Little Bay Restaurant lets customers set menu prices
And here's the inspired part. The restaurant then took the amount customers were willing to pay and used that to price its menu. Instead of guessing what the market would bear, it allowed the market to tell it what prices were reasonable. The unusual strategy also paid off for the restaurant in free press coverage, exposure they could never have afforded to buy.
Imagine walking into a McDonald's or a Cheesecake Factory or a Smith & Wollensky to find they were doing the same thing. What would you pay for an Egg McMuffin or a white chocolate raspberry truffle or a prime filet? In many cases, I see a huge disconnect between value and cost. (I'm looking at you, Applebee's -- food that tastes like a frozen food dinner isn't worth ten bucks.)