Wife Needs Help Pricing 24-Page Booklet

Wife Needs Help With Pricing
24-Page Booklet With Cover

By John Stewart, Executive Director NPRC

Last week Mary (my wife) came into my office and asked me to help her price a 24-page booklet. A woman had just come into the shop and asked for a quote and Mary needed to get back to the customer quickly. She asked me for help in working up a price. “Of course I can,” I said. “I’m the expert on stuff like this. In fact, I can even sell you a copy of the latest 2018 Digital Color Pricing Study at a heavily discounted price.”

“Oh shut up,” she said. “Just work out the price for me and then you can go back and play with your Excel files.” she added. With no real options to consider, I grabbed a nearby copy of the pricing study and started jotting down some notes.

“Oh shut up,” she said. “Just work out the price for me and then you can go back and play with your Excel files.” she added.

The problem with using many of the pricing studies that we have published over the years is the fact that no matter how extensive they are, it is virtually impossible to find a nice, neat answer for every job, every quantity and every size that comes in the front door.

Why? Because there is no way our pricing studies (or any pricing study for that matter) can anticipate every possible scenario. Cover or no cover? Finished size 5.5 x 8.5 or 8.5 x 11”? Bleed or no bleed? How many pages? And of course, what’s the finished quantity? Also, what kind of delivery time is the customer requesting?

It is virtually impossible to provide easy-to-read tables that can provide pricing for all the possible scenarios. What often ends up happening is that we end up using interpolation and other simple math tricks to arrive at our best estimate for a job, using data available in one of these pricing studies.

As we often note in the introduction to pricing studies – the prices we report are not necessarily “prices as they should be, but rather prices as they are.” There’s a big difference. Nonetheless, the average and median prices we present in this and other studies tend to represent “fair market” pricing for the products we survey, especially if you are interested in comparing your price to what others might charge for the same job! 

Mary’s Specific Project

I asked Mary to give me the specifics and I would help her come up with a price. Here’s what she provided:

  • A 24-page booklet with a separate cover. (6 11×17 signatures, 4/4 on 100# coated text and a 4/4 cover on 100# coated cover.) No bleeds. Saddle stitched with a face trim.
  • Quantity: 750 copies
  • Normal, 4-5 day turn-around required

Ok, so I grabbed a copy of the 2018 Digital Color Pricing Study and dove in. First, I checked pages 58 and 59 where we report pricing for newsletters & booklets. The first problem, is that while we provide pricing for 16-page booklets and 32-page booklets, we don’t report pricing for 20-page or 24-page booklets so we would have to do some interpolation with the prices that were provided.

Mind you, when we report pricing for specific quantities and sizes of booklets, we provide a lot of info like average and median pricing for completed quantities, pricing per individual book and we even suggest a range in pricing within which you are probably “safe” to quote. We call it a “majority low” and “majority high” range. Nonetheless, we cannot provide pricing for every possible size and format. Sometimes, that’s up to the reader to tackle.

Second problem, although once again minor, is that while we may provide pricing for quantities such as 100, 500, 1M and 2.5M booklets, we don’t report pricing for 250 or 750 booklets. Another interpolation being required.

Here Are My Notes For the Quote

Raw Pricing from 2018 Pricing Study

Booklet Size                Qty 500       Qty 1,000

 16-page + Cover             $1,987              $3,415

32-page + Cover              $3,246             $5,762                

 

Revised Pricing Notes (with 24-page booklets added)

Booklet Size                Qty 500       Qty 1,000

 16-page + Cover            $1,987                $3,415

24-page + Cover*           $2,616               $4,588 << simple interpolation prices

32-page + Cover             $3,246               $5,762

* With a 24-page booklet being precisely between a 16-page and a 32-page in terms page quantity, it was simple math to add the lower quantity price and the higher quantity price and then divide the total by 2. Some folks might consider using a weighted average, but that’s probably overkill for most.

Ok, we’ve got pricing for the right size of booklet, but we don’t have pricing for the right quantity. Once again, at least in this case, we turned to simple match to calculate the price for 750 copies. We kept it simple. ($2,616 + $4,588)/2). The final answer for a quantity of 750, 24-page booklets with a separate cover was $3,602 or $4.80 per book.

Finished? Not quite! When you start looking at all the pricing information available just on these two pages it can be overwhelming. Is some of the pricing data skewed by a few high numbers in our data base? Possible but not likely, but we nonetheless offer both average and median numbers so that folks can consider modest differences in those two prices. The median price is sometimes a safer bet, but the averages are typically what we use. Sometimes (as in this example) the difference between the average and median price at the 500 quantity was less than $150 or about $0.20 cents per book.

Someone looking at just these two pricing pages (pages 58 & 59) would also see that we offer a “majority low” and “majority high price” as well – thus throwing another variable into the pricing mix.

Mary’s Final Price

Ok, so what did Mary finally decide to go with after looking at the $3,602 price I provided? After looking at that price and considering various alternative prices, she decided to go with $3,189 or $4.25 per book.

How did she select that final price to quote? In all honesty, she says she sort of used her gut instinct, then reached up into the air and came down with that final price.  Less than two hours transpired between the time the customer first walked in the door and the time Mary emailed her with the final price. Within 15 minutes the customer email Mary and gave her the Ok to proceed. They stressed the fact that it was definitely needed by Friday end of day.

A bit of background is in order. The client is a fairly large Baptist church that does an amazing amount of outreach and fundraising for charitable projects around the world. Although Mary and I are not Baptists, we found ourselves agreeing and admiring how much outreach this church does around the world. The church plans to distribute these booklets this weekend to solicit contributions for its ongoing efforts. Looking at the dozens of photos demonstrating all their projects and outreach, even Mary and I were impressed. 

The woman who originally brought the job to us to quote apparently had full authority to make the final decisions. As it turned out, we surmised, based upon teh fast response and Ok to our quote, that we were the only vendor they had turned to – whether it was due to our reputation or a reference we will probably never know. By the way, this is a good time to note that not every customer in every market is looking for the lowest price. Far from it, despite all the naysayers out there that keep insisting how their markets are different and that most customers are only concerned with price.

By the way, I also know that some of the good marketing experts out there would also be yelling and screaming at us that we should follow-up and ask what else can we do for them. We didn’t and probably won’t.

Oh, by the way, this article is being written on Thursday, Oct. 18th.  The job was due tomorrow. I just checked with Mary and asked her how the job is coming. Remember, I have no day-to-day involvement with the operations of our small printing firm, so I know very little about what is going on most of the time. Mary told me that the job was actually picked up about an hour ago (24 hours earlier than promised) and the customer was really pleased.

Second Thoughts & Fears

If you’ve been in this industry for 10 years or more there are always lingering fears and questions when running what for us is a fairly large job.

  • The nightmare scenario has always been receiving a phone call from the client within 30 or less after have delivered the job. When someone announces Mrs. Smith is on the line nobody wants to talk to her about the job because we assume the worse, like a complaint about missing signatures, or a misplaced photo or one entire signature being out of place in the booklet. Yes, that happens, but then again they sometimes just call you to thank you for a job well done.
  • Of course, there is always the second guessing about the price. Would we have gotten the Ok to print had we quoted an extra $200 or $300? The answer in this case is almost a definite “Yes.” Nonetheless, we know the price was inherently fair. As it turned out, it actually ran much smoother than expected, even with a couple of minor problems with our booklet maker.

