Newsletter

March 2017 Member Newsletter

Greetings from COVR! We hope you are all having a great first quarter. There is a lot of important and useful information in this newsletter, so please take a moment to peruse the entire thing, where you will have the opportunity to vote for new Board members, learn more about one of our vendor members, enjoy an article about pricing, submit business questions for an upcoming survey and become more informed about member benefits.

Voting in the COVR’s Visionary Books and Visionary Music Award categories ended March 5, 2017. Winners will be announced March 20th.

Entries in the Visionary Products and Jewelry categories open April 1, 2017. Mark your calendars and help to spread the word.  Entrants need not be a member of COVR to enter or win.

Thank you for your membership and participation!

It’s that time again — elections for open seats on the Coalition of Visionary Resources Board of Directors. Your vote is important and voting will only take a minute or less.

Voting will close Sunday, March 19, 2017 at midnight.

Cast your vote today!

 

CLICK HERE

TO VOTE NOW!

March Member Profile:
DeVorss & Company

DeVorss & Company is a publisher and distributor of Metaphysical, Spiritual, Inspirational and Self-Help books, audio books, music CD’s & DVDs, calendars, tarot cards, and inspiration card decks.  DeVorss & Company has been serving booksellers since 1929 from their Southern California location. They carry about 8,000 personally selected titles from approximately 400 publishers, ranging from all the major houses to small independent publishers.  Each year DeVorss publishes a new printed and digital catalog with over 300 pages sorted by Author, Title and Subject. New titles are added throughout the year and are added to their monthly New Arrivals flyer, which can be viewed on their catalog web page at http://www.devorss.com/catalog/.As an active publisher for over 85 years, DeVorss & Company currently has over 450 titles in print under the trademark “DeVorss Publications.” Read the fascinating history of DeVorss at www.devorss.com/about-devorss/.President: Gary Peattie
Manager: Debbie Krovitz
Buyer:  Sonia Dominguezwww.devorss.com
orders@devorss.com or call 1-800-843-5743

Want your business or work to be profiled in our next newsletter?  Send your information to info@covr.org.  Please keep your description to about 150 words, send a logo or headshot and your business contact information.  We will be pleased to profile you in an upcoming issue.

How Do I Set My Price?
by Cindy Odorizzi, Magical Omaha

That is a great question! Pricing is not always straightforward. Some retailers have a standard markup formula, such as 2 to 3 times the wholesale price. So if a product costs $10, it will sell for $23. A standard markup of doubling, called keystone, is generally not enough for you to make the profit you need. In general, most small retailers average the prices up 2.3-2.8 times.  There are formulas available if you want to use a straight mark up but I think that different products should have different pricing strategies.

There are some products that you can mark up for significantly higher profits, like tumbled and polished rocks or really unique handmade items. You can easily mark up rocks to 10 times what you pay for them. Various incense, candle holders and incense burners have great mark up potential as well. Jewelry can also support higher margins, such as three times your wholesale purchase price. These are core money makers.

Tarot, calendars, and books are pre-priced, so that is out of your hands. The profit margin is 50% or less but they are good sellers for us so many of us stock them. Just know that they will not be your biggest profit items; try to increase their sale with tarot bags and other add-ons.There are some larger items on which we don’t get a full mark up. We still make a good dollar amount on them so they are still worth carrying. For example we have some wonderful portable altars. They cost us $110 and we sell them for $199.99. It is not a full markup but we make $89.99 ( which is more than we make on many items) on each one and they look amazing and are made locally, which we like to support.What has worked well for us when we at Magical Omaha are looking into bringing new items in the store is to look the item but not at the price. We guess what it should sell retail for and we then look at the wholesale price. If the margin is good enough, we stock the item.  For example, we see a pendant and think it will sell for $19.99. If the wholesale price is $5, we definitely stock it. If it is $12, we pass on it. This has led to stocking items at larger profit. Keep in mind that if your prices are too low, customers will perceive items as low quality. We have marked up slow-selling items and they sold. It turned out that our price was too low!

You can also take psychology into account with your pricing. If you are going to price an item at $28.99, just go up $1 to $29.99. Shoppers won’t notice the extra dollar. Both prices are perceived as being under $30. You might as well make the extra dollar, so $7.99 items could be $9.99. If an item is priced at $10.99, drop it back to $9.99. These are trigger numbers: $10, $20, $50, $100. Customers like to stay under those amounts so $9.99, $19.99, $49.99 and $99.99 are much more palatable. I was recently selling a tarot deck for $29.99. It was selling very quickly so I thought I could charge $1 more with not notice. Sales went to zero! I lowered it back and sales were robust again.

Don’t be afraid to experiment with your pricing. You can always adjust them later.

Questions or comments about this article?  EMAIL US today.

What are your business questions?
Whether you are a healer, an author, a bookstore owner, a vendor or participate in the Mind Body Spirit Industry in any way, business questions and issues always exist.  COVR will soon field another survey to gather insight from our members and the wider industry, seeking input and answers to your important business questions and inspired ideas.As an organization, we are stronger together and better when we share ideas and provide input to help our industry grow and thrive.  Please take a moment to provide input into this important process, not only to obtain answers for your own venture, but also to support your fellow COVR members and beyond.Please send the questions you have for which you’d like some input to info@covr.org by April 5 for inclusion in our next survey. You may submit as many as you like.  We will do our best to include as many submitted questions as possible.  Your submissions will be confidential and anonymous.Thank you for contributing to improving our industry!

The Coalition of Visionary Resources Board

Are You Taking Advantage of
COVR Product Discounts? 
by Suzie Heiney, Deva Designs
Did you know that COVR offers year-round exclusive endor discounts to members, FREE with your COVR membership? The COVR Discounts Program is COVR’s first step in bringing exceptional products to you at a discounted price.Are you a retailer?  You can take advantage of these offers to get special discounts and promotions. Your COVR membership could pay for itself very quickly, thanks to discounts from other COVR members.

Are you a vendor, author, artist, manufacturer, distributor, wholesaler, and/or publisher? You’re invited to encourage the sales of your products to COVR members by offering discounts or incentives.  What a great way to increase your marketing footprint at no additional cost to you!

To take advantage of this member benefit, sign in to the COVR website with your login to view the list of exclusive discounts just for you! To submit a new discount or update your offer, please contact the COVR office at 303-758-0007 for help in getting set up in this program.