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The biggest block to raising prices and securing a better return is the fear that customers will walk out.
Look at the data in the conversion rate report to see what proportion of customers do walk away compared to those who actually say go ahead. The conversion rate report tells you how well customers accept the price for the service you provide them.
When a customer comes in for a quote, they will usually leave the artwork with you. There will be others who decide not to go ahead. Save their quote. By saving both quotes and orders you get an accurate picture of how well you convert quotes to orders in the conversion rate report.
If you convert close to 100% of your quotes into orders, your prices are probably too low.
Some customers aren't prepared to pay the price of custom framing.
Others don't value the item enough and some change their mind for other reasons. If you drop your price to ensure a sale to everyone, you won't make a reasonable profit.
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Now that you have accurate data, you are able to act upon it by easily adjusting your markups to maximise your profit.
Simply adjust one or all of the Markups by a few percentage points and monitor the customer reaction to the increase by regularly reviewing the conversion rate report.
