Tuna & Sweetcorn

I've driven a hundred miles or so today to an Entrepreneurs Network event.

"Where?", you ask.

Ware.

"Yes, where?".

Ok, that joke probably works better out loud.

It kicked off at 10am so I had to leave the house before 6am to make sure I got here in plenty of time.

Needless to say, I wasn't hungry when I left the house, so I stopped at one of the many services en route and grabbed a quick bite to eat.

The choice wasn't great, so I settled on a tuna and sweetcorn sandwich.

Always a safe bet. Or so I thought.

It's not very often I end up paying £4.75 for a sandwich, unless it contains ingredients I can't pronounce and is served by someone far cooler than me.

But that's what a plain, average tuna and sweetcorn sandwich cost me from the services.

Thing is, I knew the price when I took the sandwich to the till.

And I still paid it.

It's a simple but important reminder on the elasticity of price.

There are countless factors that determine what someone is willing to pay for a product or service.

It's the same reason people are willing to pay more for the same product through Amazon, rather that than finding it cheaper elsewhere and having to enter their card details.

So next time you're putting off increasing your prices, think of that sandwich.

Nick Fisher