Awards & Engraving

August '18

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24 • A&E AUGUST 2018 Most folks try to survey the market to determine what others are charging for similar items. Although this is an under- standable starting point, most of the data typically ends up coming from places like Etsy where folks are greatly underpricing their offerings — and as a consequence, fade away over time. For many years, I've been surveying our broad base of clients for the purpose of documenting the selling prices of our products. Not surprisingly, these prices vary due to differences in selling environ- ments, artwork, and business strategies. I have compiled these price ranges for many of our products and offer the information as a quick fix pricing spreadsheet. It comes bundled with a cost worksheet for folks to understand how the many elements of operating a business add up to ultimately determine your bottom line profits. Our pricing spreadsheet, however, is merely a start to pricing, so read on! VALUE PRICING A better approach to pricing is what I call value pricing. Using this approach, you can often charge a higher price for your products because they are simply worth it. Most sublimators underprice their products and often deliver less-than-stellar designs. Doing so leaves money on the table and can cheapen the product sold. Great ser- vice, quality, accuracy, and prompt delivery are all key components of a great product that you can charge more for too. My three elements to value pricing are substrates, artwork, and sales/marketing strategies. SUBSTRATES Adding value to your substrates is an interesting concept. For instance, you can increase the value of a 4-by-16-inch piece of ChromaLuxe metal by giving it a simple curve or an S curve and turning it into a self- standing product. This costs almost nothing but could add $5 to $10 to the selling price. Road to Sublimation Success: The Approach to Pricing David Gross is the president of Condé Sys- tems, Inc. For more than 25 years he has developed and built the Mobile, Alabama based company into the premier source for printers, substrates, and consumables serving the graphic art, photography, pre- press, and desktop publishing industries. By David Gross P ricing is the most asked-about topic in our world of sublimation decorating, and it should be! Do you have a strategy for pricing your products? One wrong approach is plugging numbers into a formula that marks up or keystones a product's cost to determine its selling price. For many high-value products like a ChromaLuxe cuff bracelet, this method yields bizarre underpricing.

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