The Psychology of Pricing (Daily Bits, Irrational Labs)
COURSE BY: Irrational Labs
FORMAT: Email and Facebook Messenger
TIME COMMITMENT: 5 minutes a day for 22 days
GREAT FOR: Product managers, designers and creators of products and services that are helping improve people’s well-being.
This email series delivers one concept, one study a day to your inbox. This is intended for product designers, managers or engineers who are building services or products that help people in positive ways. We cover studies on incentives, pricing, friction, value proposition and many more.
Have you ever been curious about questions such as:
- Why people get so excited about buying things that are in short supply?
- What causes promotions to drive short-term spikes in sales yet become counterproductive over time?
- When can offering a product for free actually be bad for the customer?
In 22 short and fun lessons, you will learn the answers to these questions as you are introduced to key concepts from the field of behavioral economics. You will get examples and exercises to help you take what you’ve learned and apply it to the pricing and promotions of different products and services.
If you choose to apply any of these insights within your company, we ask that you answer one question before making any changes: “Will this make people better off?’ This simple rule of thumb will help ensure you’re making changes that improve your customer’s bottom line as well as your company’s.