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In any negotiation, somebody is anchoring (and at least trying to anchor), whether as a buyer or as a seller. Consciously or unconsciously. Anchoring.- The cognitive bias where you stick to the first piece of information received. Said piece of info will serve as an “anchor” to the next one. Money talking, how you get a “better” or “worse” deal. As a buyer, you’re (usually) trying to go on the most economically efficient way. You want to get a better deal and spend the most reasonable to what you can spend. As a seller, you’re (usually) trying to capture the most from what your customer can spend. So, when you’re selling, you want to anchor high. It makes things easier to understand for your customer, and simpler to make a decision on what’s next. Trying to go on adding things on top of it makes your customer perceive that for every extra thing they’d want, the financial pain will increase as they have to pay more. “This is $ 7000. And if you want this other thing, $ 500 more. Oh! And this other thing, $28 more. And this….” Anchoring high, on the other end (pun intended), gives them a better sense of control. “This is $ 36000. All included. Now, if budget is top of mind, you can go for $ 8000.” How do you anchor? |