Happy Thanksgiving!

EnMart will be closed on Thursday,  November 22 and Friday, November 23 in honor of Thanksgiving.   We will re-open for normal business on Monday,  November 26.

Of all the things we are thankful for this year,  you,  our friends and customers,  are on the top of the list.   We are grateful for your support,  your business and the wisdom and creativity you share with us.

We wish you all a happy and safe Thanksgiving.

The Art of Setting Price – Part 2

In the first part of this series,  we talked about how to gather the data you need to determine what price you should charge.  In the second part we’ll talk about how to finalize your pricing and how to communicate that pricing to your customers.  Although the data collection process, as detailed in part one,  can take time,  it’s actually probably the easier part of setting price.   Now comes the hard part,  setting your prices and sticking to them.

Once you’ve crunched the numbers on what you need to make and assigned tentative prices for your products,  you can compare those with your market research data.  Sometimes you’ll find that you can charge more than you thought you could and still be competitive.   Other times you’ll find that the prices may need to be adjusted downward slightly.  The hope is that the highs and the lows will balance.

After the final adjustments are done,  do one more set of calculations.  There are two parts to this final bout of arithmetic.  One part is to figure out if you can afford to and want to do quantity discounts and what those discounts will be.  This set of calculations should also include what your minimum order quantity will be.  For some people,  it’s the minimum number of a product they need to make their minimum profit requirement.   Other people may have very low minimums to try and differentiate themselves. Some shops will have set minimums and quantity discounts that are stated prominently in their pricing literature.   Others may not advertise these minimums and discounts,  but every shop should know what they are. The time to make pricing decisions is not when someone is standing in front of you asking.  Those decisions should be made when there’s no pressure and you can keep your income goals clearly in front of you.

The second set of calculations to be done deals with your absolute lowest price.  This is the rock bottom minimum you can charge and still make at least a small amount of profit.  The hope is you will always be able to charge more than this number,  but you should always know what your lowest price is and stick to it.  Again, the time to make this decision is not when a potential customer is arguing with you,  or when someone offers a huge job that is terribly tempting.  Know your lowest price before you get into these situations,  and make sure you don’t go below that price,  no matter what the incentive.

Now that you’ve done this last set of calculations,  you should have a final price for each product you offer,  along with quantity discounts,  if you intend to offer those,  and a rock bottom minimum price below which you will not go.  All this information now needs to be communicated to your customers.  If you’re selling online, pricing information can be communicated in each product listing.   If you’re running a brick and mortar shop,  printed pricing can be offered with order forms.   As a general rule,  it’s a good idea not to make any mention of your rock bottom minimums in the pricing you release to the public.   After all,  it’s never a good sales tactic to let your customer know the minimum payment you’re prepared to accept.

Your pricing is now set, and you’re on to the really difficult part,  holding firm on those prices.  We’ll discuss that in part 3. 

Happy Thanksgiving!

EnMart will be closed Thursday,  November 23 and Friday, November 24 to allow our employees to enjoy Thanksgiving with their families.   We will re-open on Monday,  November 27.

Among the many things we are thankful for this holiday season,  we must count you,  our loyal customers and friends.   Thank you for supporting EnMart.  We wish everyone the happiest of Thanksgivings.

 

Happy New Year!

happy-new-year

 

EnMart will be closed Monday,  January 2, 2017  in honor of the New Year.   We wish all our friends and customers only the best for 2017! 

Merry Christmas and Happy Hanukkah

christmas2010wallpapers16

EnMart will be closed on Monday, December 26 in honor of Christmas.   We will re-open on Tuesday, December 27.   We wish all our clients and friends a happy and joyous holiday!

Happy Thanksgiving

thanksgivingturkey

 

EnMart will be closed Thursday, November 24 and Friday, November 25 in honor of the Thanksgiving holiday.    We will reopen on Monday,  November 28, 2016.

We wish all our friends and customers a happy and safe Thanksgiving. 

Save

Save

Thanks for 2015

be-thankfulSo,  a year has passed.    We’re sitting here in the last day of 2015 and everyone is writing best of lists or top whatever lists and trying to sum up the year that’s almost gone before we start the year that’s almost here.  I’ve written best of or top whatever lists in the past so this year I wanted to try something a little different.

Basically,  I wanted to say thanks.

Thank you for supporting EnMart in 2015.   Whether you ordered product,  recommended us to someone who was looking for a service or item we offer,  or left us a review,  we appreciate your support.  Anyone who runs a business knows  the hardest thing to do is to build a customer base that likes what you do and keeps coming back.   We’ve been extraordinarily lucky in that regard and I’m grateful for that.

Thanks also for making this such a great year in social media.   EnMart started the year with roughly 1500 fans of our Facebook page and we’ll be ending it with just over 8000 fans.    Something similar has happened with our Twitter feed and the constant stream of repins tells me our Pinterest boards are alive and well.  We’re so pleased that so many of you have taken an interest in what we have to say.    We will,  hopefully,  keep entertaining,  enlightening and educating through social media in 2016.

A big thank you to those who challenged us this year.   We pride ourselves on being a resource for those just starting out and those who have been in the game for a while.    We appreciate your questions and your suggestions for what we could do next and what we could do better.    Just like any other business,  we learn and grow partly because that’s what we have to do to meet the needs of our customers.   Thank you for expressing those needs to us and sticking with us while we worked to learn what we needed to know to meet them.

Finally,  thank you for making us excited about 2016.   We’re expanding into new markets,  trying new trade shows (and some old favorites) and looking forward to seeing where 2016 takes us.   We will be off on January 1 to celebrate the New Year,  but we’ll be back on January 4,  ready for a new year and the surprises and successes it will bring.   Happy New Year to all of you and may 2016 be your best year ever!

Merry Christmas

christmasEnMart will be closed Thursday, December 24 and Friday, December 25 in honor of the Christmas holidays.    We will re-open on Monday,  December 28.   We wish everyone the happiest of holidays and the merriest Christmas.