Summary
- People are willing to pay $10 for ice when it is made special by embedding flowers, even though it tastes the same as regular ice.
- The value in this ice isn't from taste but from the unique experience it offers to diners.
- Marketing isn't just about the product you sell; it's also about the unique experiences you can create around it.
- You can charge more and increase profit margins by making your offerings novel and unique.
- Restaurants are using special ice cubes to create a unique experience and justify higher prices.
- Consider how you can present your product in a novel, unique, and limited way to increase its perceived value.
- Making something seem exclusive can make it more appealing and successful than a widely accessible product.
Video
How To Take Action
Easy Ways to Stand Out and Increase Value
Create Unique Experiences
I would suggest thinking about how you can make your product or service feel special. Just like the ice with flowers, you don't need to change the product itself, just how people experience it. Consider adding a little twist that makes your customers feel like they're getting something exclusive.
Focus on Storytelling
A good way of doing marketing is by weaving a story around your product. Tell your customers why it's special or how it can be part of a memorable experience. Share why you started your business or the journey behind a product's creation.
Use Limited Editions
Think about offering limited editions of your products. Like making the special ice feel rare, a limited-time offer can increase interest and excitement. This could be a special packaging or a unique flavor only available for a short time.
Explore Creative Packaging
Consider how your product is presented. Unique and creative packaging can set your offering apart and make it more appealing. Something that looks different catches people's eyes and can create a memorable experience.
Focus on Customer Interaction
Engage with your customers by interacting in fun and unique ways. This doesn't have to cost much—think of a quirky questionnaire on social media or a fun fact tied to your offering. This attention makes customers feel valued and part of something special.
Experiment and Iterate
Finally, I recommend trying different ideas and seeing what sticks. The key is to keep things fresh and interesting while learning what excites your customers the most.
Full Transcript
did you know people are paying $10 for ice what's the difference well that's not $10 ice they're actually putting flowers inside that ice and Mission star restaurants are paying for it how does it taste the same as this free ice the real difference is the experience see marketing is not just about what you're selling it's about the experience people are having if you can make it novel and unique you can get people to pay more and increase your margins this is why restaurants all over New York are paying for $10 ice cubes now now the key that you need to think about with your marketing is how can you position in a way where it seems novel unique and more importantly limited if it's not out there where everyone can easily do it it's more likely to be a success versus something that everyone easily has access to
