Lennon Bone explains why artists should charge more. A 2017 wine study found that 80% of people preferred an identical bottle when told it cost more. Higher prices increase perceived value and reduce risk, so creatives compete better on cost than on low price.
Lennon Bone
April 8, 2022
A 2017 Insider experiment with wine pricing (Insider).
$14 each
Almost 80%
For those artists and creatives out there that are wanting to make more money to raise your prices, I've got good news. I know you're not going to believe this, but people want things to be more expensive. It's true. They're likely to pay more for something if they perceive a lower priced product as giving lower satisfaction and higher risk. So check this out. In an experiment done by Insider In 2017, they bought two bottles of wine for $14 each. And during this experiment they would randomly switch the bottles and every time they switched it they would a higher price than the other. And in the end of the experiment, no matter which wine they were tasting, almost 80% of the people preferred the higher priced wine. So the conclusion here it's not necessary for you to get caught in the rat race to the bottom of pricing your creative work. You're probably much better off charging more money. The other conclusion here people like to party and they like to get drunk on expensive booze. I hope you've learned something today.
