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3 Price Anchoring Hacks

This section offers three ways to solve a problem. See more on Linkedin.com/in/ahern

Pricing anchoring sets the value of a product in your customer's mind. Customers have preconceived notions about your product or services. Price anchoring shows the buyer the value and why your sales price is better.

1. Sale Price Presentation

   To anchor the value of the product, the first price should be the higher retail price. The second price should be the current on-sale price. Test the placement of the percent or dollars off amount. For example, the sales percentage could follow the original price or be in an image to draw more attention.
   

2. Sale Price by $ or %
   The usage of a dollar amount or a percent off depends on the price of the product. Lower price products appear to be a better deal with a sales percentage. Stating the sale in dollars sounds like a better deal for higher-priced products. For example, a $4 product that is 25% off sounds like a better deal than $1 off. On the other hand, a $400 product that is 25% off sounds better with $100 off. You will need to test when to use dollars or percent. A general rule of thumb: items below $100 benefit from percentages.

3. Price Format
   The font and color of the price should always be tested. Red has a stopping effect which could be good or bad. Make the sale price and the percent of dollars saved equal or bigger but never smaller. Don't have the retail price too small; it gives the impression that you are hiding something. Other tests: underlining or having one price one color and the other price a different color. With all the variations out there, make sure to test that the message is clear and increases purchases.

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