Over the weekend I attended the Boston Wine Expo. This annual event is always a big draw for wine lovers. But the most interesting facts from this years event were that both days were sold out, the price/type of the wines being sampled, and the average age attending.
Yes, this event was sold out. I am not sure how many tickets were sold each day but tickets cost $85 each. The event was from 1:00 PM until 5:00 PM each day. With the economic climate we are in, I think this is impressive. As with last years event the demo of the ticket holder was younger. I would guess the late 20′s / early 30 something crowd. Why were they willing to drop $85 bucks for a few hours of wine tasting? The answer is in the title of today’s post. If they want it, they will buy it. If they see a value, they will buy it.
While I was there I hooked up with wine and social media guru Gary Vaynerchuk. He was all decked out in his Jets football jersey. He is a huge Jets fan so I feel bad for him today. I understand his pain!
A very interesting fact worth discussing is the average price point of the wines being sampled. The average bottle being offered was in the $10 – $15 range. This has dropped since last year. Wine producers have come to the realization they are now main stream. They need to offer their products to the “masses not the classes”. I remember this was a favorite line of Allen Bloom when describing the demo of Ringling Bros. He also finished that line with “we are Chevy not Lincoln’s. More people drive Chevy’s then Lincoln’s”.
As you produce and sell your events you should keep in mind these five important items when it comes to pricing:
- Who is my demo?
- Is this a product they want?
- What will they really pay?
- Will my customer see a value?
- Will they buy again next time?