How to charge 9.3x more for the same thing...
It's no surprise Jeff Bezos has topped the rich list as the most wealthy person in the world.
Because not only does he get us to pay for Amazon Prime...
You're also significantly more likely to make purchases from Amazon, as a prime member, without even price checking.
That's exactly what I did when Lauren asked me to buy some 'Kokoso Natural Baby Coconut Oil'.
Knowing how much I'd paid for the miniscule 70ml tub, I couldn't help but wonder what magical ingredients it contained that allowed them to justify the price tag.
So I checked the label this morning:
"100% Organic Coconut Oil".
That's it. Just coconut oil.
I've just been back on Amazon. Turns out you can buy a 1l jar of organic coconut oil for £11.49.
That's 9.3x less expensive than the Kokoso branded stuff I'd bought in the first place.
9.3x less for the exact same product.
I've always said that the word "brand" gets bandied around a little too much - mainly because there's a common misconception that it means you need to spend £5,000 on a logo and brand assets before you've made a single sale - but this is a fantastic example of how niche positioning can allow you to charge considerably more for your product or service.
Question is: could you be charging more?