Effective pricing is essential to success for imaging businesses, but it also requires juggling production and labor costs, maintaining an acceptable profit margin and staying competitive. SGIA had numerous resources to help you build and maintain your pricing strategy.
Though there are many ways to run production, most owners and business managers in the sign and graphics industries are confident they understand production. Design, marketing, accounting, and even sales are concepts that – even if not completely mastered – are felt to be competently understood by most.
Pricing isn’t rocket science, so why is it when we include a reasonable profit margin in our pricing strategy, we so often miss the target at end-of-month? Perhaps we could use a little rocket science!
There are four general approaches to pricing – none of which, by the way, provide the perfect answer to this issue. The four strategies to pricing include:
Because the graphic imaging industry is somewhat unique within the larger business environment, it may be necessary to use a business management program specifically designed with the industry in mind. Fortunately, a selection of programs is available to SGIA member companies.
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