Running a winery and obsessing about quality, branding, marketing and of course pricing is a part of the business. As an owner, I’ve made observations and learnt a few things along the way. Traditionally, figuring out the price of any product comes down to some number crunching – adding the cost of production to the mark up you desire to earn a profit and hoping it sells. I don’t subscribe to that way of thinking.
I’m from the school of listening to the customer and understanding the value of my product. A Luckett Vineyards wine is much more than a commodity, it’s unique with a beautiful story and there’s significance in that. When you take time to build and invest in making your brand highly visible, doesn’t that investment deserve to be considered? You bet it does! Add that to paying attention to what our customers are saying and willing to pay and we’re on our way to a winning formula!
With these important internal factors exists external ones that need just as much consideration. Keep an eye on the pulse of your industry for competitor prices, supply and demand fluctuations and changing taste trends. But wait – all these things I’ve listed don’t negate the traditional way of pricing, it’s just to say that a lot more goes into the pricing of a product other than how it’s made. Applying this complete strategy to your business will add so many layers to your number crunching but believe me; it will bring you to a dollar value that encompasses everything.
For Luckett Vineyards, when someone picks up one of our bottles we hope they know that we’ve taken them into consideration when choosing our prices and that we’ve put our hearts into making a quality product and experience. At the end of the day, it’s important that our customers walk away with a fine bottle of wine they know, without a doubt, is worth what they paid for!