Mastering the Art of Anchoring in Pricing: Lessons from Real-World Negotiations

As a business owner, you’ve likely encountered your fair share of negotiations. Whether it’s setting prices for your services, discussing project budgets, or haggling over contracts, the art of negotiation is a critical skill. But have you ever considered the power of anchoring in these discussions?

Anchoring is a psychological phenomenon where the first number mentioned in a negotiation becomes the focal point for both parties. It serves as a reference point, influencing the final outcome. To…