Pricing Vault
The Price Tag
Using Behavioural Economics to Improve your Pricing Strategy | Ep.1 The Price Tag | Manuel Wätjen
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Using Behavioural Economics to Improve your Pricing Strategy | Ep.1 The Price Tag | Manuel Wätjen

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/

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Pricing Vault
The Price Tag
In this series of interviews, we talk about all things monetization with the world's top pricing experts. We go deep into software pricing and packaging – all the way from strategic best practices to actual implementation and optimization.
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