I am passionate about pricing – some friends call this passion “borderline crazy”. Paired with a curiosity for counterintuitive questions, I feel a burning motivation to contribute to the academic marketing and pricing community with original research.
Business value from academic research
But I believe I can add more (economic) value when I disseminate academic research findings to managerial decision-makers. Transferring “ivory tower research” to business realities became my mission – in classroom settings with students and one-on-one discussions with managers, business owners and consultants. (“Markus, we have a problem with our pricing/margin/sales… What do you think about…”). In many cases I found academic studies that had covered the specific use case already – but that these findings were widely unknown although published in the top league of academic journals. The realization how much value academic research – once known – can create for actual decision-makers, led to my new book: The Handbook on the Psychology of Pricing. In a nutshell: hundreds of papers were read and distilled into 100+ psychological effects on pricing and selling. I carved out the nuggets, the concrete managerial recommendations: no lengthy literature review, short summary on the theoretical background (to understand why effects work), only relevant experimental details (to understand the context how results were derived). But the spot is on “what do findings mean for decision makers” – like corporate managers, business owners, or for clients of marketers and consultants.
Testimonial that matters
Hence, I am really proud that I received a testimonial for my book from Brian Tracy, a successful entrepreneur himself, coach to thousands of business leaders and business owners, and an expert in selling. In his own words:
“Dr. Markus Husemann-Kopetzky has written a book that will be of immense, practical help to everyone involved in selling or price setting. The Handbook on the Psychology of Pricing clearly presents over one-hundred psychological pricing effects backed by solid research. This book is an absolute must-read for any business owner or marketer.”— Brian Tracy, Best-Selling Author “The Psychology of Selling“
If someone knows business and selling, Brian does. His testimonial means more than just warm words. For me this is the reality check, the litmus test that the book is actually providing value for businesses. Brian’s words are the badge of honor awarded by “businessmanship” (at least from my perspective).
What is this book about?
If you ask yourself questions like (1) which price ending (“0”, “5”, “9”, birthday number, number of favorite sports club,…) works best under certain conditions, (2) when you should partition or bundle prices and products, (3) how to present discounts in the most enticing way, (4) when and how to place decoy offers and (5) many more other questions – check out the Handbook on the Psychology of Pricing, you might find valuable nuggets of inspiration.