Want to make more money doing what you do? Try using Price Anchors. The principle is that we all rely too much on the first piece of information that we receive. So when it comes to pricing, anchor high. Say a big number first. This number is usually considerably higher than the number you intend to say.
Here’s an example of how we use it. I will often tell clients that our minimum level of engagement is $100k. This is regardless of what the task is.
Once we start talking about their goals, motivations and determine what they need, they have been conditioned to think it will cost around 100k. So any number I say that is around $100k will seem very reasonable.
Conversely if the client says they only have $30k before I have the opportunity to bring up the budget, now, I’m stuck thinking about a number that’s not too far away from $30k. See how anchors work? Give it a try. When you’re successful, just remember where you learned this from.
If you’re not confident talking about money, I recommend using precise numbers. The client will think you really put thought into it. When you become more confident use round numbers for the exact opposite reason. It says to the client “it’s the price if you want to me.” They can’t detect a formula to negotiate against.
If you want more, I’ll be doing workshops on Pricing Strategies. Check the last slide for dates. Check the Futur’s FB page for more info.
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#ADDRESS - Indra Nagar road, near CNG pump
#WHAT - Peppy Paneer Cone Pizza
#PRICE - Rs 70
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