folder Filed in Marketing Strategies
Persuasive Pricing through Price Anchoring
By Ronnie Nijmeh comment 0 Comments access_time 2 min read

Here’s a lesson in price anchoring psychology.

First, let me ask you…

What is worth more to you:

a) Regular: $299.99   Today: $79.99

or…

b) Regular: $99.99   Today: $79.99

Lemme guess… you picked (a) right?

Right.

Well, friend, you are susceptible to something called price anchoring.

We all are.

That $299 sticker value makes the product seem MORE valuable, even if the sale price is the same as the $99 deal.

In fact, the $99 product could be IDENTICAL to the $299 product in every way… but it doesn’t seem like such a “deal” at $79 does it?

Yeah we all fall for it… me included.

Actually, it just happened to me yesterday.

I was at a big department store downtown Toronto. And I somehow accidentally made my way to the “designer” clothing section. The first sweater I saw was $225.

TWO HUNDRED TWENTY FIVE dollars for something that looked like it could also be sold at any other shop for $30 bucks.

Then I saw another shirt, different designer… for $79.99. The quality felt great, the design looked even better… I tried it on, it fit well. So I thought I’d ask if it was on sale…

Sure enough, it was… It was $53 and change.

Now I bring this up because the price anchor in my head was $225. Then it was $79.99. And when it came in LOWER than that price anchor, I felt like I was getting an INCREDIBLE deal.

But really, if I was in any other store and the average shirt cost $50… I wouldn’t be getting a deal at all, right? (Right.)

(And, yes, I bought the shirt.)

So what can we learn from this for our own biz?

  1. Juice up your value by including REAL WORLD “anchors” that can show just how valuable your offers are. For example, something that has a real cost to it or has a high perceived value could be added as a bonus or as part of your offers.

  2. Always list your “regular” price, then strike it out so it appears like a large savings. Even include the percentage savings or the dollar value of the discount to emphasize the value.

  3. On occasion it can be helpful to anchor your price by showing proof of the regular price. A screenshot or a link to the live web page are a couple ways of doing this.

So there you go. Start anchoring your pricing. It works. 

To your success,

Ronnie Nijmeh
PLR.me

P.S. Speaking of price anchoring… My Video Marketing and Sales Letter Secrets templates are usually $67 (It really is.)

But today, it’s only $47. Go check it out.

 

anchor marketing strategy persuasive pricing price anchoring pricing strategy