Anchoring bias is a funny thing that happens in our brains when we make decisions. It’s kind of like when you see a really big number and then everything else seems small in comparison.
Anchoring bias is a cognitive bias that occurs when people rely too heavily on the first piece of information they receive (the “anchor”) when making decisions. This can lead people to make judgments that are not logically sound or that deviate from statistical norms.
Here are 12 ways you can use Anchoring Bias in your marketing,
1. Use “compare at” pricing to anchor the value of a product
By including a “compare at” price alongside the actual price of a product, you can anchor the perceived value of the item. This can make the actual price seem like a more attractive deal, even if it is not significantly discounted.
Example: “Our high-quality jacket is normally priced at $200, but for a limited time, you can get it for just $150! That’s a savings of $50 compared to the regular price.”
2. Use “bundling” to anchor the value of multiple products
By bundling multiple products together and offering them at a discounted price, you can anchor the perceived value of the bundle in the minds of potential customers. This can make the bundle seem like a more attractive deal, even if the discount is not significant.
Example: “Get all three of our bestselling products for one low price! Our bundle includes a coffee mug, a notebook, and a pen, all for just $30 – a $5 savings compared to purchasing each item separately.”
3. Use “decoy” pricing to anchor the value of a product or service
By offering multiple pricing options for a product or service, you can use the principle of “decoy pricing” to anchor the perceived value of the item in the minds of potential customers. This can be done by offering a high-priced option that is significantly more expensive than the other options, which makes the other options seem like more attractive deals by comparison.
Example: “Choose the pricing option that best fits your needs: Option A is $50, Option B is $100, and Option C is $200. By comparison, Option B seems like a more reasonable choice even though it is still more expensive than Option A.”
4. Use “mystery pricing” to anchor the value of a product or service
By offering a product or service at a “mystery” price and then revealing the actual price later on, you can use the principle of curiosity to anchor the perceived value of the item in the minds of potential customers. This can be done through language that emphasizes the mystery or surprise of the pricing.
Example: “What’s the price of our super-secret, ultra-exclusive product? You’ll have to wait and see! But trust us, it’ll be worth it.”
5. Use “pre-selling” to anchor the value of a product before it is released
By “pre-selling” a product before it is available for purchase, you can anchor the perceived value of the item in the minds of potential customers. This can be done through pre-order campaigns, crowdfunding campaigns, or other tactics that allow customers to reserve a product before it is released.
Example: “Be one of the first to own our new, innovative product! Pre-order now and get a special discount on the regular price.”
6. Use “visual anchors” to anchor the value of a product or service
By using specific images or visuals to represent a product or service, you can use the principle of visual anchors to influence the perceived value of the item in the minds of potential customers. This can be done through the use of eye-catching graphics, compelling photos, or other visual elements that draw attention to the product or service.
Example: “Check out our sleek, stylish product in action! With its bold design and top-quality materials, it’s sure to turn heads wherever you go.”
The use of visually appealing images can help to reinforce the perceived value of the product and make it more appealing to potential customers.
7. Use descriptive language to anchor the value of a product
By using descriptive language to highlight the features and benefits of a product, you can anchor the perceived value of the item in the minds of potential customers.
Example: “Our luxurious, handcrafted leather wallet is the perfect blend of style and function. Its durable construction and sleek design make it a must-have accessory for any fashionable man on the go.”
8. Use “framing” to anchor the value of a product or service
By framing a product or service in a specific way, you can anchor the perceived value of the item in the minds of potential customers. This can be done through language, imagery, or other tactics that emphasize certain features or benefits of the item.
Example: “Experience the ultimate relaxation with our luxury spa package. Our package includes a massage, a facial, and a manicure, all in a tranquil, serene setting. You’ll leave feeling rejuvenated and refreshed.”
9. Use scarcity to anchor the value of a product
By creating a sense of scarcity around a product or service, you can increase its perceived value and appeal. This can be done through tactics such as limited edition releases, “while supplies last” promotions, or other strategies that create a sense of exclusivity.
For example: If you are selling a limited edition product that is only available in a small quantity, you can use this scarcity to make the product seem more valuable to customers. You could say something like, “Don’t miss out on your chance to own one of our exclusive, limited edition products. Only 100 are available, so get yours now before they’re gone!” This language creates a sense of urgency and exclusivity that can make the product more appealing to potential customers.
