Prices and Product – Is the Price Right?

I was watching a few balloon twisting videos on YouTube the other day and ran across one that featured a twister demonstrating how to put together his seven flower “awesome bouquet”.   Right at the start of the video he described a recent experience he had with a customer who commented that there wasn’t much to the bouquet for the $75 he was being charged for the balloon creation.    The balloon artist explained to his audience that it was because balloon creations are so light weight that people may not actually see the value in the twisted piece.   He then went on to show the viewer how to attach a weighted base, made of a small paper plate and a bottle of water, to the creation so it would be substantial and heavier when the customer handled it for the first time.balloon flower bouquet

How Much is Too Much?

I found this approach very interesting.   Because I twist many bouquets and deliver them to customers just the same way that this twister described doing business, I wondered why I had not had the customer feedback that the bouquet wasn’t substantial enough for the price.    Well, first of all, I don’t charge $75 for a balloon bouquet.   My bouquets are 12 stems and flowers plus four buds and the cost is $35.   Perhaps I am underpricing my bouquets?

Not Right or Wrong

This is not a case of one twister being right and the other being wrong.   It’s more of a difference in approach to selling and marketing.    I have no problem with someone charging $75 for a small bouquet of balloon flowers – as long as the customer is happy and sees the value for the dollar spent.   Balloon flowers are fun and non-twisters can’t create them, but the can see that they are not the most complicated balloon creation around.   When the price of the balloon object passes the point of indifference for the customer, that’s when they stop looking at the balloons craftsmanship, and start looking at the cost.    When customers start complaining or commenting on the cost of a balloon creation when it’s handed to them, it might be time to address the price one is charging them.

Under Promise and Over Deliver

Personally, though I believe my expertise and experience twisting balloons is worth something, I always try to deliver more value in the eye of the consumer than I am taking from their wallet.   You can still make money without overcharging.   If someone orders a 12 balloon flower bouquet from me, I will always put together a couple of smaller, hand held, three balloon flower bouquet to go with the larger one.   If someone orders a Minnie Mouse balloon sculpture, I will include a Daffy Duck balloon creation that I give to them at delivery.   They are not expecting the extra balloon character, and they certainly don’t focus on how much they are being charged.

Know Your Customer

I will admit that it’s sometimes a fine line to know how much a balloon sculpture is worth.    Assuming that the twister does attractive and professional work, especially when it comes to multi-balloon creations, one just has to set prices and gauge reactions when customers are presented with the final product.

In my view, the twister in the video may need to reduce prices rather than increase the weight of his “awesome balloon bouquet.”