We are holidaying at the moment in Hawaii one of the most beautiful places in the world.
And one of my favourite things to do is to wander around the galleries of Peter Lik.
Peter is an Australian born (now US citizen) who is an internationally awarded photographer.
He has 13 galleries all over the world and recently one of his images sold for a world-record $1 million.
His photos are amazing as is the service in his galleries from passionate, caring staff.
But what also caught my eye was the creativity of his pricing strategy.
He prints off some 950 copies of his image — all numbered and validated.
What’s interesting is that the price of the first 450 or so are approx. $4000 each.
Then the price increases by increments of $500 for the next instalments up to an the final prints can be literally $10,000’s of dollars.
This turns of the head the idea that you give buyers a cheaper price for an item the more you buy.
This is creativity at its best.
It overturns a convention and encourages potential buyers to act quickly.
The key lesson?
Creativity can be applied to any activity.
It is not just about developing new products — even pricing.
The important thing is to raise your expectations of when and where you can think differently particularly when time are tough and you need to be more creative and innovative about raising revenue.