Issue link: https://iconnect007.uberflip.com/i/1476200
8 PCB007 MAGAZINE I AUGUST 2022 Tune Up Your Pricing Strategies If you're a fabricator, these are challenging days. B u t t h e r e a r e a l s o p l e n t y of oppor tu- nities avail- able—if you know when to embrace them. Sure, margins are still non-exis- t e n t . S o m e t i m e s you feel like you're just tr ying to keep the lights on. Your suppli- ers have sent you an email explaining why their prices are go ing up —it's b ecau s e everything is going up—and now you feel like you're stuck between a rock and a hard place. But contrary to popular belief, fabricators are in a strong position right now. ere are fewer than 300 fabricators in North America, and companies are always willing to pay for a quality, reliable PCB. Washington is even singing our industry's praises—for now. So, it's time to raise your prices. In fact, if you don't raise your prices now, you're miss- ing out. is is your chance. Actually, you should have raised your prices a year ago, right? You've been eating your suppliers' increases for a while, and trying make your process even more efficient. But as Tony Soprano once said, "It is what it is." None of your good custom- ers are going to bolt. ey're not going to ask you to open your books or try to tell you how to run your business. Your custom- ers are driving past astronomical gas prices every day, so they're going to understand when you hit them up for a few more dollars. You won't be lying when you say, "I don't have a choice." A few customers might complain at first, but they read the news. e cost of everything is going up: gas, shipping, laminates, adhesives, and components. Even labor, when you can find it. It's all going up. So, now is your chance. If you do this right, you won't wreck the relationships you've spent years building with your customers. ey've probably already worked this into their bud- gets; they may be wondering why you waited so long to pull the trigger. Of course, this is no reason to celebrate. You won't be able to increase your prices to The Shaughnessy Report by Andy Shaughnessy, I-CONNECT007