Anchoring Bias | How To Easily Charge More For Your Services
Price anchoring is exactly how you’re going to be able to price your product/service at 1,000% higher than your competitors.
There is something called the “Anchoring Bias”, which is our tendency to rely heavily on the first piece of information we receive when making decisions.
Millions have been made in retail from having price tags with the word “SALE” on them, causing us to think we’re getting a deal.
In this video, I’ll walk you through how to use pricing strategies like this inside of your business to charge more than your competitors.
Pricing your product or service can be difficult, but if you watch until the end you’ll understand exactly how to price at whatever amount you want and still get your prospects to buy.
A piece of advice is to however make these price anchors believable, if you’re selling to sophisticated buyers they will have the anchoring bias, but they aren’t going to be stupid.
Saying for example it would cost them $500,000 to hire a media buyer is an exaggeration and can break trust with the prospect, thus losing any chance of a sale.