A Review of the ‘Mixed Prices for Mixed Machines’ Pricing Strategy
For newcomers to this column, I have identified the five most successful pricing strategies for coin laundries, which I have named: Market Price Follower, Low Price Leader, Mixed Prices for Mixed Machines, Consistent Price Promoter andHigh Price Leader. Inmy last two columns I reviewed the [...]
A Detailed Examination of the Low Price Leader Pricing Strategy
Last month, I analyzed Market Price Follower, the most commonly used of my five profitable pricing strategies for coin laundry owners. This strategy essentially requires you to accept your competitors’ pricing as your own. Those who wish to go their own way will be seeking an [...]
ASK WHAT PRICING STRATEGY YOU CAN IMPLEMENT FOR YOUR STORE
My fellow laundry-industry Americans, after a long lead-up, we have entered the heart of primary season. The candidates are feverishly positioning themselves, often based upon relatively fine degrees of distinction, so that you will feel they are worthy of your vote. A few early dark horses [...]
And INDUSTRY DYNAMICS BEFORE PRICING
Why are your customers yours?Themost common answer by laundry owners is, “I have the best store in my market.”While thismay in fact be the case, your most pertinent answer is actually, “My customers have to wash their clothes.”
Regardless of one’s specific business, before you can decide how to most efficiently price [...]
Maximizing Daily Turns Does Not Automatically Maximize Profits
In this month’s column, we turn our attention to perhaps the most bandied-about phrase in the discussion of laundromat operations. Sadly, that phrase is neither “outstanding customer service” nor “exceptional operating efficiencies.” It is “turns per day.”
First, a quick definition for newcomers. In big business, turns normally refer [...]
A Critical Tool of ‘Big Business Thinking’
In last month’s inaugural column, I posited that you must incorporate what I have coined “Big Business Thinking” (BBT) to manage the business side of your laundry operation and to strategically price your store to maximize profit.
Your first BBT tool is called “Return on Investment,” known simply as ROI. [...]
A New Monthly Column on How You Can Use “Big Business Thinking” for Strategically Pricing Your Laundry to Maximize Profits
As my fellow laundry owners receive this month’s issue, your customers’ kids are back to school and your distributors are having their fall shows. You might consider this time as a “New Year” for the self-service [...]
