Invisible Marketing Series - Framing to Influence Decisions
Now that you have your triggers in place, it’s time to revisit framing. Do you know what your customers are thinking about? Do you know what influences their decisions? Framing is about giving comparisons that make it easy for customers to assess your value and making it easier to purchase from you. Watch the video to learn about a type of framing known as anchoring.
We tend to rely too heavily on one trait or piece of information when making decisions. We refer to this as anchoring. One form of anchoring you see daily, is pricing. Many brands price items higher around the item they want the buyer to purchase, all to give the buyer the illusion of a good deal.
Example – The Economist’s Subscription Models (2011)
1. Web – US $59.00 One year subscription including online access to all articles since 1997
2. Print – US $125.00 One year subscription to the print edition
3. Print and Web - $125.00 one-year subscription to print edition and online access to all articles since 1997.
Notice how the second offering makes little to no sense? Why would anybody pay the same price for just the print when you can pay the same price for both print and web? This is how anchoring is used to give potential clients the feeling of a ‘bargain’ when they’re shopping for products. Framing is all about the value, not the price.
Stay tuned for next week's issue - 'The Endowment Effect'