At MDRG, we’re always looking for different ways consumer opinions are shaped that they might not be aware of. Understanding these biases isn’t just an academic pursuit for us—it's essential. Anchoring, one of the most powerful cognitive biases that influences consumer decision-making, is a principle that shapes how we evaluate options, often without our conscious awareness.
Essentially, anchoring is our tendency to rely heavily on the first piece of information we encounter (the "anchor") when making decisions. Once an anchor is set, subsequent judgments and decisions are made in relation to this initial reference point. This happens regardless of whether that anchor is relevant or even rational.
For companies seeking genuine consumer insights, ignoring anchoring effects can lead to seriously flawed research outcomes. Here's how we harness our understanding of anchoring to deliver more accurate and actionable research.
When testing price sensitivity or willingness to pay, the initial prices shown to respondents can dramatically skew results. By carefully designing studies that account for anchoring effects, we help clients understand true price thresholds rather than artificially anchored responses.
Here’s an example. Rather than presenting a standard price ladder, we might employ multiple starting points across different respondent groups, allowing us to isolate and measure the anchoring effect itself—valuable information for pricing strategy development.
The order of questions, the examples provided, and even the scales used can all create powerful anchors that influence responses.
Good market research accounts for this by recognizing potential anchoring points and structuring questionnaires that either minimize unwanted anchoring or strategically leverage it for deeper insights, such as through sequential price sensitivity testing or comparative experience benchmarking.
When evaluating new product concepts, the comparison set creates natural anchors. Is your innovative service being compared to premium alternatives or budget options?
By systematically rotating the order and type of competing products shown alongside your concept, we can isolate and measure how different competitive contexts shift customer perception of your innovation's value and uniqueness.
Understanding anchoring isn't just about avoiding research pitfalls—it's about gaining strategic advantages:
The most dangerous biases are the ones we don't recognize.
By partnering with a research team that brings behavioral science expertise to every project, you gain insights that go beyond what consumers say to understand the hidden influences on what they actually do.
Let's discuss how our behaviorally-informed research approach can help you make better business decisions based on how your customers really think—not just how they respond to surveys. Contact MDRG today!