Struggling with your conversion rate?
Consider trying price anchoring.
If you haven't heard of it, you've definitely seen it.
Let me explain 👇
** Price Anchoring Thread **
Consider trying price anchoring.
If you haven't heard of it, you've definitely seen it.
Let me explain 👇
** Price Anchoring Thread **
First, let's just start with what anchoring is.
Anchoring: the bias where you depend too heavily on an initial piece of information when making decisions.
Now Price Anchoring: the practice of establishing a price point that your customers can refer to when making a purchase.
Anchoring: the bias where you depend too heavily on an initial piece of information when making decisions.
Now Price Anchoring: the practice of establishing a price point that your customers can refer to when making a purchase.
There are two main applications that I see and use:
1) Comparison
If you're struggling to sell an expensive product, try creating a product even more expensive and placing it next to the original.
I used this a few years ago while running ads for a high end fashion company.
1) Comparison
If you're struggling to sell an expensive product, try creating a product even more expensive and placing it next to the original.
I used this a few years ago while running ads for a high end fashion company.
I was struggling to get any results until I started running ads to the collection page sorted by highest to lowest priced items.
The most expensive items established the price anchor.
Which then allowed the lower priced items to sell.
The most expensive items established the price anchor.
Which then allowed the lower priced items to sell.
Another comparison method is showing an example of a competitors product that is similar but more expensive.
Here's a few examples:
Here's a few examples:
2) Creating a Middle Tier
People tend to avoid extremes.
So, whatever price point you want to sell create an option below and above it.
The majority of users will flock towards the middle option.
People tend to avoid extremes.
So, whatever price point you want to sell create an option below and above it.
The majority of users will flock towards the middle option.
Hope you guys enjoyed this thread!
If you have any questions, feel free to comment them down below.
Thanks,
AA
If you have any questions, feel free to comment them down below.
Thanks,
AA
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