"The researchers cite a case where the names of restaurant menu items were changed to make them more exotic: The seafood filet, for example, became "succulent Italian seafood filet," and red beans and rice became "Cajun red beans and rice."

Sales of these renamed items with descriptions rose by 28% and were rated as tastier, even though the recipes before and after were identical. What's more, diners were also willing to spend an average of 12% more for a menu item with a fancy name."

The researchers found other interesting correlations as well. The point for all is that price is highly controllable by you and it is likely you are under-pricing your goods or services. Further, some simple actions on your part could gain you higher prices, increased sales and more profit, while leaving your customers happier. Sounds like a win-win to us.

 

We are however, always amazed at what others write about CMOs in all seriousness. One we found is an article entitled "Customer Service Is Your CMO's Blind Spot." The article cites three key areas within customer service that he has found are deficient in many CMOs.

We have no reason to disbelieve him, we are just stunned that anyone who seriously considers themselves to be the Chief Marketing Officer (as opposed to the Chief Marketing Communications Officer) would be blind-sided by any of these ... ever.

He notes meetings he has attended where the CMO and the head of customer service are just finally meeting for the first time. How can that possibly be true unless one of them just joined the company in the last week?

He talks about how customer service has to deliver on the brand. Duh, how can a competent CMO not know that, and not make sure that is happening? Really, CMOs don't already know this? If that's true, no wonder the position gets little
respect in the C-Suite.