A cognitive bias whereby an individual’s decisions are influenced by a particular reference point or ‘anchor’. – Wikipedia
Relevance in CRO
The funny version: telling someone a big price first so that they think the lower price is a good deal, even if it isn’t, which it’s usually not.
The slightly more serious version: Making something sound more attractive (and thus incentivizing purchasing behavior) by presenting a less attractive data point first. Strikethrough pricing, as-low-as pricing, monthly vs. yearly subscription costs, SAAS pricing tables, etc. are all examples of price anchoring.
- Pricing Experiments You Might Not Know, But Can Learn From – CXL
- Anchoring Effect – CRO Tool
- How to Leverage The Price Anchoring Effect – Invesp
- How to use pricing psychology to motivate your shoppers – Wider Funnel