The $10 latte experience [& it wasn't holiday surcharge]
Food for thought 🎂☕️
People will pay ALWAYS pay for an experience that they truly see value in (even if they don’t have the immediate cash - they’ll find a way - read more on buying with emotion here)
Exhibit A - Take this coffee for example from a cafe in Harajuku, Japan
Customers pay an additional $5 just to have custom latte works done.
Yep, an ADDITIONAL $5 on the price of a latte!
While its cute, it’s not exactly a super detailed piece of art, and the taste isn’t being used as a selling point either.
The important takeaway here is that their customers don’t just want coffee, they want an experience ✨
When you provide an experience, people will not only pay but travel to the location to LINE UP and wait for the opportunity.
When you TRULY deliver for your customers - the dollar signs become relative to the value they see.
As Elon Musk says - "you are paid in direct proportion to the problems you solve"
(I talked more about this on a recent episode of Full Spectrum Education's Flashcast Series)
Some problems some may be life-changing
Others may be as simple as putting a smile on their face on the way to work.
Experience is where the real value comes to play.
I’m not saying you need to bedazzle your offer with jewels and gimmicks.
But I believe we all need something to separate ourselves beyond any other market commodity - we need to create our own real estate in our prospects mind.
When customers say "it’s too expensive" try reframing it to yourself as "I haven’t shown them enough value yet"
We need to ask ourselves - "What do they need to feel, see, or hear when pre, during, and post sale"
What can you do to provide a more valuable experience, or what can you spend more time talking about? [outcomes instead of product attributes].
Instead of frantically discounting to generate volume, take a step back and evaluate your message...
This all flows from how you develop your Unique Value Proposition and inject it into your messaging across all of your marketing campaigns.
Most of the time it’s not even a large change, just a small pivot in communication and presentation.
In summary - decisions are not really made on price alone (that's the surface level), it has everything to do with perceived value and expected outcome - let me know if you have any questions on how to build on this :)
Zac
Ps. before I go, if you naturally err away from the side of ‘selling’ - then have a quick read of this...
"When you understand the value of what you do, and the experience and outcome your customers really desire, then selling is not ‘sales’ it’s an ‘obligation to provide a solution"
That in itself, is a game changing shift.