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Ronak Patel
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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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