In his brilliant book, Priceless – The Hidden Psychology of Value, William Poundstone has done a fabulous job of pulling together some of the best science about pricing.
Pricing can be a difficult subject to tackle and even more difficult to get right, both for a multi-million euro company or the local hairdresser.
Buyers are now more savvy. They have more options and they can very easily compare your price to the competition. Therefore their expectations are much higher. But if you get your pricing right then you can tap into the higher profits your business could be generating.
William Poundstone recognises pricing as a much richer subject than most people imagine. And he provides a truly eye-opening account of how the pricing of products affects how we think of them.
He shows how behavioural decision theory has revolutionised the pricing strategies of major corporations. The book also includes details of many fascinating behavioural experiments. And it’s packed with real-life examples of why pricing is so important and the tricks that companies use to sell their products and services.
It’s a book every business owner and manager should read and start testing the insights.
To read more about the book and the power of profitable pricing then please click here.