 

Selling “Partner” Increases Business Value!

The Endowment Principle
And Valuing Your Business

By John C. Stewart, Executive Director, NPRC

“The endowment principle suggests that an owner of an object tends to attribute a higher value to that object because he owns it. Consequently, the owner of a business may think that the business has a higher value than it actually does, merely because he or she started it, nurtured it, etc. You should take this into account if your valuation falls far below the owner’s asking price.” (From Print Shop for Sale, Chapter 1)

I would love to have $10 for every time I have heard an owner tell me that they would rather shut the doors, close the business and walk away before they would accept an offer they consider too low. It is amazing how many owners simply point to the many years they have worked building the business, the sacrifices they have made, and the “blood sweat and tears” they have invested to build their businesses to justify the value they have placed on their business.

Tell owners that they have made a major mistake loading up their small businesses with equipment that really isn’t need, or tell them that after all is said and done they have earned a decent salary over the years but they really haven’t generated any significant “excess earnings” and as a result their business is worth very, very little.

Sadly, many owners wait too late to sit down and attempt to value their business. To be blunt, some put this task off because they suspect the value will not be what they were dreaming of or counting on a few years ago. Other owners simply have little or no idea as to how to arrive at a value for their business, and they are unwilling to take the five or six hours it might take to get a better grasp on valuing a business.

Some make a half-hearted attempt by using some outdated multiplier, while others rely on advice offered by a well-meaning uncle or business broker, most of whom know little about valuations in the printing industry.

Valuations Based Upon Earnings

Most important of all, many of these owners simply do not understand the basic valuation principle that notes that, “for a business to have any real value to a potential buyer, it must be able to produce enough cash flow to pay the new owner a reasonable working salary and then produce enough ‘excess earnings’ for the buyer to be able to purchase the business from the seller over a 4-6 year period of time.”

“For a business to have any real value to a potential buyer, it must be able to produce enough cash flow to pay the new owner a reasonable working salary and then produce enough ‘excess earnings’ for the buyer to be able to purchase the business from the seller over a 4-6 year period of time.”

The biggest mistake made by many owners contemplating the sale of their business is to initially combine the salary and perks paid to both the husband and wife and look at that combined total as the “profit” generated by the business. Once combined, the owners then use some type of multiplier, add a value for assets, and arrive at a final selling price for the business. Oh, if were only that simple!

Let’s clear up something immediately. Combining your salary and perks with whatever is paid to your spouse and then claiming that represents the “net profit” or “net earnings” of the business is simply wrong, wrong, wrong!

Only If You Are Selling Your Spouse

Of course, the only exception to the discussion above would be in the event that you are actually including your spouse (husband or wife) along with the list of other assets that will convey when you sell the business. I know at least some readers are whispering to themselves,“Oh, if I could only do that I would…”

“Ok Mr. Stevens (the new buyer), here is the final paper work for the sale of the business, and you will notice that it includes a Ricoh digital printer, a state-of-the-art estimating system, a Heidelberg folder, padding rack, a Sakuri 40” cutter and my wife. She will stay on with the business until you decide to trade her in or sell her to another print shop.”

The point in the sarcasm noted above is that when a husband and wife sell their business to an individual buyer, it is typically assumed that the buyer will assume some or all of the responsibilities of the primary owner, AND if there is a “working” spouse involved in the business, the new buyer will also have to hire someone to replace that spouse or partner. So the money paid to the spouse that was initially classified, counted or included as part of “net profit” or “owner’s compensation” is really nothing more than payroll that must be assumed by the new buyer.

What about the value of the hard assets that are normally sold and conveyed with the sale of the business? Yes, the value of assets used in the business are also included in most valuations, but in the end, the value of assets are typically modest or minimal compared the value of the business when considering “excess earnings” or profits.

A Disgruntled Client

I once had a client who actually stopped communicating with me (he was acting like a small child) when I told him that his decision to purchase one piece of equipment after another, especially in the past 3-4 years had actually negatively impacted the value of his business. It seemed like he was bent on buying equipment and he bought and bought, using the argument that the more production capability he brought in-house the better and more productive he would be.

Sometimes it is better to broker than to invest in equipment that is only used two or three times a month. Just remember, the very last thing you want to do in the last few years before you sell your business is to start adding a bunch of new assets.

Assets never contribute on a $1 for $1 basis when it comes to valuing a business, but “excess earnings” can easily end up being multiplied by a ratio of 3 to 5 in caluclating the final value of a business.

Buyers Like Profits, Not Assets

Newly acquired assets are quickly depreciated, oftentimes far faster than shown on the balance sheet. To consider the investment cost for a new piece of equipment can or will be recaptured at the time of sale is pure folly. Buyers are not interested in buying shiny new equipment. They can do that on their own without your help.

On the other hand, buyers are interested in buying businesses that produce real “excess earnings,” “cash flow” or “profit” above and beyond what required or necessary to pay a single working owner. The bottom line? Excess earnings are always far more valuable than even the best net assets, no matter all the bells and whistles.

Drop me a line with any of your questions at: johnstewart@printingresearch.org

 

Major Pricing Variations a Myth!

Pricing Variations Between Markets
A Myth Says Industry Pricing Expert

By John C. Stewart, Executive Director, NPRC

As publisher of key industry pricing studies for the past 30+ years, there is one recurring comment I  hear repeated week after week and month after month from printers around the country, and those comments deal with pricing variations from market to market.

The comments go something like this: “John, just received the latest pricing study and I really like it, but I couldn’t help but notice that many of the prices in the study are much higher in my market than what is noted in the study.”

Of course, I also hear the reverse as well, “John, just received the latest pricing study and it has been a real eye-opener, but I couldn’t help but notice that many of the prices in the study seem a lot lower than what is charged in my market area.”

When it comes to pricing practices, printers, don’t like to hear the validity of their pricing assumptions being questioned. For 10-25 years, they’ve always heard statements like, “Hey, pricing is far different in my market” or “I could never charge those prices in my market. If I did I would be out of business.”

“I could never charge those prices in my market. If I did I would be out of business.”

Many printers simply make assumptions about pricing, as well as repeat things they’ve heard in the past. They will state things like, “Obviously prices are higher in densely populated markets than they are in smaller markets,” or they will note something like, “Prices on the West Coast are typically higher than other regions of the country.” The latter being pure conjecture on their part, and is lacking any substantive evidence to back up such a claim.

Do Prices Vary by Market?

Too many times I hear well-meaning printers claim that pricing obviously varies from one geographic market to the next as well as from markets distinguished by population density. While sincere and well intentioned, most of these comments are not based upon hard cold facts, but rather more so on “gut feel.” Labor costs may indeed be higher in one area than the next, but those costs may be offset by lower material costs. 

The hard cold facts are, with rare exceptions, that you will find far greater variations in prices for specific products and services within a single market than you will find as you explore and compare pricing from one market to the next, or from one region  the next. 

“The hard cold facts are, with rare exceptions, that you will find far greater variations in prices for specific products and services within a single market than you will find as you explore and compare pricing from one market to the next, or from one region  the next.”

