Win Both Ways - Inflation May Provide Unique Opportunity

Article provided by The Management Guys 

The news is full of stories about inflation coming back with higher prices seen everywhere.

This a particular opportunity for the printers as they are custom manufacturers—every job looks different with different copy and art and serves a different purpose. That is worlds apart from the gas station who’s only point of difference is the price per gallon posted on the sign.

The action step should be to collect the dollars laying on the table by putting another 2% or 3% on the estimates going to customers with a particular focus on those who give you the order most of the time because they like and trust your work.

Since it’s likely that you have excess capacity (maybe you’re only working a single shift with occasional overtime), you can also bring in more dollars by reducing the price to customers who are price shoppers and who are not giving you much work.

Both of these steps—getting more dollars from the best customers and orders from the price shoppers can put real dollars on your bottom line.

The goal is: Get as much as the customer will pay, but get the order!