How to Use Price Anchors on your Website

Effective use of the price anchoring strategy on your website can work to influence the perception of your website visitors as to value and expenditure.

On a basic level, price anchors work by comparing one saleable good (i.e. a product or a service) side-by-side with another saleable good. The lower priced item instantly affects the value of the higher priced item in that a tangible comparison can be made. Different people will draw different things from this comparison. Some may perceive that the more expensive item is a superior item when viewed alongside the less expensive and cheaper option. Others may view the cheaper option as a basic product/service therefore perceiving the higher priced item as a more premium or enhanced product/service.

Applying Price Anchors to Products on your Website
On a webpage on your website, place an image of one of your products (let’s say a pair of sunglasses) to the left and another pair on the right. The left pair is to be the anchor to enhance the perception of the right pair. So how do you this? You have to list the prices for both pairs but justify the price of the more expensive pair on the right by transcribing more of the features and benefits of that pair. See the example below. Not only does this arguably justify the increased price, but it also shows potential customers what they are getting for their money.



Price: €99                   
100% UV Protection               
Available in a range of colours          
Choice of steel or aluminium frames       
Comes with a carry case              

Price: €199
100% UV Protection
Polarised for increased glare reduction
Scratch-resistant lenses    
Lightweight, comfortable steel frames
2 Year Guarantee
Available in a range of colours
Comes with a carry a case and cloth

Applying Price Anchors to Services on your Website
Applying price anchors to services on your website can be a little trickier than products as you cannot always visually show the service with an image in the same way that you can with a product. Yes pictures can show the difference in size, furnishings and amenities between hotel rooms; but pictures cannot show you the service and experience that you will feel and receive in the hotel itself; rather, they can only allude to it. Therefore for your pricing anchor when it comes to service, you will need to be more creative with the text and copy to distinctly compare your less expensive and more expensive offer.  See below:

Double Room: €129 per night           
Free Wi-Fi                   
Breakfast Included               
Option for late check-out (€20 fee)       

VIP Double Room: €179 per night
Free High-Speed Wi-Fi
Breakfast and Dinner Included
Option for late check-out  (free)

Talk to the online and digital marketing experts at Ireland Website Design about how to setup and implement pricing anchors and structures across your website. We use our extensive online and digital marketing knowledge to help you reach the aims and goals of your business website.
 

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