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News & Press: DLI

Time to Update your Prices?

Friday, July 22, 2016   (0 Comments)
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 You are in business to fulfill the drycleaning needs of your customers. When you first began, how did you choose your pricing structure? Did you tie it into your marketing strategy or base it strictly on your expenses? Since then, how did your operating costs increase? When was the last time you adjusted your prices? Do you think it’s time?

There are lots of factors to consider when setting or adjusting prices. Things to consider include:

  • What are competitors charging?
  • What are your base costs for doing business? What are your margins?
  • Are you happy settling for the industry standard pricing?
  • Do you want to charge a premium price? If so how do you justify it to consumers?
  • What market do you want to target?
  • How do you differentiate your business from the competition?
  • Do you offer services at different price points?
  • What message do you want your pricing to portray?

If the price is too low the products and services could be perceived as low quality. If the price is too high you could price yourself out of the market. If the only thing that differentiates you from the competition is price you’ll need a solid strategy to show customers the value they are getting for their dollar. Your marketing strategy should weave together pricing as well as promotions to appeal to your chosen market.

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