Pastries and Squishy Price Strategies

"For $100, those with expensive taste can sink their teeth into a flashy 24-karat gold-covered cake decadently doused in Cristal champagne icing at Manila Social Club" in Brooklyn, NY.

Yes! Some crazy (like a fox) pastry chef is selling doughnuts made with actual gold.

And people are eating it!

There are lots of potential lessons here. Let's talk just about one: premium pricing.

This "blinged-out bite of sugary heaven" is intrinsically valuable. Gold has been selling over $1,250/ounce all week. One of the ingredients is Cristal champagne, which goes for $150 per bottle. Plus, it takes the chef 90 minutes to make a single doughnut.

Bencivenga would remind us that the pen is mightier than the sword, but a gifted product is mightier than a gifted pen.

Putting the very best "ingredients" into your products and services is essential. Before spending a fortune on marketing, make sure you have an offer worth promoting!

But...

The monetary value of the pastry is destroyed by digestion. So what's really being sold here?

A truly unique experience.

• The doughnut (supposedly) tastes phenomenal
• You're eating freaking gold! By the way, the gold is completely tasteless
• Think of all the stories you get to tell your family, friends and haters. Imagine the reactions on their faces
• You make memories you can share with friends for a lifetime
• You've made a bold statement about yourself: "I'm adventurous, one-in-a-million, and the kind of person who spends $100 on rare desserts"
• Somewhat ironically, you've also included yourself in the group of affluent people who also do such things.

For the right person, this experience is easily worth the expense.

That's the power of a great product.

One more thing.

You can help create the same kind of experience and build tremendous value into your product, service and/or business with great copy.

In fact, your buyers may be consuming pure gold and not appreciating it (gold is tasteless, if you recall) because you haven't told them it's there.

In short, put as much "gold" into your products and offers as you can jam in there. And then sprinkle gold dust on top with your sales copy!

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