Why YOU should pay more for your print
Pay more for your printing! It seems a strange thing to suggest but I’m going to tell you how paying more for your printing can mean spending less. Let me explain.
Print, as with most things, follows a simple economic rule: the more you buy, the lower the unit cost you will pay. This is a concept that has been used for hundreds of years to persuade, cajole and trick you into buying more of something than you actually need all because it appears that you’re getting a good deal.
Here’s an example: A client of ours, The Memoir Club, are a publisher who had been buying their books in large quantities of a thousand or more at a time. And why not, it seemed to make financial sense to get the best possible price by ‘bulk’ purchasing. However, as they were to find out, it proved to be very costly.
My client had a large area in which to store their books while waiting for sales. This storage area was overflowing with books which, in many cases, had been there for years. Large quantities of those books had to be scrapped and sent for recycling. All of the money that was paid to have the books printed and which was tied up over such a long period of time was written off. Let me tell you that this amounted to tens of thousands of pounds and that’s before taking into account the cost of storage, stock management and the time and hassle of having to recycle them.
Thankfully The Memoir Club have realised that by paying more for their books it can actually cost them less. Now they buy their books in small quantities only when they need to, from as low as 50 copies at a time to as many as 500. The unit cost is of course higher than when they bought them in their thousands but now they are never left with hundreds of unsold copies of a book. So where in the past they would pay £1,500 for 1000 books (£1.50 each) but only sell 500 copies, they now pay £1,125 for 500 books (£2.25 each) and save £375 plus storage costs. In addition, by buying only 100 copies at a time, when they are needed, their cash is kept safely in the bank instead of being tied up in the stock room.
There are other examples where paying more for your print could have resulted in spending less and you might be familiar with them. Ask yourself: have you ever bought enough of something to last you a year or more and then found they needed to be changed after a month or two? Don’t worry, you aren’t the only one, this is very common. If you’ve got a cupboard full of out of date brochures or ever had to throw away boxes full of letterheads with your old logo on you’ll recognise the problem. The good news is it can be easily avoided by simply buying in smaller quantities. Pay more, spend less.
If wasted stock is something you’ve encountered before then why not talk to us about how paying more for your print could mean spending less money.
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