00:00Snickers launched at 20 cents when all candy bar cost five on purpose 19
00:05Frank Mars creates Snickers peanuts caramel nougat chocolate
00:10The biggest candy bar ever made, but there's a massive problem. It's the great depression
00:15Nobody has money candy bars cost five cents. That's all people can afford frank
00:20Prices Snickers at 20 cents four times more his sales team revolts no
00:25Nobody will buy this we're pricing ourselves out, but frank is firm. We're not competing on
00:30Price we're competing on value. Here's his logic other candy bars one bite two
00:35Bites gone Snickers massive filling satisfying you don't need
00:40One Snickers equals four regular bars the math works, but customers don't see it
00:45They see expensive sales are terrible retailers refuse to stock it too expensive
00:50Won't sell get it out frank almost gives up then world war two happens
00:551940s sugar rationing begins candy becomes scarce small bars disappear
01:00Snickers still available bigger more filling more bang for your buck soldiers
01:05Love it high calories portable satisfying the military orders millions for
01:10Ration packs after the war veterans remember they buy Snickers civilian market
01:15Explodes the premium price now justified you're not buying candy you're buying a meal replacement
01:201960s to 70s snickers owns gas stations checkout aisles vending machines
01:25The big bar the hunger killer Snickers satisfies the tagline becomes iconic
01:30Today Snickers is the number one candy bar globally two billion dollars in
01:35annual sales outselling everything all because frank charged more the lesson premium
01:40premium pricing works when you deliver premium value don't race to the bottom charge more deliver
01:45more own the top follow for more innovations history
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