What determines the price of an item or service? How can we price things so that people want to buy them but also so that we feel it’s fair? Whether (like me) you’re in business and have to sell, or you’re negotiating a salary or looking to buy or sell a house or a car, pricing matters.My guest on this episode, Melina Palmer, is the author of a new book, The Truth About Pricing: How to Apply Behavioral Economics So Customers Buy (Value Based Pricing, What Your Buyer Values). She’s also the host of the Brainy Business podcast and has been on the show before (links below). TopicsIn our discussion, we explore:What makes effective pricing strategies in business and our personal lives;How psychology influences customer purchase decisions;The importance of storytelling and anchoring effects on price perception;How brand perception impacts the perceived value of products;Why a grilled cheese sandwich might be worth $214;How heuristics and cognitive biases help and hinder us as we buy and selling;The Challenges and complexities of pricing in the digital age; andThe relationship between price and identity and how we value items we purchase.and much, much more LinksTo find out more about Melina’s Brainy Business podcast and her work as a speaker, coach and trainer visit thebrainybusiness.comTo download free sample chapters from her books at brainy business.com/human riskFind her on LinkedIn https://www.linkedin.com/in/melinapalmer/To her her previous apparenace on this show: https://www.humanriskpodcast.com/melina-palmer-on-using-behavioural/On the show, we referred to: The book Blindsight: The (Mostly) Hidden Ways Marketing Reshapes Our Brains by Matt Johnson and Prince Ghuman: https://www.goodreads.com/en/book/show/52225003The $214 Grileld Cheese Sandwich: https://www.cnbc.com/2017/10/25/most-expensive-grilled-cheese-in-the-world-from-serendipity-3.htmlThe Virgin Mary sandwich: https://www.miamiherald.com/news/local/article223941560.html

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