Anchoring Retail Pricing Strategy
A similar, but slightly more subtle approach, anchoring helps the customer focus heavily on the first bit of information they see. The adage goes that the easiest way to sell a $2,000 watch is to place it next to one that costs $10,000. In other words, if you put premium items near standard options, the standard options suddenly seem like more of a deal. A bottle of 25-year Macallan placed near the $80 bottle of Oban suddenly makes the latter seem a lot more reasonable. This strategy focuses a lot more on simple price-based product placement rather than more advanced techniques like the examples discussed above. If you own a liquor store, give it a try and rearrange some products.
In a humorous example, Cheetos started a bit of trend when they launched a luxury store which featured some pretty serious swag, ranging from onesies and bronzer to gold cufflinks and a $20,000 pair of cheetah inspired earrings. Those certainly make a delicious $3 bag of Flamin’ Hot Cheetos seem a lot more reasonable.