“Richard, you can work anywhere from your laptop.”
Julia (my wife) is bored… so off to China for a month we go.
What could go wrong? Let’s find out.
[WARNING: Some stories may contain no objective value whatsoever.]
Let me tell you about the day I got schooled in premium pricing…
by a bag of M&M’s.
Julia and I were strolling down Nanjing Road—Shanghai’s answer to Vegas (minus the questionable life choices and free cocktails). Neon lights, luxury stores, and more tourists than a Times Square selfie-stick convention.
Here’s where it gets interesting…
I duck into the M&M’s store thinking “Perfect—now there are snacks in this candy wonderland.”
The cheapest item?
A $20 collectible tin containing… wait for it… the exact same M&M’s you’d find at any gas station.
That’s when the 4P’s of premium pricing hit me like a sugar rush:
PRODUCT – Not just candy: giant M&M’s, limited editions, merch that makes you feel part of an exclusive candy club.
PRICE – 10X markup because you’re not buying chocolate—you’re buying an experience (and Instagram content).
PLACE – Not shoved between beef jerky and lottery tickets. A flagship store that feels like Willy Wonka meets Apple.
PROMOTION – The whole store is the marketing. Every shelf whispers, “You’re special for being here.”
Here’s the bitter truth (pun intended):
Most designers think premium pricing = better work. Wrong.
The M&M’s are the same. But the wrapper (and everything around it) is different.
You can’t just whack your price up by 1000%…
And you can’t just deliver amazing design.
You have to do all four:
• Product
• Price
• Place
• Promotion
It’s simple—but not easy.
If it were easy, everyone would do it… and we can’t have that!
Stay shiny,
Richard Petrie
P.S. When you're ready to raise your design firm into a premium-priced boutique, schedule a call. This is what we do.
Your business probably needs a renovation.
If you try to do it yourself, it will cost more and end up worse (failed premium pricing attempts can also be… embarrassing).
Schedule a free Gameplan call with us here: http://archmarketing.org/gameplan-call
Stay tuned on our social media (Facebook, Instagram, and LinkedIn) for Parts 2 and 3 of Shanghai Secrets during my travels in China.