It was great to meet with the hardworking volunteers and fantastic members of several floral industry associations and trade shows this month. Beyond Cost Plus sessions on pricing in the retail flower business were presented at the Great Lakes Floral Expo in Granda Rapids Michigan, the Northeast Floral Expo in Groton Connecticut, and the WUMFA Annual Convention in Green Bay Wisconsin.
New content was also added to the site. One post looked at some very interesting new research on charm vs round pricing, and how it affects not only how a product or service is perceived (old news) but also how it is experienced after the purchase. There is great information here for anyone that has ever wrestled with the "value" message conveyed by charm pricing and the "quality/exclusivity" implied by round pricing.
Another post looked at the foodservice industry, and how their tremendous size and research budget produces material that is incredibly helpful for all retailers, especially florists. There are a lot of parallels with the flower business – a focus on service, a highly perishable product that is sold based on a description and prepared to order.
Hollywood, and the way they price movies, was the focus of another post. The movie business is tough – anyone patient enough to wait a few months can enjoy the product for free, and almost anyone with an internet connection can steal the product immediately – but they keep making money. Smart pricing plays a big part in that, and there is a lot that retailers can learn. Another post revisited the "Discount Tuesday" hurdle that we have looked at it in the past, and how some theater chains are pushing it even more aggressively.
The consumer pricing information section also looked at the entertainment business, and how their pricing strategy also presents some opportunities for people looking to save money when it comes to watching movies.