Anchoring bias is a cognitive bias that causes us to rely too heavily on the first piece of information we are given about a topic.
When we are setting plans or making estimates about something, we interpret newer information from the reference point of our anchor, instead of seeing it objectively.
For example, to apply the anchoring bias, give the original price of a product/service, and then cross it out. The customers will see how much they gain with that particular discount.
For example: “Yesterday: $500. Now: $250” (by the way, mind it that “now” is more dynamic than “today”, too).
Giving the new, smaller price right next to the old, bigger one makes it look more attractive.