Impressions - June/July 2013 - (Page 34)
top tips continued:
3.
Always know what your
competition is charging.
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.
It requires extra time and research,
but make the effort to collect pricing data on your competitors at least
once a year. Then, you can see their
year-over-year percentage increase and
know how to competitively price your
own goods.
Also, if you notice that your com-
4.
Do not post or mail out a
price list. One of the best
ways to avoid complaints
about price increases is to
custom quote all of your orders. However, not having a
published price list also prevents customers from making purchase
decisions at 10 p.m. if they have to contact a salesperson for a price quote.
You may have a client who remembers the ballpark price she paid last
year for her cheerleading squad’s spirit
T-shirts and she may ask why you are
charging her more now. But overall,
5.
Hold a meeting to prepare your staff for price
increases. One of the
worst things you can do
when a price increase goes
into effect is not properly
prepare your employees,
particularly your sales and customer
service staff members.
Hold a meeting that includes every
staffer to review your price increases and
implementation strategy. Will your website manager need to post an updated
price list? How will your sales team need
to handle pushback from customers?
Will you train them so that their client
communications are consistent? These
are the types of questions you must be
prepared to answer at the meeting.
In addition, and as a baseline strategy,
34
Impressions | June/July 2013
petitors’ prices are much higher than
yours, it’s likely that you’re underpriced. If your fees are much higher on
average, then you’re overpriced. Use
this data to see where you may have
gone wrong in your pricing strategy.
But don’t get stuck in the mindset that
you need to charge just a little bit less
than your competitors; avoid the nickel-and-dime scheme.
Be aware of all the minor services
your competitors offer, too, which may
influence pricing. For example, how
does their shipping cost compare to
yours? Do they charge extra for a set-up
fee, for example, when it’s included in
your base cost? Cover all the angles to
get a realistic view of how your prices
compare and then make adjustments
as necessary.
customers do not remember exact
costs, and as long as you provide goods
and services to them at a value and
price they perceive as reasonable, you
will not receive much pushback.
However, many decorators have
had established price lists available for
years and it’s often not easy to pull that
list from your website or remove it
from a client’s files. If you find yourself
in this situation, consider reconfiguring
your price list instead of just hiking up
prices and re-issuing it.
To reconfigure your price list, consider your cost per unit and how you
can extend it. For example, you may
charge $10 per unit for 50 items, $7.50
for 100, $5 for 200 and so on. Consider expanding your per-unit options,
which is a sneaky way to charge more:
Continue charging $10 per unit for 50
items, but add in $8.75 per 75, $6.25
for 150, etc.
Clients often will see the bargain of
purchasing at a higher number than
they need, which may help you cover
your bottom line and then some. Adding these levels also will make your
pricing that much more attractive to
your customers.
prepare your sales team to sell memories, not just T-shirts, to your customers. A business that markets its product
as something to which a client can tie
emotion will be far more successful
than one that is just selling a product
that can be purchased from thousands
of other businesses.
Last but not least, be smart with your
price increases. Sometimes, all you need
to do is make small adjustments on certain services or specific per-unit costs,
and not across the board. By staying
abreast of your costs and desired profits,
you’ll know the services or add-ons for
which you can charge a little more, and
the ones you can leave as-is.
All in all, do not look at price increases
as a necessary evil. This attitude will be
reflected to your staff and customers.
Remember, you and your employees
deserve to get paid a fair price for the
services and goods you provide. As ink
and screen costs, hourly wages and rent
charges increase, so do your prices. It’s a
simple fact of business.
A repeat customer may ask you
why you’re charging more. Simply say, “In
order to provide the level of service that you
have come to expect from us, we find it necessary to increase our prices this much.” This
reaffirms your high level of customer service
and commitment to your client’s happiness.
Greg Kitson is founder of Mind’s
Eye Graphics, Decatur, Ind. For more information or to comment on this article,
email Greg at greg@mindseyeg.com or
visit mindseyeg.com.
Hear Greg speak on apparel decorating topics at the 2013 Imprinted
Sportswear Shows (ISS). Reduced
workshop and seminar rates are available if you preregister: issshows.com.
impressionsmag.com
http://www.mindseyeg.com
http://www.issshows.com
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
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