Impressions - June/July 2013 - (Page 33)
Here are my TOP TIPS for successfully implementing price increases.
1.
Raise prices regularly (and
subtly). Decorators often
make the mistake of doing
everything but raising prices
to offset rising overhead costs.
For example, after years of
seeing your ink and garment
costs rise and managing the increases
by working long hours and just scraping by, you finally decide it’s time to
raise prices. You may have survived the
year-over-year overhead cost increases
by pushing your employees harder, but
your business can no longer operate
with the prices you currently offer.
This leads you to raise your prices
substantially, and very noticeably to
your clients. How do you think they’ll
react to a T-shirt now costing $15 instead of $10? It’s likely they won’t take
it well at all.
Instead of waiting until you have to
raise prices to turn a profit, make time
to sit down, figure out all your costs
and what you’d like your profit margin
to be and record that data regularly in
Microsoft Excel so you get an accurate
idea of what you should be charging.
As you record your costs and prices
over time, you can develop a reliable
pricing formula.
When ink costs hit a certain level
that mandates a nominal price increase,
you’ll know within days because you’ll
2.
expect from us, we find it necessary to
increase our prices this much.”
This statement reaffirms your high
level of customer service and commitment to your client’s happiness. And
by not rattling on about your electricity bill and expensive suppliers, you
won’t sound whiny and unprofessional,
which can be a turnoff.
Develop a smart way to
explain price increases.
At some point, a repeat
customer will ask you why
you’re charging more. Instead of rambling on about
rising costs and how your
employee benefits program costs more,
simply say, “In order to provide the
level of service that you have come to
be regularly updating and evaluating
your costs-versus-prices data on your
spreadsheet. Many decorators make
the mistake of not watching their
costs as carefully as they should; consequently, they realize they need to
charge more when it’s way past due.
This catalyzes the unwelcome need for
a large price increase.
As you see your supply costs rise,
make nominal increases to your peritem charge. This can be done quarterly,
semi-annually or yearly. Let’s face it: A
$0.50 increase is much more tolerable
than a $5 increase in the eyes of your
customers, and also easier to explain.
Whether through an
anonymous quote or by
digging into price lists posted
online, staying aware of your
competitors’ prices is imperative
to knowing what to charge for your
services and products.
ABC Printing
impressionsmag.com
Competitor A
June/July 2013 | Impressions
33
http://www.impressionsmag.com
Table of Contents for the Digital Edition of Impressions - June/July 2013
Impressions - June/July 2013
Contents
First Impressions
From the Show Director
FYI
Product Gallery
ISS Conferences
Outfitting Tots & Teens
Is the Price Right?
Heat Printing for Friday Nights
Shop Spotlight
Embroidery Design & Digitizing
Online Directory
Embroidery Production
Screen Printing Production
Screen Printing Technique
Tech Tips
Classifieds
Ad Index
Impressions - June/July 2013
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