We're working on some exciting stuff at Abiah. One of our projects is a long-awaited catalog.
This is a huge project for us so we've spent hundreds of hours thinking about it, talking about it, and making changes to it. We're just about ready to send it to print and now it comes down to price, quality, and value.
We have to get thousands of these things printed because of the cost.
In one corner is the printer we use for most projects and for most client projects. They're very good and reasonably priced.
In the other corner is our preferred printer for high quality, high end work. They're relatively local and Guy knows the owner. They do printing for national consumer product labels. Big name stuff that's probably in your house.
But the premium -- the cost difference between the regular printer and this high end printer -- is several thousand dollars.
Yikes.
Guy has talked to the owner several times. We've talked to each other about it several times.
We're taking one final pass at the document this week and then we feel like we've got to pull the trigger.
But....there's this issue of price....Afterall, we've got other plans...nothing I can announce yet...and these plans require some big investment...
This has gotten us thinking even more about the challenge of pricing.
You convey a great deal about your brand with the prices you ask for. While strong brands are able to command a certain level of premium pricing for their offerings, at some point, when do you price yourself out of the market? When do you begin to lose too many prospects?
Another big issue in this is how well you communicate your value and why you deserve that price. Does the prospect fully understand the difference between your offering and the competition's offering? Does your prospect feel the difference deserves or is worth the premium you're asking or are you asking for the premium based on something the prospect doesn't feel is all that important?
What's your opinoin on these issues? How are you handling pricing as the supplier and how do you choose between your suppliers?
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