How can you use anchoring to win sales negotiations?

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Negotiating a sale can be challenging, especially when you face tough customers, fierce competitors, or uncertain markets. How can you gain an edge and persuade your prospects to agree to your terms and value your offer? One powerful technique is anchoring, which is based on the psychological principle that the first piece of information we receive influences our perception of the rest. In this article, you will learn what anchoring is, how it works, and how you can use it to win sales negotiations.

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Dr Katherine Bean PhD CEng

Acting as the bridge between Sales & Marketing as a Consultant, Coach, Mentor & Trainer | Author | Speaker | Innovator…
Suresh Seshadri

Head Of Marketing
Deepak S.

Business leader with 20+ years of experience || Start ups || PnL || Sales -B2C & B2B || Zero -1 || 1- n || Building…

1 What is anchoring?

Anchoring is the tendency to rely too much on the first number or fact that we encounter when making a decision or judgment. For example, if you see a shirt marked as $50, but then you see a discount sign that says 50% off, you might think that $25 is a great deal, even if you don't know the actual quality or value of the shirt. The original price of $50 serves as an anchor that makes the lower price seem more attractive and reasonable.

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Deepak S.

Business leader with 20+ years of experience || Start ups || PnL || Sales -B2C & B2B || Zero -1 || 1- n || Building teams || Growing revenue and connecting people...
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I think the previous buying experience/habits also plays a vital role in decision making. For example - I would buy a shirt from a certain brand, material at say x price and when I am buying next, I would compare the brand's , material and the pricing say Y for the next buy. If all variables are equal and the value for money is more ie Y is less than X all other things like material and brand being equal the anchoring will come into play !

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William P. Young

Young Marketing Insights, LLC
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If a Customer's volume expectation is unreasonable, telling them a number well below Reality, helps to reset their expectations. Expectations always need to be discussed and honestly addressed. Better to lower expectations and hopefully overperform, than to just agree in orde to get the business, then fail and be gone... Good Customers will value Honest feedback.

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2 How does anchoring work in sales?

Anchoring works in sales because it sets the expectations and frames the conversation for your prospects. By presenting a high initial offer, a compelling statistic, or a strong testimonial, you can influence how your prospects evaluate your product or service and compare it to other options. For example, if you are selling a software solution, you can anchor your prospects by mentioning how much money they can save or earn by using your solution, or how much better your solution is than your competitors'.

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Suresh Seshadri

Head Of Marketing
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I think the benchmark is very important. The comparision has to be, an apple with an apple. If the anchor price is too high any amount of discount over that may not win the sale.

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Deepak S.

Business leader with 20+ years of experience || Start ups || PnL || Sales -B2C & B2B || Zero -1 || 1- n || Building teams || Growing revenue and connecting people...
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Anchoring should be done at the right stage of decision making. The solution should be sold on the basis of the solution to the problem/burning need of the customer. Anchoring can be used during the negotiation stage as a deal sweetener.

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Allan Nasoro

Manager at First Capital Bank | Leader | Banking
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One thing i have also found useful, is sharing how your product or service has helped similar kind of businesses. When the prospect sees how the solution has helped, they evaluate the solution favorably.

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3 How can you use anchoring effectively?

To use anchoring effectively, you need to do three things: research, communicate, and adjust. First, you need to research your prospects and their needs, goals, challenges, and preferences. This will help you determine what kind of anchor will resonate with them and what range of prices they are willing to pay. Second, you need to communicate your anchor clearly and confidently, using facts, figures, stories, or visuals that support your claim. You also need to explain the value and benefits of your offer, not just the features or functions. Third, you need to adjust your anchor depending on the feedback and reactions of your prospects. If they accept your anchor easily, you can stick to it or even increase it slightly. If they reject your anchor or counter with a lower offer, you can negotiate and make concessions that still leave you with a profitable margin.

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4 What are some examples of anchoring in sales?

Anchoring can be used in various contexts and for different products in sales. For instance, if you are selling a subscription-based service, you can show the annual plan first, which has a higher total cost but a lower monthly cost, before displaying the monthly plan. This will make the monthly plan seem more affordable and attractive or encourage them to select the annual plan and save more money in the long run. Additionally, if you are selling a complex or customized solution, you can give them a ballpark estimate of the cost based on their requirements before providing them with a detailed proposal. This will prepare them for the final price and help prevent sticker shock or allow you to negotiate the scope and features of the solution to fit their budget. Moreover, when selling a high-end or luxury product, you can show them the most expensive or premium option first before displaying the cheaper or standard options. This will create a contrast effect and make the cheaper options appear more valuable and reasonable or justify the higher price of the premium option by highlighting its quality and exclusivity.

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Dr Katherine Bean PhD CEng

Acting as the bridge between Sales & Marketing as a Consultant, Coach, Mentor & Trainer | Author | Speaker | Innovator - Supporting Entrepreneurs, Startups, Scaleups, Business Professionals and Growing Businesses
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A classic case of anchoring is when you present three different options to solve the same wants, needs, pains, and fears. Typically, it works with an expensive option with all the bells and whistles, most people don't need all the options. Then at the other end, is the cheap option which is good enough, but bare bones. Then in the middle, the one that you want to sell. The one with enough of the good stuff at a price that makes sense. This is the one with the best margin and the one you want to sell the most of. The other two, are there to show the value of the preferred sales package. The anchoring works, by showing the best and worst at the same time. This is often called end anchoring and choosing the middle option becomes comfortable.

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5 What are some pitfalls to avoid when using anchoring?

Anchoring can be a powerful tool, but it can also backfire if used incorrectly or unethically. To avoid pitfalls, start with a reasonable and credible anchor that reflects the market value and your competitive advantage. This anchor should also reinforce your value and differentiation, as well as show how your solution can help prospects achieve their desired outcomes and solve their problems. When used strategically and ethically, anchoring can create a positive impression, build rapport, and help you win sales negotiations by influencing prospects' perception and decision-making.

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