Example 1: Putting overpriced items on the menu first

Anchoring bias is a powerful effect that can help you sell, present or negotiate better – if you know how to use it. Learn how from 12 examples of real-life uses of anchoring.

Article content:

1. Definition of anchoring bias
2. Anchoring examples in price perception
3. Anchoring examples to increase sales
4. Anchoring examples in meetings
5. Anchoring examples in estimating numbers
6. Anchoring examples in negotiations
7. Summary

Definition of anchoring bias

Anchoring bias is our tendency to rely on the first piece of information we encounter. Such information serves as an anchor, and we adjust our next decisions around that reference point.

Anchoring bias affects our daily decisions, including purchase decisions and the important decisions we make at work. Continue reading →