ANCHORING BEYOND PRICING: HOW TO INCREASE YOUR BRAND'S PERCEIVED VALUE

Summary from the TLDR Marketing newsletter

The anchoring effect is when people depend too much on the first piece of information they get for decisions. De Beers, a diamond brand, exploited this principle by advertising “2 months' salary” as the appropriate price for a diamond ring, which provided an anchor to consumers who didn't know how much to pay for a diamond. Anchors can also be used to clarify positioning, such as “Netflix for books”. The category you market your brand in can also make a difference in how consumers perceive its value.