Run time: 53 seconds


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Is anchoring working for you or against you?

In this mini-series on Nudge Theory we’re looking at anchoring this week and believe it or not, you may already be anchoring your potential customers.

Anchoring is the cognitive bias where the first piece of information we receive influences subsequent judgments and decisions. For example, if someone sees a shirt priced at £100 and then sees another at £50, the second shirt may appear inexpensive, even though £50 might still be costly.

To use this strategy, show your most expensive item first but, be careful because anchoring can sometimes backfire. For example, giving a free sample can be a strong marketing tool, but it might also set a low anchor in clients’ minds, lowering the value of your work over time.

To practice ethical anchoring, ensure all offerings genuinely reflect their true value. Unethical practices, such as artificially inflating prices or falsely claiming a higher previous price to enhance perceived value, will ultimately backfire.

Next week we’ll examine how social proof can support your marketing efforts.

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