Pricing is most profitable when it is based on the operating expenses of a specific business. Learn two critical steps in a profitable pricing strategy.
The Tru Vue Retail Makeover project involved many different aspects of Larry and Rene’ Bauer’s framing business in Port Angeles, WA. This project teaches us what can be done to help framing shops grow, and the Bauers were the perfect choice to meet the challenge. I am lucky to be involved in so many businesses and the lives of the people who run them.
Long-term fulfillment in a career means financial stability and fair compensation. It’s important to your personal financial goals to have an effective pricing strategy in place.
Opportunities for increasing profitability begin with small changes. Huge increases to pricing or major efforts to draw more customers often are unnecessary. Learn how to use the correct design-driven pricing to create big results.
Discounting can become a disaster and is one of the biggest barriers to profitability. Learn how discounting affects your margins and and ways to avoid disastrous discounting results.
The fastest way to a more profitable custom framing business is by increasing the average price of the projects being sold. The only way for you to reach a goal is to track and score what you are doing now.
Do you recognize yourself in our three shop examples? If you know your pricing is where it should be, you will be less prone to making changes during the sales process that negatively impact your profit margins.
VIDEO: Framing industry expert Ken Baur discusses pricing strategies and tactics with Fourth Corner Frames owner, Sheri Wright, for the 2014 Tru Vue Retail Makeover.
The absolute most effective way of making your profits grow is to increase average ticket. If you change your focus from making a sale to great design, your average ticket (and profit) will soar.