To inspire you, here are five masterclasses in anchoring you can learn from:
1. The Black Pearl Pivot
In the 1970s, ‘Pearl King’ Salvador Assael couldn’t give Tahitian black pearls away.
People called them ‘metallic marbles.’ They had no history, so they had no value.
Instead of discounting them, Assael went to the legendary jeweller Harry Winston.
He convinced Winston to place the pearls in his Fifth Avenue window, nestled between diamonds and rubies, with a massive price tag.
The Takeaway: By physically placing them next to established ‘ultra-luxury,’ he anchored their category. Overnight, they became expensive treasures.
2. The $30,000 Cookie
On The Tonight Show, Johnny Carson asked a record-breaking Girl Scout the secret to her success.
Her strategy was genius:
“I would ask people if they would give a $30,000 donation to the Girl Scouts,” she said. When they inevitably said “No,” she followed up immediately: “Well, would you at least buy a box of cookies?”
The Takeaway: $5 for cookies feels like a lot until you’ve just turned down a $30,000 request. The initial ‘No’ paved the way for the ‘Yes.’
3. The Fish Without Chips
In 1991, Damien Hirst priced a shark in formaldehyde at a ‘ridiculous’ £50,000.
The press mocked him with the newspaper The Sun, famously running the headline: “£50,000 for fish without chips.”
But Hirst wasn’t looking for a quick sale; he was setting an anchor.
By positioning his work at an elite price point while he was still unknown, he forced the art world to treat him as a celebrity artist.
The Takeaway: When that same shark was sold to hedge fund manager Steve Cohen for $8 million years later, it felt like the natural evolution of the high-value brand Hirst anchored decades prior.
4. The Pittsburgh Trap
Anchoring isn’t just a sales trick; it’s a cognitive bias we carry with us.
Researchers Uri Simonsohn and George Loewenstein found that when people move to a new city, they ‘anchor’ on the prices in their old zip code.
Someone moving from cheap Lubbock, Texas, to expensive Pittsburgh will often try to keep their old monthly payment, even if it means living in a much worse house.
The Takeaway: Your customers aren’t just comparing you to your competitors; they are often anchored to what they paid last time.
5. The Steve Jobs Price ‘Drop’
When the iPad launched, the ‘pundits’ expected a $999 price tag.
Jobs put $999 in giant font on the screen and left it there for several minutes while he talked.
Then, he revealed the actual price: $499. The $999 stayed on screen, literally being crushed by the lower price.
The Takeaway: He didn’t compare the iPad to a $300 netbook. He compared it to the expectation of its own price, making a premium product feel like a 50% discount.
To sum up, anchoring is just one of many psychological tricks that can persuade customers.
In our Behavioural Economics course, we give you the full toolkit to influence your customers and give you an edge over the competition.
More info on the course below. 👇👇👇
Chris & the 42courses team x
