In some cases, "CHARGE MORE!" is bad advice. Let me explain.
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In my town, there are two barber shops side-by-side. Barbershop A is booked 4 months in advance, and charge $38 for a haircut. They can't take walk-ins, they're too busy! Barbershop B is rarely busy. They'll take walk-ins. They charge $25.pic.twitter.com/PQIXGHtLSJ
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What should Barbershop B do? If they "charge more" will their business magically improve? Of course not.
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W odpowiedzi do @mijustin
Wait, what? Of course they should! Walk ins need a haircut *now* - absolutely the time you should charge a premium! The customer has no alternative...
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W odpowiedzi do @louisnicholls_
Nope. If they're not selling haircuts at $25, why would they magically sell haircuts at $35? There's a deeper problem there. "Price elasticity" depends on a bunch of factors, and they're missing most of them.
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W odpowiedzi do @mijustin
Sure, but for a walk in, demand is pretty inelastic. Either I need a haircut now or I don’t. There is only one barber with capacity. Reducing/increasing price won’t change demand from walk ins (spontaneous) either, so should maximize price.
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W odpowiedzi do @louisnicholls_ @mijustin
Btw totally agree with you for non walk ins though.
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I've been watching these places for years. Barbershop B rarely gets walk-ins. I'm this context, the value of "a good haircut" supercedes "I need it now." Folks would rather wait than get a bad cut.
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