Awards & Engraving

February '19

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Page 27 of 84

A&E FEBRUARY 2019 • 25 Sales & Marketing How much profit is enough yet will allow you to be competitive? You will need enough profit to maintain your way of life for you and your family as well as your support staff, yet have enough to invest in your business for expansion and growth. It is necessary to keep refining your brand if you want to keep growing and retaining your existing clientele. In our industry, clients demand the creative and unique, yet they live within a budget. Most in our business are working for a profit as their reward. It is almost impossible to be successful if you are not competitive, but remember not to let your competition determine your selling price. Many busi- nesses let their competition determine their margins. This may mean that you need to develop a different product than your com- petition in your marketplace. That difference might be your key to success. Keep in mind that many of your prospects and clients are constantly looking for the unique and dif- ferent. Remember if they are looking at your products, that must mean they are not 100 percent sold on your competition. Don't duplicate a failure. Be fresh and original. You need to know your profit margins on every product in your offering. Many think that if a product costs you $100 and you double it and sell it for $200, you will make money. However, maybe you should be selling the product for $275 in order to survive. Make sure you count all of your expenses and your overhead for maintaining your business — this includes your antici- pated expenses such as taxes, insurance, maintenance, and more.

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