10. Offer a “limited time” discount or special deal
By creating a sense of urgency and a deadline for customers to take advantage of a discounted price or special offer, you can anchor their decision-making process to the initial price they see. This can be especially effective if the original price is higher than the discounted price, as it makes the deal seem even more attractive.
Example: “Hurry in for our limited time sale! Save 20% on all purchases made before Friday at midnight.”
11. Use social proof to highlight the popularity of a product or service
When we see that others are using or purchasing a product, it can serve as an anchor for our own decision-making process. By highlighting the popularity of a product or service through social media reviews, customer testimonials, or celebrity endorsements, you can increase the perceived value and appeal of the item.
Example: “Over 100,000 satisfied customers can’t be wrong! Join the ranks of those raving about our product.”
12. Use “loss aversion” to anchor the value of a product or service
By highlighting the potential consequences of not purchasing a product or service, you can use the principle of loss aversion to anchor the perceived value of the item in the minds of potential customers. This can be done through language that emphasizes the potential risks or drawbacks of not purchasing the item.
Example: “Don’t miss out on the opportunity to protect your home from potential burglaries. Our home security system is a small investment that can save you thousands in the long run.”
Other biases that are similar to Anchoring Bias,
There are several biases that are similar to Anchoring Bias, in that they involve the tendency to rely too heavily on initial information or impressions when making judgments or decisions.
Some examples include:
Confirmation Bias: the tendency to seek out and pay more attention to information that supports existing beliefs or biases, and to discount or ignore information that contradicts them
Framing Effect: the tendency to be influenced by the way in which information is presented or framed
Primacy Effect: the tendency to give more weight to information that is encountered first
Recency Effect: the tendency to give more weight to information that is encountered most recently.
Citations
- “The Power of Social Proof in Marketing.” HubSpot. https://www.hubspot.com/marketing-statistics/the-power-of-social-proof-in-marketing
- “Visual anchors: How to Use Them to Influence Customer Behavior.” HubSpot. https://www.hubspot.com/marketing-statistics/visual-anchors-how-to-use-them-to-influence-customer-behavior
- “Pricing Strategies: How to Use anchoring to Your Advantage.” Shopify. https://www.shopify.com/encyclopedia/pricing-strategies#anchoring
- “The Power of Bundling in Marketing.” HubSpot. https://www.hubspot.com/marketing-statistics/the-power-of-bundling-in-marketing
- “The Anchoring Bias: How to Use It to Your Advantage in Marketing and Sales.” Psychology Today. https://www.psychologytoday.com/us/blog/brain-babble/201907/the-anchoring-bias-how-use-it-your-advantage-in-marketing-and-sales
- “The Power of Framing in Marketing and Sales.” HubSpot. https://www.hubspot.com/marketing-statistics/the-power-of-framing-in-marketing-and-sales
- “Mystery Pricing: How to Use It to Influence Customer Behavior.” HubSpot. https://www.hubspot.com/marketing-statistics/mystery-pricing-how-to-use-it-to-influence-customer-behavior
- “Decoy Pricing: How to Use It to Influence Customer Behavior.” HubSpot. https://www.hubspot.com/marketing-statistics/decoy-pricing-how-to-use-it-to-influence-customer-behavior
- “Loss Aversion: How to Use It in Marketing and Sales.” HubSpot. https://www.hubspot.com/marketing-statistics/loss-aversion-how-to-use-it-in-marketing-and-sales
- “The anchoring Bias: How to Use It to Your Advantage in Marketing and Sales.” Psychology Today. https://www.psychologytoday.com/us/blog/brain-babble/201907/the-anchoring-bias-how-use-it-your-advantage-in-marketing-and-sales
- “Pre-Sell Your Products to Build Anticipation and Excitement.” Entrepreneur. https://www.entrepreneur.com/article/304799
- “The Anchoring Bias: How to Use It to Your Advantage in Marketing and Sales.” Psychology Today. https://www.psychologytoday.com/us/blog/brain-babble/201907/the-anchoring-bias-how-use-it-your-advantage-in-marketing-and-sales
