Any parent who has procrastinated before the holidays knows that the “must-have” toy of the season — the one flying off the shelves — is marked up significantly more on December 24 compared to the price tag for the same item on January 2.
This is known as the unique value effect: If your product delivers value not available elsewhere, you can charge more for it.
“Unfortunately, flowers, which are now readily available through so many channels, tend to fall closer to commodity products,” writes Mark Anderson in the September issue of Floral Management. “A commodity product is one for which the only differentiator is price. When all other things are equal the lowest price tends to win.”
Find out how you can break out of the commodity cycle and set your designs and merchandise apart.
