Claire Wang

Everyone knows that even though you're paying $6, but $5.99 psychologically feels, you know, a bit cheaper.

We do utilize that.

And in fact, you know, when you price for a bottle of wine, like I think in your previous episode, we're talking about $18.99.

Why don't we just set $18?

And I think it really depends on the type of product you are selling.

If you have a product that is designed to tell people that this is a good bargain, this is a good buy, it has good value, then you will want to utilize that $19.99 too.

So psychologically, it's a signal to customers that this is a bargain.

But when you are selling a good quality product, then you will try to get rid of it.

So when it comes to wine, you know, I think for a lot of producers, what they want to emphasize is actually on that quality part, in which case you would rather go in with $18 or $19 rather than $18.99 or $19.99.

So I wouldn't call that manipulation, but it's kind of just like how our brain works.

We naturally associate that with certain interpretation.

Well, I would probably take a step back, right?

You know, I would sort of ask the winery, who is your target customers who typically buy your wine?

Because, you know, like someone who would only buy wines from the supermarket will never go to, you know, like a wine shop and ask for a $50 bottle of wine.

so once you understand what your customers want then you can sort of give it to them in that sense and i think these days with one or with many other products when customers buy your wine they are not just buying the liquid in the bottle right and especially when you are paying like slightly higher price you're buying the whole experience the ability to share a glass with your families or with your friends the you know if it's at the restaurant it is the ambience you pay for the glassware

There's just like so many different variables.

So I think for a winery, you first need to sort of position yourself, like where in the market you want to play.

And then it all goes from there.

If your target audience are sort of like high-end customers, you might want to package in a lot more things such as, you know, how can we make this experience better?

Like the packaging, the design of the label, the paper bag that you use to carry that, do we invite you in for like a