Pricing for Profit

[suzy]

Hello. Anyone know how to find "Pricing for Profit" book by Vivian Kistler? Anyone have any better ideas? Also, i'm looking for advise ... I am moving into a new shop a few miles from a competitive frame shop. When beginning this new venture, I want to keep the both of us, in a amicable relationship if possible. I really don't want to price cut them ... or have a war on business in the area. Any ideas how to keep the peace, if that can be posssible. Thx. sue.

[Dermot]

I think you can get it from Decor.

There is a new book out by Vivian Pricing Custom Framing.

I have never seen either book's so I have no idea what they are like, I must get around to ordering them myself.
www.decor@pfpublish.com (http://www.decor@pfpublish.com)



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Dermot
"May you never forget what is worth remembering, or remember what is best forgotten"

[John Richards]

[QUOTE]Originally posted by Dermot:
[B]I think you can get it from Decor.

"There is a new book out by Vivian Pricing Custom Framing."

The title of the book is "The Articles of Business" by Vivian Kistler. Vivian also publishes a new "The Custom Framing Pricing Kit" which has various wall charts for custom framing pricing. You can order it from your nearest WDA member - 1-800-WDA-7719 or from Decor Magazine or even from Vivian's company.


Good Luck - both are great learning tools.

John

[JRB]

Suzy, I would advise you to ignore the other shop, get it out of your mind.

Open your shop the same way you would have if the other shop was not there.

Don't use the other shops existence in any advertising or conversations with your customers or friends.

By even remotely suggesting the other shop, you are advertising for them. People are curious and they will want to see for themselves what the other shop is doing.

Find out what the going markups are for your region (Decor's pricing servey is a good place to start) and price according to that. Also your needs, quality, and service must be considered.

Some framers are obsessed with the other shops in their area, they send out spies to check on them, their prices and any other information they can gather.

Some people think this is a necessary part of business, I think it's a waste of time and effort.

Run your business according to YOUR needs, not someone els's.

John

[Dermot]

John

Complements of the season.

You are right about the titles you listed for Vivian Kistler Books and pricing kit publication, she also has her "newest and latest" book "Pricing Custom Framing".

As I said I have never seen any of her publications so I cannot comment on there content.

[PAMELA DESIMONE,CPF]

Suzy, Please listen to John's advice, it is excecellent. When I opened up shop 17+ years ago, I had two established shops plus a LeeWards, now Michaels, in very close proximity. I never gave any thought to what they charged, but charged what I needed to make a profit. I made my business what I wanted, not a copy of those around me. Seventeen years later, my business shows a healthy profit every year, and all three stores, including Michaels, are gone. Another book you might want to look at would be Jay Goltz' pricing guide.

[OvalArt]

"Pricing Custom Framing" is part of the DECOR Library. It was written for DECOR and is only available from DECOR. Vivian's Publishing company, Columba Publishing Co. publishes "The Articles of Business" and the "Custom Picture Framing Pricing Kit". Both are available from Columba Publishing and most distributors.

Bob Mayfield CPF, GCF
Cornerstone Frame Products

[Bob Carter]

Hi Suzy- I hope you find the books you need. Read them. Any and all education you can find should be helpful.

But none of it replaces your own decisions that reflect your business. Those include your product mix, your location, your pricing and just about everything else that reflects on your business. And please feel free to use anything you find here; most of us share willingly. The hybrid model you create should include great ideas from others. You don't need to reinvent the wheel. The truth is we all copy each other to a large degree. Find what works for you and use it; maybe even improve upon it. Then tell the rest of us-then we all learn.

I am a big proponent of knowing your market well-others criticze. It's a well honored tradition in retailing. There was a class scheduled in Atlanta on this very subject. It is important that you gather as much information as you can to help you make decisions. That can be from all the books listed, from all your business friends, from your competition. Knowledge comes from the sum total of all the information. Don't shy away from data. It helps you make a more informed decision.

But before you go any further, have you created a business plan that details what you expect to do and how you expect to do it?This road map is really essential to success. And every good plan looks at all the details and that includes your market(your competition).

The point that gets missed on competition and their pricing is that you shouldn't let your competition set your policies or pricing. But if you competition is getting $20 for glass, and your initial figures suggested $15 for your price, it doesn't take a Warren Buffet to realize that you should be higher. And it's exactly for that reason that a smart operator includes as many variables to help them make a decision. And we assume you do want to make as money as possible, don't you?

All of these factors should be included in your decision-making processes. It's just smart retailing