Um. Maybe we should clarify.
Not you physically drinking the beer and then trying to work, but rather, you can gain marketing insights from the success of Oktoberfest.
Just how did we get off on this crazy subject, you ask? Well, it’s the first Monday of the month, and we have a new infographic for you. In addition to providing you with some interesting facts to improve table conversations and networking discussions, we thought we might give you some ideas to help your business.
2. People will pay for perceived value. There’s a big kerfuffle going on in Germany about Oktoberfest price gouging. According to the Munich city government, the average price of a liter of beer at the festival has risen from €6.55 ($8.49 U.S.) to €9.35 ($12.12 U.S.) over the past 10 years. Breaking the invisible 9€ barrier has raised a lot of fuss. But people are still drinking the beer. Pretty impressive when you consider that, according to pintprice.com, the average price for a pint of lager in Germany right now is €2.5 ($3.24 U.S.) or 5€ ($6.48 U.S.) for a liter. People are paying double — and they’re enjoying themselves. Because it’s not just the beer. It’s the environment. Ginormous beer tents, brass bands and lots of dirndls and lederhosen. If your product has a high perceived value, your customers will be happy to pay more, too.
3. It’s OK to capitalize on a good idea. American writer Barbara Grizzuti Harrison once said, “There are no original ideas. There are only original people.” So be an original by making someone else’s idea work for you in a new way. Why do you think there are so many different kinds of beer at Oktoberfest? It’s because people keep thinking they have a better process and a better flavor. For your business, capitalizing on a good idea might be hosting an Oktoberfest event at your store. There are a lot of German-Americans out there; if they’re in your target audience, they’ll appreciate the recognition. Or maybe you should re-evaluate your products or services and find a way to make them even better. Do you see your competitor making gains with a new tactic? Don’t copy and repeat what they’re doing, evaluate it and determine why it’s working. How can you take their idea and make it better by applying the key principals to your product or service and business goals?
Put these three takeaways from Oktoberfest to use in your business and soon you’ll be celebrating too. Maybe over a frosty mug of beer!
Let us know how you’ve been able to add to the perceived value of your own goods and services, how preparation has paid off for your business and/or how you’ve capitalized on good ideas in the past. Sharing our knowledge can help improve everyone’s business.
If you’re looking for a clickable version of the infographic sources, here you go:
http://en.wikipedia.org/wiki/Oktoberfest
http://www.spiegel.de/international/zeitgeist/life-after-the-smoking-ban-bacteria-to-fight-beer-stench-at-oktoberfest-a-716781.html
http://www.oktoberfest-tv.de/?PkId=187&LCID=1033
http://www.bloomberg.com/news/2012-03-06/u-s-ethnic-mix-boasts-german-accent-amid-surge-of-hispanics.html
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