A gallery owner is in a quandary. He has one painting that is un-sellable. No one has bought it since past 3 months that it has been on the wall. People appreciate the painting. They praise its vibrant use of colors and strokes. But when they hear its price they shrink away. |
People advice the gallery owner to reduce the price of that painting. But the gallery owner doesn't budge. Instead, he commissions another painter to create a new painting with the same style and colors - but to make that painting on a much bigger canvas.
When the big new painting is completed, the gallery owner showcases it right next to the original un-sellable painting. And values it at almost double the price of the original painting.
Do you know what happens next? The original painting that didn't sell for 3 whole months is now sold within a day.
People don't make buying decisions in a vacuum. They compare it with other available alternatives. In this case, they would now gush over the big new painting. But hearing its price, they would balk. Then they would see a smaller painting with similar style and buy that without a further thought.
Anchoring & Decision Making (Advanced Persuasion Tactics) - Non Toxin