price for profit
and use your skills to grow the business. Based on your research, and the past history of doing work for customers you see that you are able to obtain prices that are 30%-50% higher than your other designer friend’s comparable work. In the marketplace that extra 30%-50% is your Brand Value . This doesn’t happen overnight. It’s built with hard work. Using our same price formula for the 1,000 black shirts with orange ink, we can account for this too. ($2.62 Shirt) + ($0.37 Decoration) + ($0.04 Screens) + ($1.50 Brand Value) = $4.53 quoted price So because you are a kickass designer, that same order is worth $1.50 more per shirt. That’s an extra $1,500 to the bottom line because of your Brand Value in the marketplace.
It is based on what the customer is willing to pay. This sometimes is a hard nugget to nail down.
Remember, when you trying to determine your Brand’s Value , any number you determine is the starting point. This can and should be adjusted up or down, depending on circumstances. Determining factors can include: your Brand’s position in the marketplace, what your competition is doing, trends, or other realities. Starting Out If you are just starting out in business your Brand Value isn’t much. Don’t naively assume that you can throw a premium price at something and be able to sell that to customers. If you can do it, that’s great! For the rest of us mere mortals, creating Brand Value happens through strategy and effort. Marketing plays a key role...but that’s another eBook.
To build Brand Value there are a few key areas that you should consider working on:
Be Different Can your customers instantly see that you are different than everyone else? One way to build a core audience is to demonstrate that
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