Start point to improve margins — Mike Bernard // Vendavo
- Part 1 Start point to improve margins — Mike Bernard // Vendavo
- Part 2Is my product priced correctly? — Mike Bernard // Vendavo
Show Notes
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01:49How to address margin leakage and create margin leverage
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07:16Determining thresholds for fixed costs and pricing strategies for profit margins
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10:07Understanding your margins without fundamental cost certainty
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12:29Focusing on margin optimization vs. future growth
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14:44The rule of 40 and long term business success
Quotes
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"If you're a wholesale distributor, and you're getting between three and six percent margins on the goods that you're selling, that's a pretty good margin." - Mike Bernard
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"Effective data collection is key for understanding margins, whether you're a small business using QuickBooks or a larger one with advanced ERPs and experienced staff." - Mike Bernard
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"Managing margins involves addressing both margin leakage and creating margin leverage. It's about pinpointing factors affecting margins and optimizing pricing strategies to maintain profitability." - Mike Bernard
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"The rule of 40 is the combination of your growth and profitability, and the long-term success of a business is going to be determined the closer you can get to that number." - Mike Bernard
- Part 1 Start point to improve margins — Mike Bernard // Vendavo
- Part 2Is my product priced correctly? — Mike Bernard // Vendavo
Up Next:
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Part 1Start point to improve margins — Mike Bernard // Vendavo
Mike Bernard, CMO of Vendavo, explores strategies for improving your margins. When contemplating margin improvement, numerous factors influence the path to achieving a successful outcome. It's essential not only to identify and rectify margin leakage but also to devise strategies for generating additional margin leverage within your business.Today, Mike discusses the starting point for improving your margins
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Part 2Is my product priced correctly? — Mike Bernard // Vendavo
Mike Bernard, CMO of Vendavo, explores strategies for improving your margins. Luxury brands like Louis Vuitton can command premium prices due to their exclusivity and status. In contrast, a wire manufacturer deals with a commodity where pricing is competitive. When setting prices for your product or service, it's crucial to assess its perceived value in the eyes of customers and align it with their willingness to pay. Today, Mike discusses whether your product is priced correctly or not.
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