There was an elderly man in our residential community who opened a shop to fry and sell youtiao (fried dough sticks). He sold each one for one yuan, working himself to the bone every day without making any money. He sold at one yuan, and his competitors also sold at one yuan, with no difference at all. Customers could buy from competitors or from him.

The old man set up his shop at the entrance of the community. One day, as I was taking a walk at the entrance, he said to me, "They say you're a marketing expert. Please give me some advice on how to sell my youtiao."

I asked, "How much do you sell each youtiao for?"

He replied, "One yuan each, and I'm exhausted but still not making money! There are youtiao fryers and sellers everywhere." I said, "Alright! Since you're quite old, I'll give you some advice. First, let me ask you: What do customers value most when eating youtiao, and what do they fear most?"

The old man thought for a moment and said, "They're all youtiao, no difference. As long as it tastes good, that's enough."

I said, "Customers definitely want the best youtiao. They hope the oil used for frying is not gutter oil, nor oil that has been used dozens of times, such as toxic and carcinogenic oil, or genetically modified oil."

The old man said, "Yes, many foods have problems nowadays."

I said, "If you can prove that the oil you use is not gutter oil, nor toxic or harmful, nor genetically modified, wouldn't it sell better?"

The old man said, "Well, using good oil would make me lose money. The oil I use now just barely lets me make a small profit. If I use good oil, the cost is too high and I won't make any money."

I said, "If you use good oil to fry youtiao, you should naturally sell them at a higher price. So you sell them at 3 yuan each. I'll tell you how to make consumers trust you and be willing to pay for your youtiao. What's the best oil you have now?"

The old man said, "I'm not sure what the best oil is! Many are genetically modified."

I said, "In China, the best oil now is XX brand peanut oil, which costs over 100 yuan per barrel. You should put up a sign that says: 'Only one barrel of XX peanut oil fried per day, only 300 youtiao, once they're gone, we stop. 3 yuan each.' After you finish frying a barrel of peanut oil, pour the used oil back into the empty barrel and place it at the entrance of your shop. One barrel a day, and in a month you'll have 30 barrels. The more you pile up, the better, and the higher the better!"

The old man asked, "Why put them at the entrance?"

I said, "Who would believe you if you say it's fried in XX oil? You need to let consumers see and know for themselves. Putting the barrels at the entrance proves that what you say and do is real. Customers believe what they see."

The old man frowned and asked, "Will anyone buy at 3 yuan each? Even at 1 yuan it's hard to sell. Besides, no competitor sells at 3 yuan. A barrel of XX peanut oil costs over 100 yuan. I'm afraid I won't even recover the cost."

I said, "Consumers know the market value of XX peanut oil. Since you use the best oil to fry youtiao, charging 3 yuan each is reasonable. Consumers will pay 3 yuan for youtiao fried in the best, healthy, non-GMO oil in China. That's normal. You have a solid reason to charge a high price, so why not sell at 3 yuan? Besides, in the surrounding communities, your youtiao are the best quality, so 3 yuan is fair."

"Alright, I'll try it. Your thinking is different from mine," the old man said. A month later, I visited the youtiao shop again. The eye-catching sign read: "Fried with the best XX peanut oil, only 300 youtiao per barrel, 3 yuan each."

The old man told me, "Business is booming now. Many owners from other communities come specifically to buy. Some even paid in advance for a month's supply. People have given the youtiao a nice name: XX Youtiao. Business is very good now. Frying 300 a day brings in 900 yuan. After deducting the oil cost of over 100 yuan and other costs, I now make 500 to 700 yuan a day, which is tens of thousands a month."

-END-

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