So, when someone emails me as they did the other day and says he is from San Francisco and the prices there are much higher there than they are in other places in the country I politely tell him/her that unless he has already conducted a professional pricing survey and “shopped his competitors” that he will generally discover that his assumptions are simply incorrect.

Pricing Digital Envelopes

Industry Pricing Studies Validate Pricing Practices

Industry Pricing Studies Validate Pricing Practices

Here’s a perfect example of what I am talking about. According to one of our newest reports, the 2018 Digital Color Pricing Study, the national average price for 1M 10/24# 4C digitally printed envelopes is $291. The median price is $281.

According to the recent 2018 Digital Color Pricing Study, we know that franchises are about 11% higher than independents. We also know that when we look at average pricing based upon population density, we find that average prices vary between $271 and $294 for that specific product. That is equivalent to 5% +/- of the national average. If we examine average pricing for this product based upon geographic regions (Northeast, Central, Southeast, West, etc.) we find that prices vary by less than 5% from one region to the next.

However, while prices for these #10/24 digital envelopes vary only modestly when looking from one region to the next, or from one geographic market to the next, we know the situation is far different when we drill down to individual markets.

We know for a fact that when we look at individual markets such as Oskosh, WI, Jacksonville, FL, San Francisco, CA or Greenville, SC or similar markets we will discover far greater (sometimes huge) variations in pricing for a specific product WITHIN each of those markets, than we will discover going from one market to next. 

Small Markets & Pricing Variations

As an example, let’s take a relatively small town or city where there are 10 small format quick printing operations. Now let’s survey the price for those 1M 10/24# 4C envelopes. What do we find? We will find a much larger variation in pricing for these envelopes within this small market than we will find when we look at national or regional pricing for this product.

While we know the average price for 1M envelopes is indeed $291 with average variations in pricing running in the 3-7% range, if we conduct our local survey we will uncover pricing for this specific product varying between $175 (40% lower) and $350 (20% higher) among those 10 printers.

1M 10/24# White Wove, 4C envelopes (no bleed)
Average Price… $291

Median Price… $281

When we closely examine pricing variations within individual markets, we typically discover pricing variations of 20-40% +/- of what we report for national average price. Now, some of the erratic and inconsistent pricing can indeed be attributed to “real-world estimating mistakes.” However, the vast majority of pricing variations are more likely explained due to dramatically different approaches to pricing by individual owners and the perceived value they assign to various products  – as opposed to differences based upon market size, region, as well as differences due to material costs, labor costs and overhead costs.  

Most readers who call or write us with questions regarding specific prices published in various industry pricing surveys tend to do so based not out of sheer curiosity, but rather as a rationalization for justifying their own prices, especially when their own prices may vary by 30-40% or more from what we report in our pricing surveys.

My Challenge Today

Surveying and capturing pricing for specific products is not for the faint of heart or for amateurs. If you want it done right be prepared to spend $400-450 or more!

If you have some misconceptions about pricing, or would simply like to confirm that you are indeed “in the ball park” in terms of pricing, I would encourage you to consider hiring a professional price shopper to survey 10-15 printers within your own market.

For details on what is entailed in hiring a shopper click on the link below. Please, whatever you do, don’t take the cheap way out and hire your cousin Susie, or have your press operator Bob call around for pricing during his lunch break.

For years I have told clients that, “If you’re going to survey customers, at least do it professionally,” (Go here to read more about these surveys.) Don’t grumble about the cost. Be prepared to spend $400-450 because that’s my estimate of what you should be prepared to hire a “professional shopper.”

If you do act and hire a shopper I would love to receive a copy of their written report and your analysis. Thanks for listening. Send your comments, criticisms or questions to johnstewart@printingresearch.org 

 

“Shopping Your Competitors”

Thinking of Shopping Your Competitors?

There’s no better time than the beginning of the year to start shopping competitors. January and February is a great time of the year to get a handle on pricing in your marketplace. Shopping your competitors is also a great method for separating “fact from fiction” when it comes to what your competitors are charging for various products and services.

Shopping  Your Competitors

Pringing staff meets to discuss best way to shop its competitors

We’ve consulted for hundreds of firms, both large and small, and we have often found ourselves recommending that clients actually hire a professional shopper to dispel many of the myths that arise in local markets as to what printers are the “highest priced” versus those considered the “low-ballers.”

There’s an old saying, “You get what you pay for,” and if you hire your sister-in-law, a neighbor or someone from your local church you’re not going doing it the right way, at least according to this article. 

If your interested in learning more about the process and how to go about hiring someone to help you click here or visit our Downloads Page.

5 Characteristics of Troubled Printing Firms

Troubled Printing Firms – Five Characteristics!

John C. Stewart, Executive Director, NPRC

John Stewart

John Stewart Executive Director, NPRC

NPRC maintains the largest and most accurate data base in the printing industry, especially when it comes to key financial ratios. Just like  the Farmers Insurance Company that  frequently notes, “We know a thing or two because we’ve seen a thing or two,” we feel the same way when it comes to knowing what works and what doesn’t work in the printing industry! This article intends to target one of our most topics – troubled printing firms!

So we thought we would tackle in detail five of the most common attributes of troubled printing firms – attributes that clearly distinguish between the profit leaders and the profit laggards in our industry. For some readers, one or more of the practices noted below will be almost “second nature,” while others will either skip the advice entirely, or rationalize why that characteristic doesn’t apply to them.

(1) Monthly Financial Statements – There’s no question about it – troubled printing firms are the least likely to receive and analyze monthly financial statements. Some owners appear to go through the motions of getting financial statements, but then rarely take the time to really look them over! Some of the most troubled firms I know are likely to go months without obtaining a current profit and loss statement or a balance sheet.

Collage of Financial Benchmark Study Pages

Collage of Financial Benchmark Study Pages

Successful owners are far more likely to spend at least a couple of hours each month going over various expenses and ratios, using a yellow highlighter to denote areas that need work. Every owner should have at their finger-tips key ratio goals for categories such as payroll, cost of goods and overhead expenses. Note that “payroll” should include all direct and indirect payroll expenses, but should exclude that attributed to a single owner. Successful and profitable owners can typically quote these key ratios, while less successful printers end up making wild guesses.

If you have no idea what the “top” companies in this industry report for these key expense categories then you need to make a small investment and purchase the latest Financial Benchmarking Study from NPRC. This report is all about how to increase your profitability. The Executive Summary by long-time industry guru Larry Hunt is by itself worth ten times the price of this report. To purchase, visit the NPRC Bookstore.

(2) Low Productivity as Measured by SPE – How many employees, including working owners, does it take to produce $XXX in sales. This critical ratio is one of the simplest of ratios to calculate in our industry, and yet it is also the most telling as well! The bottom line – troubled printing firms do a lousy job when it comes to maintaining high levels of productivity.

Sales Per Employee Graph

Sales Per Employee Graph

To calculate your SPE, divide total annual sales (actual or projected) by the total number of employees (including all working owners and partners) required to produce those sales. Yes, that includes outside sales reps whether or not they receive a salary. The more accurate your numbers the more valuable the resulting answer will be. Count part-time employees proportionately. If an employee averages about 20 hours per week, then count he or she as a one-half or .5 employee.

