I was shopping the other day with the family and I walked passed something that caught my eye. It was Disney eggs. Disney takes a pack of eggs and stamps Disney characters on them and they have a hot product. A hot product they can charge more money for!
It’s just a pack of eggs with stamps on them! But as you can see from the picture they are charging $3.49 for them. That is quite a difference from just plain old eggs.
Just a simple stamp has added value to this product. And sure enough I see a mom walking by with her kid and the kid wanted those eggs. Mom looks at them, shrugs and puts them in the cart. Sold!
At one of the seminars I recently attended I was listening to Kevin Nations speak. He showed a slide of a head of lettuce and asked how we could sell that for more money.
The answer? He then shows a slide of bagged lettuce. The bagged lettuce is sold for almost 3 times the price but has less lettuce! It’s just that the work of peeling off the lettuce is now done for you.
A simple process has added more value to the customer who now is willing to pay more money for less product.
We spend based on what we perceive the value to be.
Wants Matter as Much as Needs
Sometimes we do not need to make a product better to charge more for it. It just needs to meet a demand. A demand is not always a need though. People do not need Disney eggs, but they want them. People do not need bagged lettuce, but it’s easier.
So when you are out there looking for your next niche, you can definitely count on meeting needs to be a good market. But sometimes it can be just as good to find a want to market to.
Maybe you can just take something and make it easier for someone.
The bottom line is that when you are looking to sell or create a new product, there are many reasons why someone would want it. Don’t just focus on what people need, many times those markets are over crowded. But to take a need market and turn in into a want like Disney did, is brilliant.
So how much can you going to charge for your eggs?