I don’t know if you’ve ever seen any of the videos from the “Try Guys,” who were formerly a part of Buzzfeed, but I find the ones where they try food at all different price levels very interesting.
Why? Because, even though the Try Guys didn’t intend this, it reveals that the same product can be priced at extremely different prices.
What’s the difference? It all has to do with:
- The context in which you offer the product
- The way you prepare the product
- The ingredients or elements you use
- How you present the product
Watch the video through the pricing lens and see what lessons you can learn about pricing from it…
$3 Sushi Vs. $250 Sushi
Some Additional Thoughts on Pricing
The point of showing this video isn’t to suggest that you should only or always price your products or services at the highest level you can.
The point is to remind you of some important things about price that you might not realize or have forgotten:
- The price you have chosen for your product or service is much more elastic than you’ve assumed. That means your prices aren’t out of your control.
- The price you have chosen for your product or service is impacting the kinds of customers that you are attracting. That means that your pricing is a part of your marketing!
- If you’re marketing campaign isn’t making enough money to be profitable, you can probably raise your prices slightly without any negative consequences. In fact, you might be surprised and see positive results!
What Lessons Did You Learn About Pricing?
What prices did you learn about pricing from this video? I’d love to hear them. Comment below or contact me and let me know!
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