Price Anchor

Besides setting your price at a very attractive price point, there is one more trick many large retail stores use. It’s called Price Anchorage.

Ever heard of a conversation such as this: “Normally our standard price is $300, but today we have a special promotion price of $199”. Wow! What a good price don’t you think?!

Actually, no. We would feel the price is attractive because we just anchored what we thought was the original price at $300. We got anchored by the price.

Now, it doesn’t matter if the original price is truly $300 or not, what matters is you felt the price is cheaper. And that’s what we can implement on our online store too.

Always anchor your price when situation permits. Always put a higher price, let your customer see it, and then show them the lower price. For example:

Normal Price: $300
Current Price: $199!!

Effective, don’t you think?