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128 - Melina Palmer on the Psychology of Why Prices Stick (or Fail). Can You Charge More—By Saying Less?
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Melina Palmer, an applied behavioral economist, discusses how to sell to the brain, not just the buyer. Her core message revolves around understanding the subconscious drivers of purchasing decisions, emphasizing that price is often secondary to emotional and psychological factors.
She uses the “cookie” analogy to illustrate how appealing to the subconscious (the “elephant”) through sensory experiences and compelling narratives is more effective than direct, logical sales pitches (the “rider”).
Palmer debunks common pricing myths, advocating for a clear brand identity (value vs. quality) and consistent messaging aligned with consumer motivations (social proof, scarcity, etc.). She emphasizes the importance of storytelling, consistent brand messaging, and iterative pricing strategies to build brand loyalty and improve sales.
Highlights
🍪 The “Cookie” Analogy: Illustrates the power of subconscious emotional triggers over conscious, rational decision-making in purchasing. Appealing to the senses and creating a desirable experience is key.
🧠 Understanding Subconscious Motivations: Focuses on leveraging psychological principles like social proof, scarcity, and loss aversion to drive purchasing decisions beyond simple price comparisons.
📈 Pricing is a Process, Not a Fixed Number: Advocates for iterative pricing strategies based on data analysis and customer feedback, emphasizing the ability to adjust prices based on testing and market response.
🤔 Myth Busting: Dispels the myth that lower prices always boost sales, highlighting the importance of brand positioning (value vs. quality) and how higher prices can sometimes increase desirability.
🗣️ Consistent Brand Messaging: Stresses the importance of a unified brand message across all platforms to build trust, memory, and ultimately, sales. Inconsistent messaging creates cognitive dissonance and hinders purchasing decisions.
Melina Palmer is known for translating brain science into business success. As the Founder and CEO of The Brainy Business, she helps global brands—from Fortune 500 giants to high-growth startups—decode the hidden psychology behind why customers buy and employees buy in.
Jagged with Jasravee is facilitated by Jasravee Kaur Chandra. Jasravee has over 20 years experience as a Strategic Brand Builder, Communications Leader and Entrepreneur. Email Jasravee at [email protected]
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