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GOOD BETTER BEST

Turn ordinary to extraordinary and learn how you can add pizzazz to your signage projects quickly and easily to exponentially increase profits.
by

Jennifer Schoenberger

on 19 May 2016

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Transcript of GOOD BETTER BEST

CREATIVE.
WHAT DOES IT MEAN?
ECONOMY
STANDARD
PREMIUM
BRONZE
SILVER
GOLD
CONSUMER
PROFESSIONAL
EXPERT
Buyers appreciate choice.
CHOICE GIVES BUYERS
A BASIS FOR...
Given a choice of three price points, approximately
two-thirds of those who make a purchase will
choose the
middle
one.
$25
$75
$25
$75
$125
ON THE OTHER HAND
BUYERS DO NOT RESPOND WELL TO
CHOICE OVERLOAD
How can I move my
CUSTOMERS from...
V
i
sual D
i
scr
i
m
i
nat
i
on.
Our brains are hardwired to only notice what is
different.
Magazine and newspaper editors use this approach of good, better, best to feature three products in different price ranges. They don't do this to "upsell" someone.
IS THIS HOW YOUR CUSTOMERS
THE
good-better-best
YOU?
model works well to help people quickly understand
and categorize their options. It's what we all do
when researching products or services to buy.
HOW CAN YOU DIFFERENTIATE?
Build confidence with your customers.
Turn ordinary signage projects into extraordinary to drive profit in your business!
Turn ordinary to extraordinary and learn how
you can add pizzazz to your signage projects
quickly and easily to exponentially increase profits.
YOU'VE SEEN THIS BEFORE
MARKETING STATISTIC:
Given a choice of three price points, approximately two-thirds of those who make a purchase will choose the middle one. Because of this tendency, there is a school of thought that calls for all sellers to offer three solutions - a low-price version, a "right" priced version and a premium-priced version.
The strategy is
RIGHT,

but the execution is
WRONG!
We’re not talking about price; we’re talking about creative design and providing your customers choices.
STRATEGY
The belief is that most buyers will not choose the cheapest version because of their perception that they aren't getting a high quality solution. Some will choose the premium solution because they want the best, and everybody else chooses the middle version.
Why offer good, better and best options?
• Customers cannot articulate their needs

• They do not want unlimited options, but they do want to take an active part in the design process

• They rely on you to provide expert advice and guidance
A benefit of good-better-best is customers are more comfortable with this pricing strategy. Few of us take well to ultimatums, which is exactly what offering a single price is.
"Here's the price, take it or leave it." In contrast, good-better-best is accommodating:

"If the price is too high, consider our good version" or "You may appreciate the features of our best option."
DIFFERENTIATE
Your job is to differentiate yourself so that the prospect chooses to do business with you.
How can you create differentiation with today’s designs and materials?
• offer design consultation
• add texture / contrast / color
• enhance with signage bling!
How can Rowmark materials help you differentiate?
ColorHues™
UltraGrave™
ADA Alternative
Appliqué & Substrate
ColorHues™ - a single-ply decorative sheet material with brilliant shades of translucent and opaque colors.
Designed to comply with the Americans with Disabilities Act (ADA) Federal regulations. Braille-engravable, routable sheets come in a wide variety of color combinations.
Rowmark Sign Supplies
• Frame solutions
• Decorative stand-offs
• Unique mounting options
HOW TO MARKET GOOD BETTER BEST?
Display side-by-side for easy comparison
THANK YOU!
WHAT WILL YOU LEARN?
Increased profits are the benefit you receive.
PROF TS
DIFFERENTIATE TO INCREASE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
CHOICE
?
They do it because it's a credible and fast way to explain the differences
between several products at different price points.
The customer already has choices.
3
1
HOW TO MAXIMIZE YOUR PROFITS?
1. Establish three versions of your product, geared to three types of customers or three common sets of customer needs.
3. Offer an upgrade path. Those who buy a lower tier should be able to see that they can customize by ordering additional features on an a la carte basis.
2
2. Find a way (often a table) to show at a glance which product or services fall into each tier. This enables customer to compare, as well as to understand the full extent of the seller’s capabilities.
CHOICE 2
CHOICE 1
CHOICE 3
COMPARISON
DOES YOUR SHOP LOOK LIKE THIS?
SAMPLE PRICING GUIDE
The cost data and prices listed are estimates and should be used for reference only. Rowmark makes no claims that these are typical/average costs or market prices. Your specific business model, purchasing practices, overhead rates, cost structure and desired profit margins must be taken into consideration.
Red/White Satins:
Portico Frame:
$3.43
$10.94
Material cost:
Overhead/labor:
Total:

Suggested Retail:
Gross Margin $:
Gross Margin Percentage:
$14.37
$10.00
$24.37

$35.00
$10.63
30.37%
Toffee/Ash:
Clear 1/4":
Ash:
Clear 1/32":
Rapid Stand-offs:
$3.81
$9.93
$0.87
$3.49
$11.89
Material cost:
Overhead/labor:
Total:

Suggested Retail:
Gross Margin $:
Gross Margin Percentage:
$29.99
$20.00
$49.99

$85.00
$35.01
41.19%
White:
Ash 1/32":
Dark Brown 1/32":
Backer 1/32":
Kona/Ash 1/16":
Smooth Silver 1/16":
Hidden Streamline Frame:
$11.81
$0.94
$0.94
$3.77
$0.29
$2.02
$22.38
Material cost:
Overhead/labor:
Total:

Suggested Retail:
Gross Margin $:
Gross Margin Percentage:
$42.15
$35.00
$77.15

$125.00
$47.85
38.28%
AGAIN!
Given a choice of three price points, approximately
two-thirds of those who make a purchase will
choose the
middle
one.
GROSS MARGIN PERCENTAGE COMPARISON:
30.37%
41.19%
38.28%
Full transcript