Pricing Strategy, Title Insurance New York

Guest Post: Pricing: The Never-Ending Sales Question

In business the question of pricing is always central to day to day operations in one form or another!

In the case of title insurance where premiums do not vary from one company to another there are other fees involved in the transaction that do. The business decision on how to price those fees is one way that Hallmark Abstract can differentiate ourselves from other firms.

In other industries where price can vary and perhaps bids have to be placed in order to win business this question of pricing will run central to the day-to-day decision making.

The following article was written by Adrian Miller who ‘is a Business Growth Architect, sales consultant, trainer, author, avid traveler blogger, columnist, hockey mom, amateur photographer, theater lover, movie goer and networker extraordinaire.

She launched her sales consulting business 26 years ago and since then has worked in pretty much every industry and with companies large and small.’

Pricing: The Never-Ending Sales Question

Effective pricing is a slippery slope. You fear that you are pricing too high and then the opposite, too low. Just like Little Red Riding Hood, we want it to be “just right” but it can often come out wrong.

  • Will I lose the business because of my fees?
  • What if they go with the competition because they charge less?
  • I’ve lowered my price so much I wonder if I’m going to be able to make any money at all?

These questions and others just like it cause us to wrack our brains each and every time that we write a proposal or submit a quote and have to include a price!

It shouldn’t be that difficult! Now, I’m not some pricing guru (and I am certain that there are some out there) but there are a few things that I’ve done over these 27 years that have stood me in good measure. Perhaps you will find them helpful too:

  1. I know my competition’s “rack rate” and although I don’t know how and if they discount their prices, knowing their base price is often enough to help me establish a project budget.
  2. I truly understand the scope of effort that my project will require. There is nothing worse than charging a discounted price and then discovering just how much time and work the project will entail. (Ya gotta ask QUESTIONS before giving a price!)
  3. I understand and believe in my value. (That’s a BIG one.)
  4. I’m not afraid to walk away from a project if the prospect is simply not willing to pay for it.
  5. I am open to negotiation on price but that doesn’t mean simply caving in on their demands. They give a little, I give a little and we all come to a happy agreement on what is fair.

It’s not easy, it requires stamina but you can get it right. The simple fact is that if you don’t, you run the risk of having an unprofitable company and working yourself to death for very little.

 

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Long Island Fight for Charity, Title Insurance New York

Networking Event October 7, 2013 for the Long Island Fight for Charity at Carlyle At The Palace!

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The time has come for Hallmark Abstract Service President Michael Haltman to learn who his opponent will be in the ring for the November 25th Long Island Fight for Charity!

On October 7 at Carlyle At The Palace in Plainview, Long Island (1600 Round Swamp Rd) the twenty-two Long Island businessmen and women who are going to be entering the ring for charity on November 25, 2013 at the Long Island Hilton will be learning the identity of their opponent.

You will not only be helping to raise money for the great charities supported by LIFFC but will be attending a great networking event as well with a crowd expected to be well into the hundreds!

The night is only $10 if you pre-register at Long Island Fight for Charity here which includes appetizers, beer and wine and soda ($20 at the door).

If you have any questions contact Michael at mhaltman@hallmarkabstractllc.com.

Long Island Fight for Charity

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Business, Business management

Business and management thoughts from Richard Branson!

Few entrepreneurs have enjoyed the overwhelming success of Richard Branson, making the opportunity to learn from his ideas, thoughts and experiences incredibly valuable!

Whatever line of work we are engaged in, whether it’s running a law practice, a title insurance firm or an ice cream stand, there are certain fundamental business principles that should be driving and guiding us all.

That said, given the career of Richard Branson that has been highlighted by both overwhelming success and by the diversity of his businesses, his thoughts are at the very least worth listening to.

These are some tips concerning business in general from the serial entrepreneur.

1) Guidelines for business 101!

Regardless of any changes in the way that business today is conducted sparked in large part by quickly and ever changing technological advances, there are five fundamental guidelines that Branson adheres to:

1. If you don’t enjoy it, don’t do it. You must love what you do.
2. Be innovative: Create something different that will stand out.
3. Your employees are your best asset. Happy employees make for happy customers.
4. Lead by listening: Get feedback from your staff and customers on a regular basis.
5. Be visible: Market the company and its offers by putting yourself or a senior person in front of the cameras. (Source)

2) Importance of networking early and often!

‘…To get started, attend industry events and meet key players; join regional business associations and start learning about local market conditions. Also remember that you can meet potential mentors at schools, clubs and business groups. Someday, when you get stuck or when something goes wrong, these contacts will be the people you’ll turn to for help. (Finding investors is a step that follows: People buy from people, so if you’re limited in terms of who you can access, talk to and sell to, well, you probably won’t get very far.)…’ Read the entire article here.

3) Tips for growing a small business!

First, know your mission. At Virgin this was often about shaking up the established markets and providing something of great value and service. In Innocent’s case it was about creating great juices to help people lead healthier lives – and doing this in a fun way.