In a recent survey of approximately 210 printing firms, the SPE ranged from 20 firms reporting an SPE of less than $100,000 to 52 companies reporting an SPE of $155,000 or more. To put this in some “real world” terms, let’s take a look at two firms – both producing $700,000 in sales.

• One $700,000 firm requires/reports using 7 employees to produce its sales – An SPE of $100,000! Plain and simple, a firm reporting an SPE of $100,000 or less is simply over-staffed, as well as most likely inefficient as well. That SPE number is also significantly below the industry average of approximately $135,000! Owners of firms with below average SPEs are likely under-paying themselves due to excessive payroll. Low SPEs also tend to impact the value of a firm when it comes time to sell – if it sells at all!

• While a second firm reporting the same $700,000 in sales produces its sales with only 4.5 employees, or an SPE of $155,500. Although the SPE calculation totally ignores what employees are actually paid, a closer examination tends to indicate that employees working for high-SPE firms also tend to be paid significantly higher and also tend to be far more efficient and talented at what they do.

(3) High Payroll Costs – Unfortunately for many owners  of troubled printing firms (it’s not always their fault), total payroll costs are sometimes hard to find on the typical profit and loss statement. This is often the fault of CPAs and accountants, as well as in-house bookkeepers, who fail to consolidate payroll expenses under one heading.

We often see direct payroll expenses under a payroll heading, but then discover that other related payroll expenses such as health insurance, payroll taxes and unemployment taxes are listed below under overhead expenses. Ideally, you should be able to look at your financial statements and quickly determine the total amount spent each month, as a percent of sales, for total payroll, excluding your own payroll, taxes and benefits.

Financial Benchmarking Study

Financial Benchmarking Study

The previously mentioned Financial Benchmarking Study contains some very reliable payroll ratios, including ratios based upon various annual sales categories, but also a quartile report which provides total payroll for the top 25% firms (in terms of profitability) and compare that ratio against the bottom 25%.

Is your company a “troubled printing firm? If your total payroll expenses are in the 32-34% range or higher (excluding your own payroll) the answer is “yes.”You have a serious problem on your hands, at least in comparison with the rest of the industry, and it needs to be addressed immediately.

On the other hand, if your total payroll is in the 26-28% range you should pat yourself on the back because those ratios would be considered outstanding in this industry.

P.S. Payroll is consistently the single largest expense in operating a modern-day printing firm, and has been the largest expense ratio for more than 35 years. If you fail to proactively address this category, it really won’t matter much about steps taken elsewhere on your financial statements.  As we’ve noted previously, troubled printing firms are notorious  for  failing to maintain acceptable payroll ratios.

(4) Failure to Monitor Industry Pricing – Our industry is somewhat unique in that it has available to it so much in terms of valuable financial and pricing data – information that can really help a firm compare its performance and pricing practices against others in the industry. Without many of these studies, a printer could easily find himself misled by the comments of customers who sometimes remark, “I like what you folks do, but your prices are just too high sometimes.”

How is a printer to react when he hears something like that? Well, before you go off and start lowering all your prices, or instituting more discounting, there are at least two things you can do. The cost will be relative small and the ROI could be huge, in terms of both raw dollars as well as peace of mind.

First, if you’re concerned about pricing and where you stand compared to competitors you could visit the NPRC site and check-out an article we posted about 15 months ago titled, “Hiring Someone to Shop Competitors.” Click here to read the article. Conducting a thorough, detailed survey of competitors can be a real eye-opener, but you can’t do it on the cheap. Hire someone, as the article explains, and do it right.

I have seen some top-notch surveys conducted by printers I know and every time I see the results they tend to refute many of the myths regarding pricing within individual markets – even in very small markets where only 5-6 printing firms exist.

Key NPRC Studies

These are just a few of the many studies and reports available in the NPRC Bookstore. No other printing association offers the broad selection of studies and reports offered by NPRC.

Second, visit the NPRC Bookstore and check-out the list of pricing studies we have published in the past 24-36 months. The pricing data we report is extremely accurate with an average margin of error of +/- 4% or less for most items. And please don’t dismiss this suggestion by saying that most pricing is local and not national and therefore what we report may not have any bearing in your local market! Wrong, wrong!

We can report with absolute certainty, based upon hundreds of individual market surveys, that pricing tends to vary far more within your own individual market than it does from one section of the country to the next. We can report with great assurance that while the national average price for a simple product such as 1,000 #10/24 envelopes printed in reflex blue (no bleeds) may vary by no more that +/- 4%, prices for that product within an individual market can easily vary by as much +/- 35-40%.  +/- of the reported average price!

We just checked pricing on this product and even after eliminating outliers, the pricing for 1M envelopes varied between a low of $104 and $280, with an average price of approximately $158. that type of variation occurs even within the smallest of markets. 

(5) Tolerating “Bad Apples” – With more than 400 on-site, individualized consulting visits under my belt, I can report that I can’t recall visiting a mid-size or larger firm (5 or more employees) that didn’t have within their midst at least one “bad apple.”

Ironically, while it was not that difficult for me to spot the bad apple, the owners were often totally oblivious of the bad apple, or the real-world impact that the bad apple was having on the rest of the staff. Not surprising too was the fact that virtually all of the remaining employees could name the ‘bad apple” in the company, agreeing almost 100% of the time on who that employee was!

Press Room

Press Room

Rest assured, your employees are uniquely equipped to identify who the bad apple is and how he or she is impacting the profitability of your firm. They know it, even if you don’t! Unfortunately, even the good employees, just like the owners, sooner rather than later start making up excuses for the bad apples, and why they continue to be retained.

“Bobbi’s a single mother who brings her personal problems to work and shares them with other employees as well as our customers! Sometimes it’s like a soap opera out there in the shop. As a consequence, a lot of time is wasted.”

“Martin is a recovering alcoholic but every once in awhile he goes off the wagon. We always seem to have our fingers crossed as to whether he will show up, especially after the holidays.”

“Steve isn’t the most reliable. However, when he shows up he is very productive, but I can’t always count on him. There is always something going on in his life that interferes with work.”

“Cathy is incredibly talented, but has a terrible personality when it comes to dealing with customers, and I’m at my wits end in how to deal with the situation. I’m embarrassed to admit that I have been putting up with this for more than seven years!”

“Mike is probably one of the best operators I have when it comes to knowing the equipment, but he makes a lot of mistakes as well. He’s just not very good when it comes following procedures.”

I could go on offering up a dozen of the more popular excuses I have heard over the years when it comes to tolerating employees that in any other more profitable firm would have been terminated months if not years ago. I guess that’s the difference, among many, between how the “profit leaders” in our industry manage their businesses as opposed to the “profit laggards.”

If you have any questions about this article don’t hesitate to drop me an email at johnstewart@printingresearch.org.

Happy 2018!

Effective Email Marketing Programs

Effective Email Marketing Sometimes
Requires Wearing Out the Welcome Mat!

