My daughter turned me on to Lenny’s Podcast. Lenny Rachitsky has the #1 business newsletter on Substack and is a quiet, unassuming model of what a podcast host should be. He interviews “world-class product leaders and growth experts,” blah, blah, blah. Anywho… One podcast featured an Etsy exec name Tim Holley. Listening while mowing the lawn, I heard Tim say, “We are constantly trying new features. Our failure rate is 80%.” I smiled. That number gave me great comfort. The hardest part about being a sales trainer is coming up…
Read MoreTag: Pricing
The Longest 30 Seconds of My Life
Imagine working on a big, big, big order.* *By “big,” I am talking about income equal to six months of what you earn now. We’re. Talking. BIG. That is what I was working on. A large printer wanted their inside sales team trained. I’d flown thousands of miles from home to meet the client, the team he wanted me to train, and the other players involved. I’d come up with a plan for how I was going to turn the inside sales reps into sales monsters. It was typed into…
Read MoreMatters of Convenience: Is Your Company Policy for the Client’s Benefit, or Yours?
How often do we say our decisions or policies are made for the benefit of the customer when the reality is they are self-serving? In business, one of the keys to fostering long-lasting relationships is transparency. People may not like specific policies or decisions, but they will accept them when they are carried out openly and honestly…
Read MorePromotional Product Prices Are Way Up for 2022—Now What?
Product prices are up across the board for 2022—in some cases greatly so. For some product categories, like tech and outdoor products, prices are still rising. How can distributors protect their margins while keeping customers from leaving for the lowest bidder?…
Read MorePricing for Beginners
Question: I am new to the business. Do you have any advice as to how to price items? Answer: Pricing is complex. On one hand, you want to maximize sales, but if you price items too low, you might end up doing lots of work and making very little profit. Also, if you are known…
Read MoreCollecting Sales Tax on Additional Charges
Question: How can I find out if I have to collect sales taxes on additional charges, such as screen charges and freight? Answer: Contact your CPA or the department of revenue for your state, because sales tax varies by state—and sometimes by county. It is most likely that these extra charges are subject to sales…
Read More11 Keys to Great Success in Life and Business: Key 8: Major in the Majors
All work is not created equal. There are really two types of work. The first type is the work that can make you wealthy. The second type is the work that might make you crazy and certainly won’t make you wealthy. In our business, there are only four types of activities that will make a…
Read MoreHow Much Can I Charge a Customer for Using a Credit Card?
Answer: The safe and easy answer is “nothing.” Some states prohibit surcharges for credit card use, period. Some states permit it but with some complicated qualifiers, like no surcharge on debit cards, surcharge limited to what you actually paid and other such language buried in your merchant service agreement. The regulations are too many, making…
Read MoreHere We Go Again…
Some topics never really go away. Like “the wave” in a stadium, an issue comes around… there is a lot of standing up, screaming, arm waving, then it passes by just as quickly as it came. The topic making the rounds is the current challenge to the longstanding supplier-distributor relationship model our industry is accustomed to.
Read MoreEnd Quantity Pricing … What Do You Do?
When you receive end quantity pricing from a promotional products supplier, do you pass it on to your client?
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