Getting a solid customer base is essential to any business. Turning good customers into repeat customers can make the difference between survival and success. The Studio Gold Card can help you achieve a steady flow of repeat customers.
This program is designed to be used primarily with children. You can, however, modify it to be used in any of your service lines. Here is how the program works. The card is set up for a certain number of prints to be purchased over a pre-determined period of time. For example you may want to offer 8 8x10 portraits over a six year life of the card with a limit of to 1 8x10 per session. A single child need not use the card. Any member of the immediate family can take advantage of the program.
To determine what the card would be sold for you would multiply the retail price of your prints by the number offered on the card. In our example, we are offering 8 8x10 prints with a normal value of $40.00 each. This means that the value of the card at full retail price would be $320.00 (8 x $40.00). We then will offer a discounted price for the card when it is purchased. For example, we will give them a 50% discount. That means that they can purchase the card for $160.00.
The customer can receive additional savings with the card. As in our example, they will receive each session at half off of the regular session price. The will also get 10% off of any additional portrait purchases that they make from the session. The will get advance notice of all studio promotions.
You can add whatever other enticements you would like to your program. You may want to make your offer totally different. That is OK.
Here are some other considerations for you.
You will want to limit the number of cards you sell (at least as far as your clients are concerned). This will add prestige to the program in your customer’s eyes.
Only offer the card after you have done the first session at full price. This does a couple of things for you. It allows you to meet and work with the client and determine if you want to make a long-term commitment to them. There are some clients that you simply do not want back. It also allows them to recognize the value of the card after they have paid full price for the first session.
There are many options and variations that you can implement into your own program. You may want to allow them to use one or two of the sessions for the whole family. You will need to determine how to price the card. If you offer multiple price lists for different types of portraiture you will need to determine which will be used for the program. You may want to exclude other studio specials and senior photography from the card. A time period between sessions may also be necessary. Limit the card to immediate family members only.
In the business environment where we live, the consumer continues to demand more services and better value. Once you’ve shown them that you offer those things it’s important to keep them. This program allows you to do just that
Saturday, June 28, 2008
Inspirational corner
But seek first his kingdom and his righteousness, and all these things will be given to you as well. Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.
Matthew 6: 33-34
It is easy to become concerned about your future. Let’s face it, times are tough. A weak economy, rising fuel and food prices, global warming, an unpopular war and so much more gives us plenty to worry about. We are reminded in Matthew to concern ourselves with focusing on God and trusting in him to take care of our needs. When we give our troubles to God we are free to worship and glorify him in our everyday lives. Are you putting the Kingdom first?
Matthew 6: 33-34
It is easy to become concerned about your future. Let’s face it, times are tough. A weak economy, rising fuel and food prices, global warming, an unpopular war and so much more gives us plenty to worry about. We are reminded in Matthew to concern ourselves with focusing on God and trusting in him to take care of our needs. When we give our troubles to God we are free to worship and glorify him in our everyday lives. Are you putting the Kingdom first?
Pricing for your market
It is always an interesting exercise to work with clients to establish effect pricing strategies. There are many factors to be considered. They include product quality, competition, target demographics and marketability, and most importantly—profitability.
Let’s look at each of these areas. First, how is your product quality? For many small businesses this is fundamental to establishing a good reputation which allows the business to succeed. Durable products which provide lasting value in themselves establish value and will demand a greater investment.
Researching and understanding the other players in your marketplace is essential. I never advocate setting prices based on what the guy down the street is charging. However, knowing their pricing can help you in understanding where to position yourself in the market. You may be charging more and that is OK as long as you understand why and can effectively convey the reasons to you client.
Next, learn as much as you can about your market area and the customers you will serve. Find out what they value and research their buying habits and where they spend their money. What motivates their buying decision? Your pricing structure should be a reflection of what you have learned.
As you identify your client base, be sure your products are appealing and attainable. It is harder to sell a Lexus to a client who desires a Chevy Truck. Take a look at your past sales and identify those products which are selling the best. From there you can create a price structure which maximizes your profitability in those products.