By John C. Stewart

Sometimes I can write a column in a couple of hours. This one took me more than three days to complete. I think I started it and re-started it 3-4 times. The intent of the column was to share with readers my personal experiences as to how I learned to use effective email marketing to boost participation in my industry surveys as well as to dramatically increase the sales of products and services that we provide to the printing industry. So finally, here we go…

As many of you may know, I am currently the executive director of the National Printing Research Council (NPRC). I was formerly the founding executive director of the National Print Owners Association (NPOA). Both positions required substantial marketing efforts on my part, all directed at attracting new members and soliciting participation in various indusgtry surveys and studies.

I relied heavily on aggressive direct email campaigns to promote and encourage participation in these surveys, as well as to direct visitors and members to association websites where we maintained bookstores and provided various links to other helpful sites. In an average month, we typically mailed out 60-70,000 emails. Some recipients receiving 4-6 emails a month while others, because of the lists they were on, only seeing 1-2 emails.

As I noted previously, the primary objective of most of our emails was (and still is) to direct visitors to visit our website. That’s definitely where the action is – our bookstore, or mini-reports, and news about our latest research. One important note that I want to stress – no matter how valuable our content and no matter how frequently we change it, we would never get folks to visit our website as frequently as they do without the constant and large-scale use of email blasts.

An Aggressive Marketing Tool

First, let me state that I believe aggressive and effective email campaigns are one of the most under-used and under appreciated marketing tools in our industry.

Second, I believe that the ability and willingness to send out one or two thousand emails every week, or at least every two weeks, can prove to be a very powerful, effective and yet inexpensive marketing tools at your disposal. Note that while I said “inexpensive,” I did not mean to imply that an aggressive email campaign won’t take time and commitment on your part.

Good, effective email campaigns may not require a bunch of money, but they will certainly require some time and dedication on your part. You will need to spend at least one or two hours a week towards your email efforts. And your efforts also require a long-term commitment on your part – not just a flash in the pan effort that ends up with you saying, “I tried it for a couple of months and nothing happened.”

Ok, I can already hear a few of you saying something like, “Hell, that’s way too many emails and my customers would yell and scream if I sent them something once or twice a week.” Generally speaking, folks who spout those types of statements typically don’t know what the hell they are talking about. They’ve probably never tried a regular, consistent email program, and generally speaking, they’re rarely able to back up their claims with hard cold facts. Most of these people give off negative vibes all day long and I hate to be around them! <g>

“Hell, that’s way too many emails and my customers would yell and scream if I sent them something once or twice a week.”

I can only imagine the number of readers I have already turned-off by the comments above. Nonetheless, I make my living consulting and valuing firms by being brutally honest and not telling folks just what they want to hear! I do recognize and accept the possibility that by the time I get to the end of this article, there may only be 3-4 readers left! <g>

Email Marketing Programs

Heavy reliance on direct mail

We rely almost 100% on email to conduct surveys as well as to promote the sale of studies we publish.

As many of you know, I have been publishing statistical studies dealing with profitability, wages, bindery operations and pricing of offset and digital printing services for 30+ years. In the last ten years, we have relied heavily (almost 100%) on large scale email campaigns to encourage participation in these surveys as well as to sell these studies after they are published.

Although I used the word “campaigns” to describe the mailing efforts above, let’s make no mistake about it…. They are really blasts or huge torrents of hopefully effective email messages being sent frequently to as many prospects as possible, and sometimes with only one or two days between one blast and the next! The bottom line is that I send out a lot of emails.

I may send out 8-10 different emails over the course of 20 days to the same basic list of approximately 4,600! – All that effort just to promote and encourage participation in one single industry survey. And you know what? Very, very few of the email recipients complain or ask to be removed from our lists. Unfortunately, even when I send out at that frequency and volume levels, it may still not be enough to get the responses I need.

As an aside, I also have access and use an email list of 34,000+ printers as well. The price for me to use that list is incredibly low… so low I would be embarrassed to share it publicly. However, you also get what you pay for, and I know the list is less than perfect with lots of entries I would prefer to delete but simply don’t have the time. I also do not have the reporting tools available to me with this list as I have with my current email marketing program.

Using GetResponse

I currently use an email marketing program called GetResponse to design and mail my emails. I formerly used MailChimp. I can’t even remember why I switched from MailChimp to GetResponse – probably a temper tantrum on my part! There are now many additional choices as well. However, if you’re going send emails out to customers and prospects you must, however, use one of these types of email marketing programs.

Don’t think you can do this on the cheap and copy a mailing list of 800 to 1,200 customers into the addressee line or CC portion of your email program and send out a blast. In fact, you would be lucky to send out 40-60 via your email client without quickly having the entire mail rejected, returned or declined. Each mail server establishes limits as to the maximum number of emails they will allow you to send out at one time. Plus, that number changes daily to keep you from getting comfortable with a specific number.

If you attempt to use your personal or company email address to mail out large quantities of emails you take the risk of quickly being denied service and be identified as a spammer. Not only will your email be returned or blocked, but you take the risk of or your email address being blacklisted in the industry.

If you’re going to become a frequent email marketer (which I strongly encourage you to do) you are going to have to spend a modest amount of money to do it RIGHT!

My Costs and Experiences

I don’t tend to shop on price alone. There may be cheaper alternatives, but I can tell you that I currently pay $75 monthly for GetResponse. That amount allows me to maintain various ‘campaigns” or lists containing upwards of 10,000 email addresses. I can send out an unlimited number of emails to that list every single month. I maintain more than 22+ separate email lists within GetResponse, representing a myriad of breakouts – past survey participants, purchasers of various studies, association members and various listserv subscribers 

Many of the email addresses I maintain on Get Response are duplicated across various lists I maintain. In reality, the actual number of unique email addresses is approximately 4,600 in size and the statistics that I provide below are based upon that number.

GetResponse has many, many tools and features that I never use, but it also has many features that I love. I can create an attractive and effective email blast using existing templates they offer, or I can create a custom maker with my own artwork, graphs, photos as well as special links and buttons. I can also test these mailers by send it to myself numerous times, especially to check if the links are working properly.  

Sample Templates

GetResponse provides me with hundreds if not thousands of templates you can use to promote products and services. For better or worse, I tend to design my own.

GetResponse provides both pre-designed templates for various groups and organizations plus maintains an “art/photo” gallery. I also maintain my own gallery of artwork within GetResponse and I can pull or select from more than 100 photographs, charts and banners almost instantly.

Library of Stored Art and JPGs

I am constantly adding artwork to my Get Response library, including jpgs of various report covers and studies.

If pushed or in a rush, I can design a mailer from scratch and have it ready to go in 30 minutes or less, especially if I am using a format or template that I have used previously. I change the headlines, the subject lines and possibly change the colors a bit, and I can send it out immediately to 4,600 recipients. GetResponse also allows me to schedule that mailing for some time and date in the future. So, I can design something on Thursday, but decided that I want it sent out at 6 a.m. on Monday! Pretty neat!

AB Tests and Other Features

Another nice feature is that GetResponse allows me to conduct various AB tests using various subject lines. I can come up with two subject lines that I would like to test. How does it work?

Let’s say that I have a list of say 4,600. I tell the program to send out the email with subject line A to a fixed number or percent of the total list – say 10% or 460. It will also send out 460 emails with subject line B as well. After that, everything is pretty automatic.

