Post by pappu6826 on May 18, 2024 9:06:40 GMT
Elon Musk and price anchoring By Jim Connolly November price anchoring anchor price marketing Soon after taking control of Twitter Elon Musk announced that he was going to allow anyone to have a verified Twitter account for a monthly fee of . He knew he was never going to charge that much. He was simply using a very powerful marketing tactic known as price anchoring which I am about to share with you. Heres how price anchoring works Price anchoring is where an initial high price is attached to a product or service. Then a subsequent and much lower price is given as the actual price. Having focused on the price Musk originally announced the actual price in contrast looked more attractive.
As is often the case the late Steve Jobs provides us with a perfect example. Jobs used price anchoring when he launched the first Apple iPad. As he gave his presentation he said that the Hungary Phone Number pundits suggested a retail price of . Jobs went on to say that his team had managed to produce it for a retail price of just . The rest is history. Note You can watch the price anchor segment of Jobs presentation here. It runs for just over a.
The minute and a half and is a masterful example. Just about any product or service can be marketed using this tactic. The key is to determine your anchor price correctly. It needs to be high enough to seem realistically expensive. Thats what makes your actual price feel like such amazing value in comparison. Price anchoring works equally well for products or services and its equally effective when used in marketing or as part of a sales presentation. If youre not currently using this tactic as part of your marketing sales mix I recommend giving it a try.
As is often the case the late Steve Jobs provides us with a perfect example. Jobs used price anchoring when he launched the first Apple iPad. As he gave his presentation he said that the Hungary Phone Number pundits suggested a retail price of . Jobs went on to say that his team had managed to produce it for a retail price of just . The rest is history. Note You can watch the price anchor segment of Jobs presentation here. It runs for just over a.
The minute and a half and is a masterful example. Just about any product or service can be marketed using this tactic. The key is to determine your anchor price correctly. It needs to be high enough to seem realistically expensive. Thats what makes your actual price feel like such amazing value in comparison. Price anchoring works equally well for products or services and its equally effective when used in marketing or as part of a sales presentation. If youre not currently using this tactic as part of your marketing sales mix I recommend giving it a try.