Sunday, October 3, 2010

Amplified Perspectives

A beautiful 8" x 10" aluminum personalized photo plaque, a ChromaLuxe plaque, decorated with the client's picture, should be priced about $19.82. This was the pricing conclusion we came to in my last post, using a 35% markup formula.





Now, here is the point where you have to become clever. Upgrade, upsell, add-on value, whatever you want to call it, you must offer options to make your sale more substantial. Offering clients a choice between one upgrade or another obscures the option of taking the plaque as it is and going home. The Chromaluxe Aluminum Panels come in different finishes, matte or glossy as well as silver or white based. When you first take the commission from your client you should help them choose the best finish for their photo. Offering these initial choices also will help you when you guide your client through the upgrade process.





Now, everyone will want to hang their panel on the wall, one would assume, so it's probably only fair to offer a simple keyhole mount as a "free" option (they cost $2-2.50, so that would add $6 to your pricing, now at $24) OR, you can say, look here, this is a full back mount, which greatly adds to the "gravitas" of the panel:





These mounts add weight to the finished product and look fantastic, you will want to have examples already mounted to show your client and they will be greatly impressed. These are made of wood and painted dark black. (Just a small note: this mount does not come in 8"x10", so you would have to trim it down and repaint the edges to use it). These cost 5.70, so you would try to bend the price offered at $15+ to meet your 35% goal, so, $19.82 + $17.10 = 36.92, very pricey. I would be happy to say $30, myself.





Now, this mount is the clever one to promote, it costs about $3.50, so you can price it in the middle of the two outlined above. This one is made so you can actually sublimate your business data onto it along with any other special information about the picture subject, if you like. Imagine your client's friends and visitors who admire the pretty photo and look behind to copy down your phone number so they can call you for a similar plaque for themselves...

To recap, offer your client the standard mounting and state the plaque is $24, or they can have the sublimated mount for $27, or the full backed mount for $30.
So, to recap, Here's what we've got so far:

$5.00 for the plaque
.80 for the ink
.14 for the paper used
1.00 miscellaneous
______
$6.94 total cost
÷ .35
_______
19.82 amount to charge, round to 19.00; profit $12.06

Adding small mount= cost $2.50, charge $24; profit $14.56
Add full back mount= cost $7.50, charge $30; profit $17.36
Add sublimated mount= cost $3.50, charge $27; profit is $16.56

Either way, you have upgraded your sale! Next, we can talk about other ways to upsell.