A profitable pricing structure is essential and fundamental to keeping your business viable. Analyzing your price list to identify your costs and expenses is the quickest way to find your profit. Many times the lack of profitability does not mean your prices are too low. Generally the structure of your pricing can be adjusted to improve profits.
Be wary of “industry standards”. These numbers are generally skewed by the method the data is collected. If this data is submitted on a voluntary basis, it very well does not reflect a true cross section of the industry. Due to a wide range of variables pricing and profitability generally cannot be established for an entire industry. While these benchmarks can be interesting they should not be used to measure an individual business’ sales, pricing or profitability. To create profitable pricing, all of the areas discussed above should be taken into account. Your pricing structure should be a reflection of these factors which will assure your financial success
Let’s look at each of these areas. First, how is your product quality? For many small businesses this is fundamental to establishing a good reputation which allows the business to succeed. Durable products which provide lasting value in themselves establish value and will demand a greater investment.
Researching and understanding the other players in your marketplace is essential. I never advocate setting prices based on what the guy down the street is charging. However, knowing their pricing can help you in understanding where to position yourself in the market. You may be charging more and that is OK as long as you understand why and can effectively convey the reasons to you client.
Next, learn as much as you can about your market area and the customers you will serve. Find out what they value and research their buying habits and where they spend their money. What motivates their buying decision? Your pricing structure should be a reflection of what you have learned.
As you identify your client base, be sure your products are appealing and attainable. It is harder to sell a Lexus to a client who desires a Chevy Truck. Take a look at your past sales and identify those products which are selling the best. From there you can create a price structure which maximizes your profitability in those products.
A profitable pricing structure is essential and fundamental to keeping your business viable. Analyzing your price list to identify your costs and expenses is the quickest way to find your profit. Many times the lack of profitability does not mean your prices are too low. Generally the structure of your pricing can be adjusted to improve profits.
Be wary of “industry standards”. These numbers are generally skewed by the method the data is collected. If this data is submitted on a voluntary basis, it very well does not reflect a true cross section of the industry. Due to a wide range of variables pricing and profitability generally cannot be established for an entire industry. While these benchmarks can be interesting they should not be used to measure an individual business’ sales, pricing or profitability. To create profitable pricing, all of the areas discussed above should be taken into account. Your pricing structure should be a reflection of these factors which will assure your financial success
Give 'em a Reason to Come Back
This promotion is a great idea for getting increasing sales from your current customer base. It really is more of a marketing philosophy than a single promotion.
The idea is to give your customer a reason to come back to your business for other products and services you offer. Simply create coupons which can be placed in customers’ orders. These coupons can be for anything from a percentage off their next purchase to a free gift with the purchase of a specified product. You may want to offer some kind of customer loyalty incentive. Such as, buy ten of a specific item gets the eleventh free.
Think about your product offerings and consider how you can offer and promote these services to your customer through coupons and brochures to be placed in orders.
Keep in mind all of these people are customers of yours already and for many they only need to be given a reason to come back to your business.
The whole idea behind this program is to create customer loyalty. This is a great way to give them a reason to return to your business and to spend more money with you. This program works best when you to make a concentrated effort to follow through with it on an ongoing basis.
This can be a terrific way to promote existing products, introduce new products, and most of all give your customer a reason to come back to you.
The idea is to give your customer a reason to come back to your business for other products and services you offer. Simply create coupons which can be placed in customers’ orders. These coupons can be for anything from a percentage off their next purchase to a free gift with the purchase of a specified product. You may want to offer some kind of customer loyalty incentive. Such as, buy ten of a specific item gets the eleventh free.
Think about your product offerings and consider how you can offer and promote these services to your customer through coupons and brochures to be placed in orders.
Keep in mind all of these people are customers of yours already and for many they only need to be given a reason to come back to your business.
The whole idea behind this program is to create customer loyalty. This is a great way to give them a reason to return to your business and to spend more money with you. This program works best when you to make a concentrated effort to follow through with it on an ongoing basis.
