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First, I would like to thank all our associates and "competitors" for running through this economic down-turn. We understand that retail and business in general is challenging, so we thought we'd bring this topic to light.
First, my husband Chris LOVES to market. In fact, he markets TOO WELL sometimes, leaving me (and Cielito and David and the rest of our Customer Service Team) in the dust at some points. Sure, we would NOT want him to stop, because his marketing abilities are making us grow rather quickly. But here-in lies my topic:
1) Several times we've needed "on-Island" vendors to help us with medium to large projects that our clients have a need for.
2) We, (trying to get a good price and great service for our clients,) call several of our on-island contacts.
3) We experience a range of pricing and quality that would make your head-spin.
What does Chris say? "Well, we need to provide great pricing, so let's do our homework." Don't be to harsh on Chris, he's used to providing Sonic-turn-around at the best price. But I guess the goal of this letter is to try to make you aware that you may want to try to offer competitive pricing, even though we're on an Island.
How do we do it? Chris makes us follow two guidelines that you may want to take a look at. In my haste to provide customer service, it's easy to neglect this, but this really makes sense, and you should listen to Chris, because he's done this 11 times in starting and growing businesses.
1) Know Thy Numbers. What does it take to make a profit? Think REAL. If you have over-head, and can take on a job to keep people busy, even though it's not your ideal profit margin, TAKE IT! It will generate action and get you new clients.
2) Know Thy Competitor's Numbers. Even if you "wish" to make a 10,15,20,or 25% margin, you MUST know what your competitors are charging. Our last project ended-up going to a national franchise even though we wished to do business locally. How do you find out what your competitor's are charging? Hum... CALL THEM and ASK! We called over 200 stores when starting Lets Go Banners to make sure we were very price competitive - even compared with the mainland!
'Till next time, Marnie Anderson, Lets Go Banners! Marnie@LetsGoBanners.com
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