In honor of all those kiddos headed back to school, let’s have a short pop quiz. True or False? There are two types of florists — fancy studios that peddle couture pieces for high rollers and regular shops that desperately need discounts* to get business. (*Raise your hand if you’re running a Labor Day special right now.)
It’s time to discard the myths that you can only attract one demographic or that few people accept retail prices, said Mark Anderson, founder of the FloristWare point of sale system, pricing aficionado and a featured speaker at SAF Palm Beach 2017, the Society of American Florists’ 133rd annual convention, September 6-9, at The Breakers in Florida.
“Actually, most stores miss out on sales from both ends of the spectrum — customers who think prices are too low and, thus, so is quality, as well as customers who think the florist is charging too much,” he said.
Having extensively studied the psychology of pricing and best practices from the restaurant, travel and entertainment industries, Anderson insists it’s possible to cater to fat cats without alienating budget shoppers — and vice versa.
At SAF Palm Beach 2017, Anderson will pair up with accountant Derrick Myers, CPA, CFP, PFCI, to present “Are You Selling Yourself Short?” They’ll share smart ways to tweak your pricing to please more customers and rake in more sales, without requiring extra work for you or your staff.
“It’s a revenue management pricing model in which each customer pays the highest price he or she will accept,” Anderson explained.
You’ll learn how discount “hurdles” appease bargain hunters without cannibalizing full-price sales and why you should charge a premium for high-demand wedding dates, among dozens of other tips. “The fastest and most effective way to realize maximum profit is to optimize pricing,” Anderson added.. “Optimizing pricing boosts profit three times faster than increasing sales volume will; bad pricing can erode profits just as quickly.”
It’s just one of 40 powerful, educational sessions on tap next week in Florida. Click here to register now.