A Matter of Taste
The Gallo brothers were one of the pioneers in the Californian wine industry. They are now the largest family owned wine business in the world. But it was not always this way.
Ernest Gallo once called on a customer in the midst of the depression. He gave him a tasting test, one from a 5c a bottle wine (this was the depression) and the other from a 10c bottle. After tasting both, the customer chose the 10c bottle.
Of course the wine in both bottles was the same, but the customer did not want to be associated with the idea the he was someone who drank cheap wine, and perceived a difference in taste for his preferred product even though there was none.
“They always buy the 10c wine,” Earnest Gallo said. With wine it comes down to the label and reputation of the vineyard.
In your market place, do you have competitors with fancy labels that conceal 5c plonk, and your truly superior vintage is being left on the shelf? What are you doing to become reassuringly expensive?
Changing the label is just one way to get the price you deserve, but the best results occur by using multiple strategies. After all, if just changing the label was all you had to do, there would be no wines on the bottom shelf.
Learn the Secrets of Pricing at www.IncreaseYourPrices.com.au.
All you need to do now is to Empower yourself and take action …
May Your Business Be – As You Plan It.
Dr Greg Chapman – The Profit Whisperer
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