The Masters and Costco Wholesale, two of my favorite things, share 1 thing in common: unparalleled pricing strategy.
Both have premium products with dedicated fanbases. As such, they can charge a hefty sum for access to their product. Yet they get all this credit for keeping their food prices low.
COSTCO - memberships are $60-$120/year but let's be honest, you aren't walking out of there with a cart <$200 unless you have some magical willpower. Depending on how many times you go, Costco is making hundreds or thousands of dollars off of each member every year.
Yet what's the story that's always written?
"Why Costco will never get rid of the $1.50 hot dog combo!"
That's right, they make billions every year, yet the story is about the underpriced hot dog.
THE MASTERS - If you can win the lottery, tickets aren't too bad. If not, you'll pay thousands for a ticket to the event, thousands on airfare and lodging, and even more for merch.
All that but yet the experience is truly a tradition unlike any other.
Scroll through Masters stories this week and you'll inevitably see the "Prices keep going up except for concessions" article.
Where else can you get a Pimento Cheese sandy for $1.50 or a Georgia Peach Ice Cream Sandwich for $2.50?
The point is both these brands have built an immense following but the story isn't about the admission price, its about the amazing deal once you get in.
Just an absolute masterclass in pricing strategy and narrative framing.
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1moBring these to the LA region.