In this episode, Dr. Kai-Markus Müller joins me to discuss and understand the psychology behind pricing models and pricing structure, and how to better frame legal fees.
Kai-Markus Mueller is a Professor of Consumer Behaviour at HFU Business School of Furtwangen University in Schwenningen, Germany, and Director of Pricing Research at Neurensics, Amsterdam. He previously founded and ran a start-up where he developed NeuroPricing™, a suite of neurotechnology-based methods to measure and model the optimal price – meanwhile acquired by Neurensics. Before, Kai gained experience both as a neurophysiologist at the US government and as a strategy consultant with an international management consultancy. He holds a PhD in neuroscience.
His work has been featured by the BBC, Forbes, Businessweek, ZDF, Der Spiegel and many more. His latest milestone is a book co-authored by top sales expert Gaby Rehbock titled “The Invisible Game – The Secrets and the Science of Winning Minds and Winning Deals”.
Kai-Markus gives listeners actionable tips on:
[4:00] The main mistakes lawyers make on discovery calls
[7:15] Does a ‘payment threshold’ exist?
[13:40] How to apply Kai-Markus’ research to attorney pricing strategies
[14:50] The price quality heuristic
[16:55] How to create perceived value without going too far
[21:15] Tips build reassurance and trust
[24:45] Changing value by how we frame things and understanding decoy pricing