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Denise Williams's Blog

Raise Your Prices and Reduce Your Costs
by Denise Williams | 2023/11/14 |

If one does not raise the price of the search, a similar impact could be secured by lowering one's costs. Why not do both - increase price and reduce your expenses?  Exploring ways to  building a 'value moat' can lead to price appreciation.  As a result of building efficiencies for your primary customer, they are more loyal.  Efficiencies for your customers can be accomplished at the same time of building efficiences for yourself.

Denise Williams's Blog ::

As a technology provider, RDS - Real Document Solutions, we offer the most robust Search Production Software(TM), our customers have experienced efficiency improvements of more than 30% on average over legacy methods/software. 

Typically we hear that when things pick up, then the labor costs pick up.  This doesn't have to be the case. 

Reducing one's base costs, reducing errors, increasing security and increasing turnaround, can help you improve your competitive edge (get more business) while improving margins - technology is a tool to enable this!  

Additionally, as we look to the future, systems integration will become more valuable and protect your business as to not to be displaced.  There will be less reliance on email.  If you look at some of the TPSs (Title Production Software) the search firms they've integrated with probably can command more $$$, and not be chiseled down and whittled down like the rest of the market ...  Title companies will continue to see pressure to be more efficient internally and that includes 'integration' with vendors for efficiency.  If you're a vendor, these are conversations to have... what system are your clients on, how can you connect with them for simplicity and speed, do they want to get workflow updates?   Are you risking future business, if you are sending your completed packets as an emailed pdf attachment?  

If you think you cannot compete with the extra large search firms that are API-integrated with the clients' TPS, then let's talk - because I believe you can compete!  

I understand that raising prices should naturally come, especially as home costs/loan costs have risen and title insurance costs rise too, why aren't searchers getting their piece of this appreciation?  Hard to say. 

What you can do to bring more money into your coffers is to run more efficienciently (doing more with less), and protect this with a 'value moat'  by creating switching costs for your client to move from you to other sources - this can be done by securing integration and other unique efficiency improvements...which may in the end lend itself to increasing your price -  When your relative value has increased, get paid for it!

Denise Williams

Real Document Solutionsyour trusted technology partner for the title abstract, document retrieval and title industries. Follow me on LinkedIn. If you have a topic you’d like to suggest, please email me at Denise@RDSteam.us

Thank you. Copywrite 2023 Denise Williams


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