Pay What You Can
For my first "Lunch Pop Up" my goal was to provide a good-quality product for customers, let them enjoy it and give them complete discretion to pay whatever they want! I chose the "pay what you can" method because at the time covid was unsettling for a lot of people. So, regardless of anyone's situation, they could get a good meal!
I was also trying something new and I wanted to get immediate feedback on the value of what I was providing. So far I've done steak & veggie street tacos, spiced cranberry brisket w/asparagus & carrots and homemade chicken enchiladas with spanish rice.
What I learned is that when people are able to set their own price, almost everyone pays something and sometimes well over a suggested price.
Keep in mind.. I think this model is sensitive to the type of product/service and personality of the seller. It would be beneficial to both if there's some kind of relationship between the buyer and the seller. (I'm not sure this method could work for certain businesses like a software company because there's less emotional engagement between parties).
Small Business Tips:
If you're a small business owner that doesn't know how to price your product/service here are a handful of reasons you should try this method;
- Instant indication of what people are willing to pay for your product/service.
- Exposure to a larger buyer pool, this method attracts more customers.
- Builds confidence & trust in what you're offering.
- Encourages more people to try which leads to referrals.
- Good tool for charity/donation event.
0 Comments