"Pricing is actually a pretty simple and straight forward thing. Customers will not pay literally a penny more than the true value of the product."
--- Ron Johnson
Putting a price on your products and your services is a tricky task. Some people simply look around the market to determine what to charge. If Joe's Signs and Things, located just five miles away is pricing a thirty foot by four foot banner for $200, then all banners in the same size, of roughly the same quality, in the same town is probably going to sell a little below or a little above $200.
That was a simplified market survey and is a quick rule of thumb many businesses use today. But if your product or service delivers something special or has that extra something that you believe will really please the customer, you can price that same banner at a premium level. The trick is knowing how to communicate that extra something to your customers.
"Labor was the first price, the original purchase - money that was paid for all things."
--- Adam Smith
Your customers today don't really care how many hours you and your staff put into the final product - they just want the outcome for a fair price. The labor costs is something that has to be figured into the price before giving the quote to the customer. The customer will often take your price and shop it out to see if they can get a better deal.
However, if your product or service is something that only your business can provide or something that is provided in a special way, then you can recoup all of your costs along with a more expansive profit margin.
"If you're not worried that you're pricing it too cheap, you're not pricing it cheap enough."
--- Roy H. Williams
One way to get away from having to undercut your competitors prices is to get rid of that mindset all-together. Find that special way to deliver the product or service and charge a higher price for it. It is not simply a matter of raising your prices, but raising your prices while providing a higher level of quality.
"Cutting prices or putting things on sale is not sustainable business strategy."
--- Howard Schultz
I recently had some air conditioning work done at our home. I contacted a company that came recommended and was glad that I did. The crew that was sent out were polite and professional. They wore paper booties in the house and discarded them after they climbed around in the attic. It was top-notch service that I gladly paid more for.
What is it that you can change today to create a better delivery of your product, or a better warranty, or consultation, or premium service that you can charge more for?
"Price is what you pay. Value is what you get."
--- Warren Buffett
If you want to be the top dog and charge more, draw up some plans this week just for kicks. Take one element of your business that you believe you can provide a higher level of service that your competitors are not providing. Educate your staff and try it out for a few months. Don't be afraid to charge more for this extra touch. It will set you apart from others and create greater demand with people talking about your business.
Wide Format: Much More Than Just Print
By Steve Bennett
Typically, signs, direct mail and printed collateral contribute to exposure, motivation and recognition of needs toward a product. These lower-value tools contribute to 30 percent of the buying decision. But research has demonstrated that 70 percent of purchasing decisions are made at the point of purchase.
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Screenprinting 101 Part III
By John Benedetto
This is part three of a series of helpful and timely tips for both the beginner and seasoned screenprinter. These articles are written with the beginner in mind, many times there are several answers to the same problem.
Read the article...
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Advertiser - ISA Sign Expo 2015
Registration for ISA Sign Expo 2015 is OPEN!
The International Sign Association is inviting you to get a jump start on planning for ISA International Sign Expo 2015 by registering right now. ISA Sign Expo 2015 is back at the Mandalay Bay Resort and Convention Center in Las Vegas on April 8-11. Already, the 200,000-square-foot exhibit hall floor is more than 90 percent sold out. This year's ISA Sign Expo is looking to be the largest yet with more than 550 exhibitors and 21,000 attendees.
At every corner, sign and visual communications professionals can explore the leading products and innovations - ISA Sign Expo showcases the ENTIRE industry all in one event! Wide-format and 3-D printers, channel letters, neon, architectural signage and digital sign systems all will be on display. The Dynamic Digital Park will include educational seminars with exhibitors offering solutions for traditional sign companies that want to explore digital signage as a new business opportunity.
The current exhibitor list is already online and being updated continually. And most importantly, registration is open!
At a bookstore:
"Rare, out-of-print, and nonexistent books"
Sign on a construction site:
"The Spare Key to the First Aid Room is available in the First Aid Room"
As seen on the window of a barber shop in Columbia, SC:
"During vacation of owner, a competent hair stylist will be here."
We need those funny signs you've seen in your travels, come on, we know they're out there.
Send them to us at: firstname.lastname@example.org.