When I first started going to 5Rhythms ecstatic dances, money was a bit tight.
Paying $18 every Sunday for 90 minute of movement felt kind of extravagant.
Until I compared it to the amount of money I was paying for therapy sessions at the time ($95 for 60 minutes).
Each dance gave me just as much healing and well-being as a session with my therapist.
But the dance was WAY more affordable.
Nothing actually changed, but in my head, when I anchored the price of dance to the price of therapy, it felt like a steal.
When selling things, you can use this “anchoring” principle to help people perceive more value in your offer.
For example, StoryBrand might inform a business that a day-long private marketing workshop with Donald Miller costs $50,000.
That sets the anchor in the prospect’s mind.
Then they tell them an in-person group workshop that covers similar material costs $3,500. That both seems like a good deal, and sets another anchor.
Now they inform the prospect that the online version of that workshop is $995. What a steal!.
Oh, and that self-based set of online courses you can access for $275/year? Peanuts!
The anchoring effect is one reason it’s smart to have multiple offers at different price points, including a super-premium offer like that $50k day with Don Miller.
You might not sell very many of them, but they’ll help you sell more of whatever the “standard” things are.
But you don’t only have to anchor to your own offers. Remember: Dance seemed cheap compared to therapy.
So: On your next sales call (or on your next sales page), what anchor could you set for people that helps your offer seem SO valuable?
PS – Not sure where to focus next in your marketing? Take the StoryBrand free marketing assessment report for some detailed advice. (Then we can chat about it!)
PPS – Are we pals on LinkedIn yet? If not, why not? Connect with me!
This post was originally sent as an email to the Magic Words of the Week newsletter list. Every week, I share reflections on a word, quote, or phrase I think will help you thrive in your life’s work.