Claire Wang

Welcome, welcome to the best five-minute wine podcast with Forrest Kelley.

Hi, guys.

I'm Claire.

I'm a pricing strategist.

And for the past 20 years, I have been pricing your everyday purchase, such as insurance policy, mobile plan and foreign exchange rates.

You might be thinking, what am I doing here on a wine show?

Well, the thing is, wine has a lot of connections with pricing and how much you pay for a wine is determined a lot by the psychology underneath.

And today we're going to learn more about that.

Definitely not manipulation.

So I guess for many people, when they think about pricing, right, they think about, you know, putting a number on the price tag.

You know, the number, what we call price point, is normally the last point of a pricing process.

And the very first stop of this process is we start by understanding who our customers are and what they really value.

So the entire process of putting a price tag on a product or a service is actually coming from that understanding of who we are serving.

And once you know what they value, then it's easier to give them what they want.

And when they get what they want, then it's easier to ask them to pay for a price that you desire.

So it's kind of, you know, it's a very transparent process.

It's nothing to do with manipulation.

Yeah, exactly.

I mean, you know, this is what we call the magic number of 99.

And it's kind of a no secret.