Is pricing driving you crazy? Are your competitors pricing so low that you wonder how much longer the idiots can stay in business? Do your customers want off-shore bulk pricing from you for a dozen prints? And what about that customer who wants to drop off a box of blanks now, pop down to Tim’s for a quick coffee, and come back for the finished shirts at a discounted price? You are not alone. We hear the print pricing frustrations almost every day.
So what can you do? Through the years we have noticed that the most successful textile printers do a few things right. They know their costs, fixed and variable. They have a market niche that they service well and provide the best quality of print that that niche requires. They identify their strengths and play to them. They have a good handle on the volume that they have to print at prices that reflect the quality and service that their customers demand. They develop a marketing plan to achieve the required volumes. Those are some of the key items.
None of this is as difficult as it might sound but, in any case, find qualified help with those things that you feel inadequate about. It must all lead to proper pricing of your prints because that is one of the keys to thriving, not just surviving, as a textile screen printer.
We ran a series on pricing on this blog in 2011 and we are going to update those posts and repeat them here over the next few weeks. Now, at the beginning of the new year while it is still quite quiet in the industry, it is a good time to consider important strategies for the 2014. Pricing is one of the more important strategic items that make a difference to your success.
Your editor is a chartered accountant with 25 years of exposure to the textile screen printing industry. As a free service from Stanley’s, I will answer questions and offer suggestions on product costing, pricing etc. Feel free to email me at email@example.com and I will do my best to answer your questions.