Digital psychologyAttention001

Anchoring

The first number people see becomes the reference point for every number after it.

What it is

When people estimate a value they do not know, they start from whatever figure is in front of them and adjust from there, and they rarely adjust enough. The starting figure does not have to be relevant, or even a price. Once it has been seen, it pulls every later judgement towards it.

The research

Students asked to multiply 1 x 2 x 3 up to 8 in five seconds estimated a median of 512. Students given the same sequence in reverse, starting with 8 x 7 x 6, estimated 2,250. The true answer is 40,320. The first numbers they saw set the anchor.

Tversky and Kahneman, 1974

How to use it

Lead with the top tier

On a pricing page, show the most expensive plan first. The plans that follow read as bargains against it.

Anchor low when the gap is small

If two plans are close in price and far apart in value, list the cheaper one first so the better plan looks like an easy upgrade.

Show the value before the price

A line such as "worth $1,200 in agency time" placed above a $300 fee sets the anchor high before the fee appears.

Use quantity anchors

A "limit 6 per customer" or "most people buy 3" sets an expectation of how many to take, and average basket size follows it.

Related

Sources that shaped this entry: Digital Psychology, growth.design, Kolenda.io.

Let’s bring your idea to life

Tell me about your business and what you want digital marketing to do for it. I’ll come back with an honest view on whether I can help.

Or reach me directly at ben@compoundgrowth.au