The program measure the response rate (based open or click rates– your choice) for each of the two subject line over a duration of time that you have selected (2 hours or 2 days). Then it automatically sends out the email with the winning subject line to the remainder of the list (3,680 emails) and provides you with hard data as to the final results as to opens and clicks. Although I have used AB testing, I will be candid in saying such testing is ideally suited to email blasts involving 20-50,000 recipients than it with the size of lists I use.

What I have come to appreciate, more than anything else, is the ability of GetResponse to provide me with some valuable statistics. As you will see below, I can check almost immediately after sending out 4500 or so emails exactly how many were actually opened, how many folks clicked on one or more links, how many folks unsubscribed and even how many complained.

Another really neat feature of GetResponse is not only does it tell me who opened my emails and who didn’t, but it also allows me to follow with emails to each of these groups. You can send a simple “thank you” note to those who did open an email, and you can send another email follow-up email to folks who didn’t open the email and make them a special offer. You just have to use your imagination as to how best to use these tools.

Sample Open and Click Rates

In the first 20 days of November (2017) sent out 14 unique emails to approximately 65,000 emails. I don’t even know how many more I will send out for the remainder of this month. In addition, I have also used my 3rd party vendor to send out 150,000 emails to printing firms during that time as well.

Let’s take a look at three recent emails I sent out using GetResponse and and look at the response rates reported:

Campaign #1 – Emailed 11-14-17 – 6th or 7th promotion sent out to encourage participation Color Digital Printing Pricing Study. The subject line for this mailer was simple – “Check-out Sample Digital Pricing.” Not very creative, but folks want to know about pricing.

A 37% Open Rate - Fantastic!

A 37% open rate is pretty good in anybody’s book. The click rate is outstanding, and much higher than I have ever experienced in the past.

More data on response rates

Another outstanding open rate of 33% in our effort to encourage participation in our latest digital pricing survey.

Campaign #2 – Emailed 11-13-17 – Another promotion sent out to encourage participation Color Digital Printing Pricing Study. Subject line was only two words and very direct – “Deadline Alert.” Note that Campaign #1 and #2 were sent out back to back on Monday and Tuesday of the same week to the same list of approximately 4,460 printers.

Email Response Rates

This GetResponse email dealt with my recent experiences using a standing desk; from the statistics above, at least 256 readers actually clicked the link and read the column I had written.

Campaign #3 – Emailed 11-10-17 – A special promotion to get folks to read a recent article written about “Standing Desks. Note, once again, the excellent open rate.  Titled simply, “Standing Desks – Are they for You?” – this emailer generated an equally good open rates. 

Note that I will gladly trade 2 tenths of one percent (.002%) of unsubscribes (11 in the case of these three mailings) in order to get 4,500 emails opened and read.

Size Really Does Matter

If the above comments about GetResponse sound like a commercial they certainly were not meant to be. I have had issues with the company, but I have issues with everyone. I suspect that most of the more frequently mentioned email marketing programs out there offer either equivalent features or possibly even better ones.

Make no mistake about email marketing – It is indeed a game of numbers. While it is hard to beat really great subject lines or good content for the messages inside, it still comes down to list size – Size does matter. The bigger your list, the greater your response rate will be in terms of sheer numbers.

If you have the opportunity to purchase a list of businesses in your market area don’t make the mistake of being cheap and trying to eliminate emails to save a few dollars. Do some testing first.

Next to list size, is the frequency you use the list. Based upon my personal experiences, I don’t think, within reason, that you can wear out your welcome or turn folks off because you mail to them every 2-3 days. You should try, at the very least to send emails every single week!

Mailing out to a list of 2,500 or 5,000 once a week, possibly twice a week on some occasions, would not be too much in my book! On the other hand, if you can only put on your “creative” hat once a month or every two months I would honestly suggest that you find another approach to marketing your business.

Email Lessons I Can Share 

Below are just a few of the lessons I have learned from my email marketing campaigns. And yes, I am still learning.  There’s lots to learn when it comes to effective email marketing. Some of the lessons I have learned include…

  • Open Rates – Most people (a large majority) likely will never open up a specific email that you send them. No matter how clever and well written the subject line might be. However, many of those who will not open the email you sent them today will indeed open the very same email if you send it to them tomorrow. That’s life.
  • Click Thru Rates Even Worse – No matter how small your open rate is, the click-thru rate on links that you offer will be far smaller still. Sometimes, though, the subject line is so good and the message inside so clear and compelling that you will even amaze yourself with the open and click rates you find. Special note – If you’re going to have them click a link, you better make sure it is worth their time – offer something of true value, and don’t boast about your neat, online ordering system.
  • Time of Day -The actual time of the day the email is sent as well as the actual day of the week it is sent is probably important, but no one on earth seems to know the correct time or day. Some folks say Fridays are a bad day to email. My experiences are the opposite. Some folks say early AM delivery is best, but Get Response actually tracks opening times of your customers and they can adjust the time each specific email is sent based upon the open rates of each specific email recipient. This is a standard feature of GetResponse. A pretty neat feature, but I rarely use it.
  • Great Subject Lines – lots of opinions in this area as well. But let’s face it, good marketing efforts typically start with a great headline or in this case a great subject line. Learn to steal good subject lines. Look at the list of 30-40+ emails you received this morning and just check out the subject lines that seemed to attract your attention the most. I recently read that, “three words or less” constituted the most successful subject line. “Deadline is Tomorrow,” “We’re disappointed,” or “Counting on you.” I will grant you, however, that limiting subject lines to three words can be stressful! Sometimes, you just have to go longer! There are certain words you definitely don’t want to use in subject lines. These are considered Spam Trigger Words. Go here for more details: https://www.simplycast.com/blog/100-top-email-spam-trigger-words-and-phrases-to-avoid/ Something I learned just the other day – don’t use exclamation marks in your subject lines.
  • Unsubscribe Requests – With each mailing you send out, it is possible that at least a couple of recipients will submit an unsubscribe request – Maybe they hate you, or maybe they had a bad day! Whatever you do, don’t get upset, don’t take it personally and don’t allow a miniscule percent of recipients (the unsubscribes) to alter your long-term objectives. My unsubscribe rates is less than one-tenth of 1%. I can live with that. 

Conclusions About Emails

I accept the fact that a large number of the emails I send will never, never be opened, even with a very effective email campaign. I will also tell you the good news and that is only a very small number of recipients will actually unsubscribe as a result of sending them “too many emails.” I used to take “unsubscribe” requests personally, but these days I figure it is their loss, not mine!

If you’re not already conducting regular emailings at least once a week then shame on you. They are easy, fun and they can be very satisfying when you start seeing the results of your efforts. Whatever you do, however, make sure that your emails are either offering legitimate news, savings or discounts or the sites to which you direct them offer the same. Please, please don’t direct readers to a boring site. Make sure it offers something of true value as well.

I think my next article is going involve a random visit to 8-10 websites and report what I find.

Happy holidays.

John Stewart
Executive Director, NPRC

Standing Desks – Are They For You?

Standing Up for Standing Desks!
By John C. Stewart

There are two types of individuals who start looking at standing desks – those who are basically healthy and wish to remain so, and those who have one or more physical ailments such as a bad back or temporary leg problems (that’s me) and hope that one of these desks will help alleviate their problems.

