$500 For Shoes? I Need Your Opinion, Guys!
Would you spend about $500 on sneaker-heels?
Before you read this, I’m Shamal and I work at ILN — an entrepreneurship hub. We often have these kind of conversations where we discuss everything entrepreneurship and solopreneurship. So, if you like that kind of thing, we’d love to hear your perspective.
Now, back to why you’re here: Would you spend $500 on a pair of shoes?
This might not make sense, so I’ll give you a little backstory.
Sometime in 2013, Sara Blakely spoke about a hybrid launch of sneakers and high heels. And when you think about it, they kind of make sense.
In case you don’t know who Sara Blakely is, she is the founder of Spanx.
A few days ago, they unveiled her latest innovation — sneaker stilettos, but they’re priced between $300 and $500.
Now, I’m all about entrepreneurship and marketing, so I’ve thought about the justification of the price, but I really want to hear your thoughts. Here’s what I think so far:
1. They’re new and different
I’ll admit, I haven’t done my research, but I didn’t know that many people wanted to merge high heels and sneakers. I did see Cynthia Erivo wear something similar a while back and thought they were cute, but I didn’t know they were a major want.
So, if I’m right and a ton of people WANT this, then I’m guessing that combining style and comfort addresses their pain point and also opens new market opportunities that set her brand apart.
This leads me to the next point:
2. The target audience
If there are people who greatly desire this product, I’m assuming they are fashion-conscious people who don’t want to sacrifice comfort at the expense of style. And that target market sure does have some money to spend. So $500 might not mean anything to them, right?
Plus, if it’s marketed as a limited edition or exclusive release, this will probably drive up their perceived value which makes sense for their ideal target audience.
3. Branding and positioning
For one, I’d say Sneex positioned itself as a premium brand, focusing on innovation and quality. I’d also give some credit to its founder being the founder of Spanx too.
The sleek design and high-end materials reinforce this positioning, making the brand appealing to customers willing to pay more for something exclusive and stylish.
Now don’t cuff me for this description because a lot of people have said they are ugly. But then, beauty is in the eye of the beholder? and target audience too, right?
4. Design and craftsmanship
I’ve seen a lot of high-end marketing, so I know that the design and craftsmanship of the sneaker-heels play a crucial role.
High-end materials, intricate detailing, and superior construction can justify a higher price point. So, if the quality and craftsmanship are great, I guess I understand $500 for a pair of shoes.
5. Celebrity endorsements
Celebrity endorsements and influencer marketing can drive demand and validate the high price.
I believe that celebrities can for sure afford them without batting an eyelid, so could they also be her target audience?
6. Resale value
High-fashion items sometimes have a strong resale market. If sneaker heels are likely to retain or increase in value over time, they could be seen as a worthwhile investment.
Just off the top of my head, these are a few justifications for the price. I don’t think I’d purchase them, but for anyone reading this and looking to get into entrepreneurship, this is what I think:
Take out your thinking hats! Innovation often involves thinking outside the box and merging ideas from different fields. That’s what Sara did. Now she’s carved out a distinct space in the market and attracted a dedicated customer base.
Also, pricing should reflect your brand’s positioning and the perceived value of your product. Don’t be afraid to set premium prices if your product justifies it. Customers are often willing to pay more for products they perceive as high-quality or unique.
But back to my initial question, would you spend $500 on a pair of shoes?
PS: If you’re an entrepreneur or solopreneur, I have something you might like!
