Chris Koerner shows souvenir kiosk owners in Athens how to charge 3 to 5 times more than competitors. Tourists don't comparison shop, so raising prices loses maybe 10 to 20 percent of customers but dramatically boosts revenue.
3–5×
10–20%
Syntagma Square, Athens, Greece
All right, I'm here in Athens, Greece, at one of your stereotypical souvenir kiosks here, and it's kind of funny what I witnessed. This is your business if 101 for the day. There are dozens of these kiosks all across Syntagma Square here, and they're all about the same price, and they're all selling the same crap imported from China via Alibaba. Okay, I wish I owned a kiosk here at this square, because you know what I would do? I would market my prices 3 to 5x, what all of my competitors were, and here's why. These customers that you see here, they are not price sensitive. They're going to the first souvenir kiosk that they see based on wherever their hotel is. They're not shopping around. They don't know what the market price is. The kiosk owners sure know where the market price is. That's why they're all cheap. That's why they're all priced the same.
I would be, this is 350.
You could probably get it for 350.
At all these places. I would be $15, because people don't know what it's supposed to cost. So you can make three to five times as much money. You might lose.
10 to 20% of the customers, but you net out way ahead and you do way less work. Follow me for more business ideas like this.
