episode I’m joined by Eve Turow-Paul, a globally recognized expert on food. We discuss our modern-day obsession with food, our irrational views of what we like, and studies that show how marketing distorts our perception. <a href="https://www.amazon.com/Hungry-Avocado-Instagram-Influencers-Connection/dp/1948836971">Eve’s book Hungry</a>: <a href="https://www.amazon.co.uk/Hungry-Avocado-Instagram-Influencers-Connection/dp/1948836971">https://www.amazon.co.uk/Hungry-Avocado-Instagram-Influencers-Connection/dp/1948836971</a> <a href="https://eveturowpaul.com/">Eve's website:</a> <a href="https://eveturowpaul.com/">https://evetu by Nudge
27 min listen
#11: What makes someone more convincing than others?: Some people are just more convincing than others. People laugh more at their jokes, they're better at finding partners, and ultimately they get paid more. Understanding what makes these people more convincing is something my guest has spent years studying. In this episode, I chat to Joseph Marks who explains why taller people get elected more, how attractive people receive higher pay and why expensive cars don't get honked at.  Link to Joseph's book Messengers: <a href="https://amzn.to/2maUW0z">https://amzn.to/2maUW0z</a> Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
26 min listen
#25: Coronavirus: The psychology behind panic buying: The world is panic buying. The UK’s largest supermarket has capped sales of essentials, Kiwi shoppers are spending 40% more YoY, and some Malaysian consumers have spent 800% more on hand sanitizer. But why does it happen? What can psychology tell us about this behavior? And more importantly, is the response from corporations and governments correct? Find your local food bank: <a href="https://www.trusselltrust.org/get-help/find-a-foodbank/">https://www.trusselltrust.org/get-help/find-a-foodbank/</a> Sign up to the mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
19 min listen
#8: The power of scarcity and why less is more: You’re influenced by scarcity, even if you don’t notice it. In this podcast Richard Shotton explains why marketers love scarcity, why so many Airbnbs contain pianos, and why cookies taste better when they’re the last in the jar.  Link to Richard’s book https://www.amazon.com/Choice-Factory-behavioural-biases-influence/dp/085719609X  Sign up to the mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
20 min listen
#15: What VR reveals about a consumer’s mind: Does the weather dictate where students choose to go to university? In this episode, Dr Alastair Goode explains how our brain developed, why we take shortcuts when making decisions and how VR reveals when we stop noticing ads.  Check out Gorilla in the Room: https://gorillaitr.com/  Sign up to our mailing list: <a href="https://www.nudgepodcast.com/mailing-list">https://www.nudgepodcast.com/mailing-list</a> by Nudge
25 min listen

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#6: The psychology behind effective pricing

#6: The psychology behind effective pricing

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