This is the Apex model that I ended up purchasing.

Having just gone through my second hip operation in the past four years, as well as suddenly experiencing some lower back pains, I fall into the latter group above.

As a result, I started doing some basic research on what I called adjustable desks. Ultimately, I ended up purchasing one of these new desks and this article is about my experiences, and offers some tips for others who might find themselves doing similar research.

First, there are indeed “adjustable desks” that actually replace your current desk or workstation. Some of these desks are fancier than others, but most are basically rectangular desks that come in various laminate colors, and they typically measure between four and six feet in width. These desks can be automatically raised and lowered to accommodate you whether you are sitting in a standard office chair, or when you choose to work standing up.

Although they appear simple and possibly very plain, these types of adjustable desks can end up being far more expensive that the desk-top models I was looking at.

In almost all cases, these height-adjustable desks are raised and lowered electrically by pressing a button on the front or side. Some of these desks controls can get pretty fancy (and expensive) and offer “pre-sets,” meaning that once you have found the “perfect” height for standing and sitting, you can store that setting. Many of these desks also feature multiple USB ports as well as other outlets for plugging in various devices.

Selecting an Alternative

I quickly eliminated considering one of these standing desks because I already have a large office desk that I like, and I am a creature of habit. My desk is a fairly large “U-shaped desk,” with cabinets and shelves behind me and is basically a full-size wrap-around piece of furniture that I was not willing to give up.

What I was really looking for was what I would refer to as an “adjustable desk stand,” or ADS. I just made up that acronym because as I did my research I found that even the manufacturers have a very difficult time from a marketing standpoint when it comes to clearly distinguishing between what are truly two distinctly different types of devices – (1) Height Adjustable Stand-alone Desk – An entirely separate desk that replaces a previous desk that raises and lowers as opposed to (2) A Height Adjustable Desk Stand – an adjustable desk “stand” which is a separate piece of furniture designed to sit on top of an existing desk.

In the fully lowered position, the new desk top sits 5.5″ above the “old” desktop.

Almost by definition, An ADS is a separate piece of furniture that is designed to sit on top of an existing desk. It can be quickly and easily raised or lowered to accommodate your requirements.

ADS devices should not be considered mobile devices that can be quickly placed and then removed from the desk top. They are substantial enough in both size and weight that you shouldn’t plan on casually lifting them off your desk and then replacing them two hours later.

Anyway, I pretty much knew early on that I wanted an ADS so I began to refine my search.

Searching Out an ADS

It is hard to believe, but if you visit Google and type in the search phrase “standing desks” you will end up with 24,000,000 results! Let me tell you something, if you can’t find what you want in the first 2-3 pages you’re probably a bit anal, and the rest of this article is probably not for you. Better yet, just take a look at the two links listed near the end of this article. My apologies to all the other companies out there selling similar products, but I am not a patient person. I have a life to live and in the short time I have remaining I will not be spending it researching desks.

The trick in using a standing desk is finding that “perfect” height for your size. It does take some considerable amount of time to find that “perfect” height. To be honest, I am still looking for the right height for me.

Since my current desk set-up relies on two 21” Acer monitors side-by-side, my new ADS had to accommodate the same. I also needed a desk-top with room not only for the monitors but also some front to back space  on which I could place stuff like folders, notes, calculators, coffee cups, etc.

My full U-shaped desk is often a picture of utter chaos, so I needed some room on my new desk-top to spread out. As it turns out, front-to-back space was not an issue in making my final decision.

Most of the basic desk models I looked at came in three basic widths – 30”, 36” and 48”. The latter was overkill in my book, and a 30” width desk is simply too small to accommodate two monitors sitting side-by-side.

I will note (as you can see in the photos) that my monitors are angled slight towards each other. Even though the two monitors measured horizontally measure approximately 42” in width, their stands are centered and thus two 21”+ monitors can easily fit on a 36” wide surface. If by chance you use three monitors on your desk, you will definitely need a 48” wide ADS.

Electric or manual?

The Varidesk model appears to be solid and well-built but it did not offer the electric up and down feature.

After conducting less than a thorough research, I ended up choosing an electric model made by Apex. Even though I work out at a gym 2-3 times a week and can easily bench press 225 lbs. (that’s me bragging!), I really didn’t want to exert myself raising and lowering my new ADS, no matter how little effort or strength was required. I wasn’t absolutely locked into an electric desk, but if price wasn’t a major consideration electric was going to be my choice. As it turns out, at least in my case, electric also turned out to be less expensive.

The non-electric ADS desks are spring-loaded, and it is just a question of gripping a lever on each side and either lifting-up slightly or pushing down. Very little exertion is required, at least so they promise.

No big deal either way. It occurs to me now, however, that if the electric motor goes out it is going to be a hassle to get it fixed or replaced, and in the meantime you are going to be stuck with a desk that you can’t adjust. I suspect that a manually adjustable desk would present a lot fewer problems in this regard.

Minor Cautions and Considerations?

A Rubber Mat – First, you are going to need a firm, rubber floor mat to provide for a cushioned support while standing. I don’t suggest trying to stand for any length of time without one of these mats. However, when ordering a mat, you also need to make sure that it is firm enough to accommodate a desk chair on wheels. (UPDATE 11-21-17) – I must admit finding an adequate rubber mat that is comfortable to stand on while at the same allowing a desk-chair to freely move on top of the mat has been a much bigger challenge than I thought. I’m still looking.

Wireless Keyboard – For efficiency sake, you’re also going want to purchase a wireless keyboard and mouse if you don’t already have one. Standard keyboard and mouse cables may not be long enough in some scenarios. The wireless feature also allows for much easier position between the ADS keyboard tray and your normal keyboard tray or standard desktop. I bought a wireless keyboard and mouse for $19.95 on sale at Office Depot.

A Chair Cushion – You may also want to consider purchasing a 3-4” thick chair cushion, but not for the reason you may think. I am not suggesting a cushion from an enhanced comfort standpoint, but rather it is based on the fact that the ADS desk top, even when fully lowered, is approximately 5-6” higher than your current desk height. I discovered that many adjustable desk chairs may or may not offer that much additional adjustment in height to accommodate the new desk height, even when the ADS is in the lowest position. I have not yet purchased a cushion but it is worth considering. Also, I have not settled into a routine yet to decide when I am in the seated position whether I like my keyboard on the original beneath-the-desk platform or located on the ADS keyboard platform that comes with the new desk.

Coffee Cups and Cell Phones – Used coffee cups and soda cans typically don’t present a problem on the standard desk top, but your new ADS calls for you to give a little extra attention as to where you place items on your desk top. When standing, it is not unusual to casually place a cup, a soda can or even a cell phone on the desk top directly beneath your new ADS and then forgetting you placed the item there. If you lower the desk and forget about these items you can have a real mess on your hands when the items are crushed, the liquid spills out, or your cell phone ends up being much thinner than it was minutes before!

Health Benefits and Considerations?

I could have easily placed this section at the top of the article, but I assumed that if the original headline caught your eye you’ve probably already read about the numerous health benefits of standing desks.

Common sense strongly suggests that sitting on your ass six to eight hours a day staring at a computer monitor simply cannot be healthy for you. It might be necessary, but it still isn’t healthy. Of course standing for that same period of time in a single spot, at least without the benefit of a cushioned floor mat, probably is not going to be much better.

