Vendors are afraid to raise prices and they’re leaving money on the table. I see this mistake all the time
I’m gonna tell you how to raise your street food prices and make MORE MONEY!
Yeah, that’s what I said. More.
Pricing your street food, hot dogs, kettle corn, or whatever, too low, is a huge mistake.
“But Ben, how can I compete with those hot dogs in the gas station?”
Don’t even try!
Have you ever tasted those things? Yuck.
You aren’t serving that crap, so you don’t have to compete with it!
In Today's video:
- Why pricing too low is a huge mistake.
- Should you do value meal deals? No, and why you shouldn’t.
- I tried that strategy for years. My friend Jason Brown, of Love Food Truck told me for over a year I should raise my prices.
- “But Jason, the people around here are too poor! They can’t afford it!” I argued.
- Finally, I gave up and raised my prices.
- Guess what happened?
- I sold MORE HOT DOGS! Turns out Jason was right…
- Why? Because the people who buy roller dogs at the convenience store are not your customers.
- I’ll tell you why I have Meal Packages, not Deals.
- How do I know people will pay more for your hot dogs or street food?
- Because everyone wants a treat occasionally. Even when we don’t have two nickels to rub together, we still go out to eat.
- (2:50) $22 for a Lobster Roll? What???
- Even in a small town!
- Why a volume deal = more work and less money.
- When I raised my price from $2 a dog to $3 a dog I sold more hot dogs.
- Why? Perceived value. If something costs more, people assume its worth more.
- People have a nostalgic feeling for street food vendors. They will pay more!
- Why you should appreciate the value you bring to people
- Don’t do deals.
- Bring a great product and service.
- And raise your prices!
- Also, prices on everything are going up. Everyone knows this.
- How much? 40-60% in the next several months! That’s a lot!
- That’s why you should stock up on the essentials now. Don’t horde them, but stock up.
- If your price is right, you can absorb fluctuation in the market.
- Remember, you’re not Taco Bell!
Watch the video now!
Raise them prices!
And make more money!