Ayer’s campaign for jewellery shop, De Beers, in the late 1930s suggested consumers spend 1 month’s salary on an engagement ring for their partner, this was later changed to 2 month’s salary in the 1980s due to the success of their first campaign. By doing this, De Beers created an anchor for consumer’s behaviour when buying an engagement ring.
In the final episode of our Behave! podcast, Richard Shotton and Will Hanmer-Lloyd go beyond pricing. They discuss how brands should frame their pricing and promotions and use storytelling to change a consumer’s perception of quality and value, and in turn how much they are willing to spend on a product.