How to Leverage The PriceAnchoring Effect (With Examples)
When crafting a high-converting landing page for your business (be it eCom, SaaS, or B2B), you could use a couple of price principles.
Top of that list is the price anchoring effect.
As the name implies, price anchoring is a psychological principle that refers to how people use a reference point to judge the value of something, especially concerning price.
This principle is based on the idea that people tend to judge value based on relative comparisons to other things rather than on an absolute value.
We all have come across it at some point. Whenever you see a discount with “$90 slashed and $50 standing unslashed″, the $90 is the price anchor for the $50 sales price.
Price anchoring is a powerful psychological principle that is used by marketers and salespeople to influence consumer behavior and encourage purchases.
By providing a reference point, or anchor, marketers can shape consumers’ perceptions of value and pricing, making subsequent prices appear more attractive or less expensive in comparison.
In our article, we go deeper into the details of price anchoring with relevant examples across several brands.
https://www.invespcro.com/blog/price-anchoring/
If you've used price anchoring in any of your products, pls share how it turned out for you.
