Three New Sessions for SAF WebBlast Series of Webinars
In April the Society of American Florists introduced their new WebBlast series of short, highly informative series of free (for SAF members) webinars. The first set focussed on technology and was presented by SAF CIO Renato Sogueco.
A new series of three webinars that look at how retail florists can apply advanced pricing strategies to increase both sales and profits will take place in June and July.
$49.99 or $50.00? One Penny Makes A Huge Difference
Florists tend to fall into one of two camps. They use "charm" pricing (prices that end in the number 9) because, well, everybody else seems to, or they use round number pricing because they don't like the way charm number pricing looks. Both approaches (rounded vs charm) are valid, but there is too much research on how customers interpret pricing and how it affects their perception of, and experience with, brands/products to make an uninformed decision.
Bundling: The Huge Upside to Selling Packages
About the same time that florists started moving away from a pure bundling model the fast food business began to aggressively pursue a mixed bundling strategy. Now, decades later there is a wealth of great research that illustrates how florists can benefit from a mixed bundling approach.
You Don’t Take Margin to the Bank
Florists are often told that they should never sacrifice margin, but other industries that focus on revenue management are quick to counter the diminishing marginal utility of their products by sacrificing margin to secure larger sales and bigger profits. Where do flowers fit into the formula and how can florists benefit?
Each of the three webinars will be thirty minutes long – with the first twenty minutes devoted to a particular pricing topic relevant to florists, followed by a ten minute question and answer session.