This can be a terrific way to promote existing products, introduce new products, and most of all give your customer a reason to come back to you.
Inspirational corner
Then, what looked like flames or tongues of fire appeared and settled on each of them. And everyone present was filled with the Holy Spirit and began speaking in other languages, as the Holy Spirit gave them this ability
Acts 2:3-5
It was with utter astonishment of those present early that Sunday morning to hear men speaking in languages not their own. We hear further on in Acts that everyone present could hear and understand what was being said in their own language. Those who today doubt the validity of this event need only pause and realize we know the message of Jesus Christ today. It is alive and well and continues to be translated for those who have yet to hear the salvation story. It then becomes incumbent on each of us to spread the good news of a saved world. Who can you share the story of Jesus?
Acts 2:3-5
It was with utter astonishment of those present early that Sunday morning to hear men speaking in languages not their own. We hear further on in Acts that everyone present could hear and understand what was being said in their own language. Those who today doubt the validity of this event need only pause and realize we know the message of Jesus Christ today. It is alive and well and continues to be translated for those who have yet to hear the salvation story. It then becomes incumbent on each of us to spread the good news of a saved world. Who can you share the story of Jesus?
Who is Your Customer?
Do you know who your customer is? What type of person purchases your goods or engages your services? What are their buying habits? What do they value? Answering these questions is a key component of creating a successful marketing plan for your business.
Finding the answers to these questions will help you identify the products and services you can and should be offering. It will help you to build identity and create direction for your marketing efforts. Understanding your target demographic will certainly help you create much more effective marketing based on their needs and desires.
It’s said, “It’s hard to sell to snow boots to people living on a beach.” In other words you need to find out what your client base is looking for and create products and services to fill those needs.
So, how do you get this information? First, look around. Pay attention to your surroundings. Look at the clothes being worn, the cars being driven, the houses people live in. Where do people work and socialize. What do they do for recreation? Answering these questions will help you to begin to get a snapshot of your potential client base.
From here you can dig deeper. There are number of resources to help you find median family income levels, number of residents per household, age and ethnic background. You can also find the number of children in a household and ages. Begin by looking at the http://www.census.gov website. You can also check with your local chamber of commerce, city or county government and the public library who may have this kind of data available.
This process does a couple of things for you. First, you can begin to determine if there is enough potential in your area to support your business or a specific product offering you may be considering. Next, it will help you to create marketing pieces which will attract the attention of your potential client based on their needs and interests.
Understanding your potential customer is vital to creating effective marketing and maximizing your advertising dollars. You may be able to sell snowshoes to beach combers but wouldn’t be easier to sell them suntan lotion. If you only knew!
Finding the answers to these questions will help you identify the products and services you can and should be offering. It will help you to build identity and create direction for your marketing efforts. Understanding your target demographic will certainly help you create much more effective marketing based on their needs and desires.
It’s said, “It’s hard to sell to snow boots to people living on a beach.” In other words you need to find out what your client base is looking for and create products and services to fill those needs.
So, how do you get this information? First, look around. Pay attention to your surroundings. Look at the clothes being worn, the cars being driven, the houses people live in. Where do people work and socialize. What do they do for recreation? Answering these questions will help you to begin to get a snapshot of your potential client base.
From here you can dig deeper. There are number of resources to help you find median family income levels, number of residents per household, age and ethnic background. You can also find the number of children in a household and ages. Begin by looking at the http://www.census.gov website. You can also check with your local chamber of commerce, city or county government and the public library who may have this kind of data available.
This process does a couple of things for you. First, you can begin to determine if there is enough potential in your area to support your business or a specific product offering you may be considering. Next, it will help you to create marketing pieces which will attract the attention of your potential client based on their needs and interests.
Understanding your potential customer is vital to creating effective marketing and maximizing your advertising dollars. You may be able to sell snowshoes to beach combers but wouldn’t be easier to sell them suntan lotion. If you only knew!
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