One of the most important questions for any business is: how much should I charge? Economics has an easy answer – just look at where demand and supply meet. But the easy answer is wrong: choosing the right pricing strategy is a more complex affair. Should you compare your prices to a benchmark? Offer discounts or maintain an expensive premium image? What about the effect of changing the timing on a payment? And how does a customer’s personal and financial circumstances affect their willingness to pay?
Behavioural economist, Leigh Caldwell will be offering his views on how consumers think and purchase at SPVS VMG Congress 2020, demystifying a critical aspect of running a business, explaining the science behind pricing and how you can apply it to a service business such as veterinary practice.
Leigh is the author of The Psychology of Price, one of the leading books on applying behavioural economics to pricing strategy, published in the UK and in five languages around the world. He has given keynote talks at the Professional Pricing Society and has worked on pricing strategy for hundreds of businesses, from digital start-ups and freelance consultants, to BT and Lloyds Banking Group.
Originally a mathematician, Leigh founded one of Britain’s first web technology companies during the early commercialisation of the Internet. He co-founded the behavioural market research firm Irrational Agency in 2012 and continues to work at the forefront of scientific research into behavioural and cognitive science, including the new discipline of cognitive pricing.
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