Manuel Wätjen is an Executive Board Member at Vocatus - a behavioural science powered pricing and selling consultancy. In his 13 years at Vocatus, he has developed pricing strategies and sales concepts leveraging behavioural economics for organizations of all sizes. Whether its strategic customer segmentation, brand positioning, development of products and pricing models, training and coaching of sales organizations - he has done it all.
In this 30 minute episode we speak about how you can use principles and effects of behavioural economics to strategize and implement your pricing.
Manuel talks about
how different types of consumers make purchase decisions,
how you can influence buying decisions using behavioural economics,
why discounts are like drugs
and so much more.
In this episode we cover:
(00:00) Manuel’s background
(03:40) What is Behavioural economics? Why do we make irrational decisions?
(07:54) Psychological biases and effects to account for while creating your pricing strategy
(19:46) How to increase the Willingness to Pay number that prospects have
(24:54) 5 categories of consumers and how they make purchase decisions
(32:00) How to create discounts, who you should give it to and when
(36:39) Lightning round
How to reach Manuel: LinkedIn: https://www.linkedin.com/in/manuelwaetjen/
Subscribe to Pricing Vault
Get pricing tips, deep dives on pricing and monetization strategies right to your inbox!