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Anchoring

Understand Your Buyer > How To Engage > Anchoring

What is it?

The first piece of information we read is often our reference point and becomes an “anchor” for us.

Why does it work?

It works because it provides an opportunity to structure how a client understands the information you present. If the first piece of information is a high price and then you are offered a low price, the lower price seems more reasonable as it’s been presented in more context.

 

 

How can you use it?

Anchoring is often used in pricing. If you have a £5 product and a £50 product, by presenting the £50 product first and then the £5 product, the lesser priced product feels much better value. Similarly if you have a £5, £25 and £50 product, presenting the £5 first and then the other prices, will make them feel “more expensive” as your anchor point was set at £5.

 


 

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