“A University of Vermont study on cheese consumption and buying habits, found that there are generally two groups of cheese consumers: those who are price sensitive, and those who are quality sensitive. The results showed that the quality seekers were willing to pay between 15% and 25% more for each in a series of attributes, such as organic, artisanally made, locally produced, etc.
Add that up, and a cheese with all of these attributes could sell for about twice as much as a cheese with none of them.”
This is a longish article but full of good tips about where to highlight your company's and products' individuality. A few of my takeaways:
- People often talk about your brand’s origin story and stories about your products, but the one I think gets overlooked the most is “Highlighting Materials and Processes”
- In a comparison of similar products (in this case, soap), as the price goes up, so does the sophistication of its name.
- “A note for makers: are your products handmade? Then share that proudly! A study in AMA’s Journal of Marketing found customers were willing to pay 17% more for items marketed as handmade.”