It's not about the price....
If you are a coffee shop or cafe owner/manager then you may be thinking that the only way to get through the next few years is to keep your prices the same or even lower. You would be wrong; it's about the value you give people in exchange for their cash.
Let us introduce you to The Veblen Effect, the reason people want to buy something when it is deemed expensive, or exclusive.
It's been scientifically proven that a higher price can increase enjoyment. The part of the brain that experiences pleasure becomes more active; it's why so many of us crave a premium brand product.
Queens of Mayfair recently sold the most expensive cup of coffee in the UK at £50 per cup. There was only enough roasted for 15 cups.
Victoria Sheppard, of Queens of Mayfair, said that they take great pride offering "the finest produce throughout our menu at Queens of Mayfair".
"To have such a rare and highly sought after coffee to offer true connoisseurs highlights the standards we are aiming for".
When a menu item is unique to you, price comparison is difficult so the more unique to you, only available here, items you sell, the better.
Here are some ideas to add value to your business:
What are we up to?
Recently we have been
Developing business plans for start up coffee shops
Designing Menus that deliver improved profit
Reviewing potential sites for suitability
Working with designers to develop detailed plans
Advising on lease negotiations
Coaching our Launch Program Clients