Walk into any big-name luxury fashion brand and you will see t-shirts. Check the price of those t-shirts and you won’t believe how much they cost. (Here’s Prada, for example.)
Anchoring is the practice of pricing your low stuff high and your high stuff truly unreasonable in order to drive people to choose what you want them to choose. In either case, you’re usually disclosing your anchor first, in order to set expectations. By setting that anchor, you subconsciously telegraph what the rest of your work is worth. This is why our books are $50 and our calls are $500. If just an hour of our time is $500, suddenly $50,000 for fractional design work seems a lot more realistic, no?
So in this lesson, we’ll talk a little about the signals that your pricing page sets, and what you can do to increase average customer value by anchoring properly. By the end, you’ll have a sense of how to change your pricing page – and make sure your changes work.