Us Americans are busy buying fireworks and booze in honor of 4th of July.
I was shopping today to buy some high quality “works” when I noticed they had a
Backyard Bash $500 is a price anchor that causes people to spend more.
set called “Backyard Bash” for $500.00
It was the biggest package in the whole hut, over $700 worth of killer works.
My male complex was kicking in, ” i need this!” “Adam, you deserve this”.
I quickly then walked around to see that average price point for fireworks was around
$40.
Compare $500 to $40, and $40 bucks seems like a total steal.
In the marketing world, the $500 “Backyard Bash” is a price anchor. A price anchor is
an item/service that is costs way more than the average priced goods. It is the most
expensive thing, and it screams “Hey, look at me!”
A price anchor makes all the other comparitive prices seem like good deals.
A well done price anchor will increase your average point of sale.
Please strongly consider adding a price anchor to all your products/services.
Be Awesome!
Adam
{ 0 comments }