In order to achieve higher sales, a red wine company hired a
team of people from product planning company to plan the packaging for their
products. During their discussion, both parties had some argument regarding the
pricing of the products.
The red wine company thinks that the prices set by the
product planning team are way too high. However, the person in charge of the
product planning team answered: “You shouldn’t have hired us if you want to
sell your products in their original prices.”
The PIC then has his statement proven by telling the red
wine company an example: How much could a mug be?
Strategy One
Selling the value of the product itself, you can only sell
it at RM3.
If you see it as an ordinary mug, put it in an ordinary
store, and sell in in an ordinary way, the highest price you can reach is
probably RM3. This is where you can go without innovation.
Strategy Two
Selling the cultural value of the product, you can sell it
at RM5.
If you add some trendy design onto the mug, you can sell it
at RM5. Your mug is now having a cultural value, in which customers willing to
pay for it.
Strategy Three
Selling the value of the product brand: RM7.
If you put a logo of a well-known brand on the mug, it could
be sell at a price of RM7. People always willing to pay for branded things,
this is how you market your products by using their brand’s value.
Strategy Four
Selling the group value of a product: RM15.
If you group three mugs together, put some design on them
and make a heart-warming family packaging for them, you may sell them at RM50
per set.
With this idea you can outstand your competitors even though
they are selling the same mug in a cheaper price.
Strategy Five
Selling the additional function of the mug: RM80.
If you found that this mug is made of magnetic materials,
you can sell it at RM80 by promoting on its magnetotherapy function.
Strategy Six
Selling the mug by targeting on market segmentation: RM188/pair.
If you give these therapeutic mugs a couple packaging and target
them on couples, you can definitely sell them at RM188. Couples who cracking
their head to think of the birthday present of their partners will thank you
for solving their troubles.
Strategy Seven
Market on the packaging value of the mug: RM238/pair.
If you separate the couple mugs set into three types of packaging:
(1) normal packaging at RM188/set, (2) special packaging at RM238/set and (3)
luxury packaging at RM288/set.
When it comes to sales, you will notice that the hot selling
item is not the normal packaging but the special packaging with the price of
RM238/set. This is how you play with the packaging value.
Strategy Eight
Selling the commemorative value of the mug: RM2000!
If this mug ever used by Hu JinTao or Obama, you can sell it
at RM2000 by marketing on its commemorative value.