Nonetheless, if you must spend this amount of time working at one or more computer terminals then an ADS might improve your overall health. One of the “health” articles I came across during my brief research suggested that, “If you’re not getting out of your seat much during the day, you really are hurting your body. If you’re sitting 8 or more hours a day, your risk of dying prematurely increases by about 15%.” 

If you’re want to be frightened to death and convinced that you should buy one of these desks in the next 10 minutes you need visit a site named Mercola – Take Control of Your Health. One of the many health and fitness articles they feature includes a great article titled, “Improving Your Health by Ditching Desks and Chairs.” This is the link to that site: https://articles.mercola.com/sites/articles/archive/2016/11/27/sitting-standing-moving.aspx

My Final Choice

After talking and bragging around the office to anyone who would listen to me (they never do) that I was going to get a standing desk, I finally started some serious research. To be brutally honest, a few years ago I would have first posted my interest in this subject on the old Printowners list serv, and I would have asked subscribers for their help.

Unfortunately, I have been permanently banned from the list by the NPOA BOD because they apparently are worried about losing more members if I am allowed to post questions and comments. They worry too that exposure to another association or industry consultant somehow represents a threat to their own association. Sad – no, make that pathetic!

Now back on track – So, anyone who conducts any type of serious research is going to stumble upon what I believe are two of the leaders in the field of stand-up desks:

1. Varideskhttps://www.varidesk.com/products/ (Pro-Plus 36 Black, $395.)

2. Apex Deskshttps://standingdesknation.com/collections/electric-adjust (Vivo Electric, $298)

I tend to shop based upon features and not price, but my final choice offered the best of both worlds in my opinion. I ended up selecting the Apex Desk because the “electric” feature appealed to me. The bonus for me was the APEX desk was actually cheaper as well. We purchased it from Amazon and paid slight less than the list price noted above. I am sure that either of these two devices can be readily purchased for less than list price, especially if you are good at such things.

The Apex desk was literally plug and play. No assembly required, but because of its weight and bulky size it did require two individuals to place it on my desk.

If you have any questions, don’t hesitate to email me at either membership@printingresearch.org or johnstewart@quickconsultant.com

P.S. By the way, if you’re considering buying or selling your shop or you are just interested in company valuations, visit our home page and check-out some of the other articles we have posted in the past few weeks. 

Owner Offers Praise for Surveys

Sometimes we seem to hear more complaints that compliments, no matter how hard we work… so, when we get a short email offering praise we are not going to let it slip quietly into the night <g>. Instead we want to share it with you:

“Hi John, just a short note to thank you so much for what you and NPRC do. It has always been worth the few minutes it takes to do your surveys in order to get the wealth of information your reports provide. From which machines perform best and their features, to salary/wages and possibly most important – pricing! It is all great information to help us run our business.”

Jennifer R. Jordan, 
Jorndan Enterprises, Inc.
SD Visual Images
Marlborough, MA

NPRC Reveals Findings of Latest Survey

Dear Fellow Printer,

First, we want to thank you if you participated in our recent survey about “Industry Surveys.” If you haven’t participated there’s still a couple of days left to participate. Go below for a link to our latest survey.

Second, we’d like to tell you what fellow printers told us and how we plan to react to the many suggestions we’ve received.

Independents vs. Franchises – 80% of our respondents were independents, while most of the rest were franchisees. About 48% of our respondents were members of one or printing associations. The rest claimed no association affiliation.

Participation Rates – Approximately 90% of our respondents have previously participated/completed one or more industry surveys, with 65% have completed or purchased three or more surveys/studies. It is obvious that our list is heavily skewed towards printers who tend to be far more active and involved in the industry than the industry as a whole. We may in fact be preaching to the “choir” and we are not sure how to correct that.

Popular Studies – When it comes to surveys printers would most like to see published, the clear winner was a “Color Digital Printing Pricing Survey.” Following close behind in terms of popularity were “Financial Benchmarking Studies” and a “Bindery Services Pricing Study” Based upon that feedback, we will attempt to published the three studies noted above in the next 6-18 months.

Serious Misgivings – We do have serious misgivings about pursuing or publishing a new Financial Benchmarking Study. In my mind, and that of many top-notch printers and consultants in the industry, there is no study of greater potential value to the average printer than this specific study. And yet, recent participation levels are the lowest they have ever been and the sales are equally low. Without sufficient sales, we simply cannot continue to publish this study. Maybe we’ll change our mind but at this point this study may never be published again.

Reasons for Not Participating – When we asked printers 
who have not completed a survey in the past three years the reason why they had not done so, almost 73% of respondents told us,
“I never could find the time to complete a survey.” Approximately 37% told us, “I never

Survey Deadline is Friday – Please help us serve you better. The deadline to complete this 3-minute survey is this Friday. We’ve heard from about 104 printers but we’d still like to hear from you as well.thought the resulting studies related to my size shop.” Based upon that feedback we are going to make a concerted effort shorten surveys, and emphasize in our marketing efforts that these surveys are based upon an almost equal distribution of very small firms with sales in the $250,000 to $500,000 range as well as fairly large firms reporting sales in the $1.2 to $1.5 range.

Increasing Participation Levels? Survey participants suggested “shortening surveys” (55%) and “offering special incentives” (47%) as the two major methods for increasing participation levels. Since we already offer a FREE study to every participant we’re not sure what else we could offer. A special discount coupon on NPRC publications is a possibility, and we are of course open to other suggestions. Almost 26% of respondents suggested sending out more reminders – that was surprising and reassuring, especially since it is contrary to what we often hear from folks who tell us we send out too many reminders!

Pricing of Studies – Approximately 72% of all participants suggested a price range of $85-$105, with another 21% suggesting a range of $110 – $135. Knowing how expensive and time-consuming these studies are to produce, and recognizing that we receive virtually no industry sponsorship, we are inclined to stick with the $110 – $135 range.

Editorial Board Volunteers? – Approximately 30% of survey participants indicated they would be willing to serve on an editorial board and provide assistance in developing one or more surveys. We appreciate those who volunteered and we will be in touch with them shortly.

SURVEY DEADLINE – FRIDAY, OCT. 6TH! 
Click Here to Take Survey

Free Excerpt From Financial Benchmark Study

Printing Association Releases
2017-18 Financial Benchmarking Study

The 2017-18 Financial Benchmarking Study, sponsored by Accuzip, is by far the most valuable, information-packed study publichsed in the printing industry, especially for firms with sales ranging between $400,000 and $3 million. It is filled with useful graphs, charts and real-world profit & loss statements (and balance sheets) depicting, among other things, the key ratios that distinguish the “profit leaders” from the “profit laggards” in this industry.

 

Click on the artwork above or click here to read the entire PDF excerpt

Because we believe so strongly in the value of this document, we have decided make available a PDF containing an excerpt from the Executive Summary for this key industry report – just to give you an idea of what it contains. Authored by industry financial expert Larry Hunt, Hunt tracks and explains the ups and downs and the successes and failures that have occurred in this industry for more than 30+ years. 

You can of course purchase the entire report by visiting the NPRC Bookstore.