It’s on sale… it’s a deal!
Last night during our Decision Laboratory class, we played our What’s the Bias game. We discussed how our brains process all that information we receive every second of every day.
Our brain categorizes information inputs using a processing system called heuristics, which is wonderful. It saves us so much time and effort. But sometimes things get misfiled. That glitch is a cognitive bias. You may have heard of stereotyping and that’s just one of hundreds of biases.
There’s one bias – the Anchoring Bias – that really lit me up last night. Marketers use biases to manipulate you, and all of us, to hook you emotionally or feel like you’re missing out in order to get you to buy things.
We’ve all seen sale items with prices slashed. Say something costs $197 but it has a big red slash through it and instead says, “It’s yours today for only $47!” We feel compelled to buy it because it’s such a good deal. What’s worse is oftentimes there’s “Buy it today! Limited supplies.” or a timer counting down how long you can get the deal; urgency is layered on the fear of missing out.
Advertisers anchor you to the number they show you first – $197 – so $47 feels cheap and it seems like a great deal.
So what is the antidote? I ask myself
- Would I buy this item for the sale price? What is the item worth to me?
- Is this something I actually want?
- What is it being sold for elsewhere? Is the ‘sale price’ even higher than the regular price somewhere else?
Step back, notice how you could be manipulated by how things are priced, and take charge of your decision making.
At Clarity4Action.org we have our price for coaching and classes… it’s what they cost… and no one’s turned away for lack of funds. You have options, too. You can be supported and pay less, or support others by donating extra. It’s up to you. But what you’re going to see from us is the truth about pricing without manipulation.
I hope this supports you in being proactive in your shopping and being mindful about what you’re buying and what it’s really worth to you.
I hope this supports you!