Price Psychology: The Psychology Behind Setting Legal Fees with Dr. Kai-Markus Müller

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 [32:40] Kai-Markus’ book review [36:00] One big takeaway from this episode Resources mentioned in this episode: Noise by Daniel Kahneman Connect with Kai-Markus here: https://twitter.com/neuropricing https://www.facebook.com/kaimarkus.mueller https://www.linkedin.com/in/kaimarkusmueller/ www.kai-markus-mueller.com Connect with me Instagram Pinterest Facebook Twitter Karin on Twitter Karin on LinkedIn Conroy Creative Counsel on Facebook https://conroycreativecounsel.com    Learn more about your ad choices. Visit megaphone.fm/adchoices