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PSYCHOLOGICAL MARKETING TECHNIQUES - 1/10 Anchoring Effect The anchoring effect involves presenting a higher-priced product first to make other options seem more affordable. This psychological bias causes consumers to rely heavily on the first piece of information (the anchor) when making decisions. For example, a luxury brand might showcase a $1,000 handbag first, making a $300 option seem reasonable in comparison. Restaurants often use this by placing expensive dishes at the top of the menu, making other items appear more reasonably priced. This strategy subtly guides consumer perception and influences purchase behavior. The key is to carefully set the anchor price to frame subsequent options attractively. Brands like Apple do this effectively by introducing premium models before standard ones, driving sales toward more affordable, high-margin products. Businesses can use anchoring to increase average order value and position products strategically without appearing manipulative. Visit Ronak Patel for more.
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“Anchoring Effect: The First Price You See Changes Everything” The Anchoring Effect is a cognitive bias where people rely too heavily on the first piece of information (the “anchor”) they see when making decisions — especially in pricing. Businesses
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“Mine to Keep: How the Endowment Effect Makes You Value What You Try” The Endowment Effect is a psychological bias where people value things more once they own them—even if ownership is brief. Businesses use this to increase attachment and perceived
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Familiar Wins: How Repetition Builds Brand Trust Through the Mere Exposure Effect” The Mere Exposure Effect is a psychological phenomenon where people develop a preference for things simply because they are familiar with them. In business, repeated
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“Brilliance by Association: How the Halo Effect Elevates Brands and Sales” The Halo Effect is a cognitive bias where our overall impression of someone or something influences how we feel about their specific traits. In business, this plays out when
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“Set and Selected: How the Default Effect Quietly Influences Customer Choices” The Default Effect is a psychological bias where people are more likely to go with pre-selected or automatic choices, simply because it requires less effort. Businesses u
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