We drove 60 miles out of our way last night and paid 800% for an item we’ll probably throw away within hours of using it.
Why?
- We wanted it
- Scarcity
- Convenience
What was it?
ISO rated sunglasses for viewing the solar eclipse.
We live in the path of totality. Retailers have been sold out of eclipse glasses for weeks. On-line sellers will not guarantee delivery in time for August 21.
When time is running short, you have to become resourceful.
Lisa found a seller on Facebook Marketplace. We agreed to meet in a town about 30 miles away and pay $25 for 3 pairs of sunglasses.
Sure, I remember the pinhole camera trick from the last eclipse in 1979. I was in high school back then. Yes, I realize that sunlight at totality is no brighter than the moon. We could view the corona comfortably for a short amount of time. Still, in my mind, the eclipse glasses are a must-have…even though we have options.
This is only the second solar eclipse of my lifetime, and the first total eclipse for where we live. I am not promised a second chance to see a total eclipse. If that doesn’t define “scarcity,” then I don’t know what would.
In addition to the scarcity of the opportunity, there’s the scarcity of the product. ISO rated eclipse glasses are no longer on the shelves. My next option is to order on line and pay dearly for expedited shipping…or take a chance on the delivery missing my deadline.
So, we decided on the Facebook Marketplace route for convenience. We drove too far and paid too much just so we could have product in hand for the August 21 eclipse. No more concern about when a retailer will get another shipment. No more doubts about when our order would arrive from Amazon. No time spent standing in line at the free give-aways, hoping they still have glasses when we get to the front of the line.
To continue our August theme of Back to Basics on the Savvy Blog, this basic lesson on pricing is straight out of Econ 101. The price is whatever a willing seller and willing buyer agree upon.
The basic lesson on marketing is this: If you want to ask a higher price for your product; you must convince your audience they want it, it’s going away soon, and you’ve made it easy for them to purchase.
Short of success in these three areas, be prepared to keep lowering your price until people start buying.
