We share with you great insight on how to price a product and the impact of perceived value, two factors that are extremely important for restaurants pricing their wines!
This post from Sequoia Capital presents a quick guide to address pricing and a few tips to steer clear of common mistakes. We liked one quote in particular:
The price you set for a product also influences its perceived value. That’s why people assume that a $50 bottle of wine is better than a $10 one.
Could InVine be on the verge of changing this paradigm? We are the premier platform for restaurants to manage their wine and beverage lists. Being an online resource, we are in the position to share best practices and insight into how to price better to our clients, by gathering the immense amount of data behind consumer choice.
We have some cool ideas on our pipeline, check back soon!