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Expose People to Any High Number in pricing Definition

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Did you know that nearby numbers can influence the reference price? In a study, researchers issued music DVDs on a boardwalk in West Palm Beach. Every half-hour, a nearby shopkeeper switched the price of a sweatshirt between €10 or €80.

Selling €80 sweatshirts turned out to benefit CD sales because it would make them appear to be more affordable.

You might also know this bias as the anchoring effect.

Table of contents:
  1. Anchoring effect
  2. Experiment

Anchoring effect

People took a look at the last two digits of their Social Security number in another study. If those digits were high, they were willing to pay a higher price for products.

This phenomenon occurs instinctually, even if researchers concocted a concealed experiment to manipulate the subject.

Experiment

Make sure to run experiments that show high numbers near your price:

  • 6.869 reviews
  • 10.000 customers
  • 8.792 available products

The greater the reference cost, the lower your real cost appears.

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