TEST IDEA #12: DECOY EFFECT
The ??decoy effect?? cognitive bias is similar and ties into the previously mentioned ??anchoring?? bias. When combined, these two effects can help you persuade your customers that the pricing plan you prefer is the best one. When targeting the ??anchoring?? bias you show your visitors a much more
expensive option first, so then every other price looks affordable. But with the ??decoy effect??, you introduce a final or third option that is less expensive than the first option you showed, but still more expensive than your main plan and customers will be more inclined to choose the pricing plan you
want to sell.
SCIENCE BEHIND THIS IDEA
Not surprisingly, humans tend to have a hard time making up their minds. Your customers struggle with this too, but you can help nudge their decision making process by changing the way you present your options to them. If you frame your pricing options the right way, you can easily lead them to the conclusion that the pricing plan you want to sell is the right one.
Make sure that your prefered package is in the middle of 3 possible options, while the third and final one is clearly much more expensive and less cost efficient than the middle one. This way you?ll trigger the ??decoy effect?? psychological bias. When your customers see how much more they can
save and gain by picking the option you are highlighting, they won?t have a hard time making up their minds. Especially if the first option you are showing is much more expensive than the second and third options, you will be setting their expectations about what is affordable and what is a ??steal?? because you?ll also be triggering the ??anchoring?? cognitive bias.
What to test
Variant A, or your current pricing page, showcases two different packages with similar prices and is not doing anything to help your customers make a quick decision. Variant B, or the test version, contains three different options and follows the advice we gave on how to trigger the ??anchoring??
and ??decoy effect?? biases. The first option is clearly much more expensive than the middle or the final one. The middle option is your prefered package and the one you want to sell, while the third one is the ??decoy?? and is less expensive than the first one, but more expensive than the second.
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