Second, make sure you get the basic structure right. Know what you are going to do. Many times partners can provide the back office, the infrastructure or the raw materials. By building strong relationships with such suppliers, you are free to scale the operations without heavy calls on your capital.

Third, get the right team at the top. It’s hard to get this right first time. Many small businesses fail to grow because they don’t identify team members who can no longer keep up. It’s sometimes necessary to part company with senior managers who cannot develop the businesses, painful as that may be.

Fourth, a strong purpose and a sense of ethics give the company a solid foundation. In Innocent’s case the focus was on leaving the planet a little better than they found it. This simple but effective message resonates with both staff and customers, whether they number 10 or 500 people.

Fifth, no matter how big you are, details count. Just as I remain obsessive about traveling on our planes and visiting our businesses with my notebooks to chat with staff and check the little touches that make our experience unique, Richard Reed and his partners do the same. They regularly check everything from the lids on their bottles – which ask customers to “enjoy by” and not “use by” a certain date – to the carpets in their offices, which are a distinctive Astroturf.

Finally, listen to your customers and act on what you hear. I’ve always asked our staff for their views and now I track our social media channels to see how our business and brand are doing. Innocent makes a virtue of asking their customers for their views. They use the feedback to inform growth and keep them connected. Read the entire article here.

Michael Haltman, President
mhaltman@hallmarkabstractllc.com
516.741.4723
http://www.hallmarkabstractllc.com

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marketing, Title Insurance New York

Business articles of interest including banking, lending, law and marketing!

did-you-know

The following articles look at various issues concerning businesses both within the practice of law and without!

We publish The Hallmark Abstract Sentinel with the goal of providing our readers timely information that is hopefully of interest, but that in some way may prove helpful to them and their businesses too.

If anyone has topics that they would like to see covered please let us know!

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Long Island Fight for Charity, Title Insurance New York

Hallmark Abstract in the News at BoxingScene.com

Long Island Fight for Charity and Michael Haltman of Hallmark Abstract Service

Hallmark Abstract Service President Mike Haltman, in his role as fighter and fundraiser with the Long Island Fight for Charity, appears in the newest edition of BoxingScene.com!

Approached by Tom Gerbasi, Senior Editor at BoxingScene.com, Michael shared some of his background in the world of boxing and rationale for participating in this years 10th Anniversary Edition of the Long Island Fight for Charity.

If after reading the article, you are inspired to either sponsor the Fight for Charity or simply make a donation to the cause, please visit a prior article at The Hallmark Abstract Sentinel here and scroll down to the bottom for links to donate or contact Michael at mhaltman@hallmarkabstractllc.com.

‘A Boxer is Born in Long Island’ by Thomas Gerbasi

If you’re a fan of boxing, there was inevitably a time when you watched a great fight and said “I could do that.” Or if you weren’t so bold, maybe you just whispered to yourself that you wanted to do that, that for one moment, you wanted to see what it was like to put on the gloves, step between the ropes, and engage in a pure one-on-one combat session with someone else.

For most, that thought quickly fades away when you realize a) you might have to get off the couch or b) that as fun as it is to hit, it’s not so much fun getting hit back.

As far as being a fan, Long Island’s Mike Haltman is like most of us, having been stung by the boxing bug early on. In his case, it was when he was working as a bellhop at Grossinger’s resort, which doubled as the training home to an endless list of world-class boxers.

“Back then the fighters all came up there to train, and I was around it,” he said. “There was a bar across the street that had a boxing club in it, so I went there, and I fooled around a little bit.”

That was it. For the moment. After his brief brush with the sweet science, he remained a fan, but he also got on with life, going to school and to work, and eventually becoming president of the title insurance company, Hallmark Abstract Service. He also married and had three kids, and as far as boxing was concerned, that was something for Saturday nights on television or to be practiced on the heavy bag and speed bag in his basement. That was at least until he was at a networking function and overheard someone talking about an event where local businessmen and women competed in the ring to raise money for charity.

“I heard a guy talking about it, he told me what it was and I said I wanted to do it,” said Haltman.

“When I heard about this it rekindled a desire. I have a heavy bag and speed bag in my garage, I’ve always had that, and this seemed like a great combination to raise money for a great cause, get into shape, and have my one chance to be in the ring.”

The cause, Long Island Fight for Charity, will be celebrating its 10th anniversary on November 25th, raising money for various local charities, and with the effects of Hurricane Sandy still being felt around the area, it’s important for Haltman and his fellow boxers (23 at the latest count) to do their part to keep awareness high.

“It’s extremely important,” he said. “Sandy, for those who haven’t been directly affected, is starting to fade from people’s memories. My son and I have done some charity work at one of the houses, pulling up floorboards, cleaning, and that sort of thing, and there’s unbelievable devastation, so I think what this charity does is extremely important.”

There are easier ways to give back than getting punched in the face, but the 53-year-old Haltman isn’t looking for the easy way, so he signed up to fight in November, hitting the Glen Cove Boxing Club to work with Frank Pena.

“He runs the gym to keep kids off the streets,” said Haltman of Pena. “But when I went in there, they treated me like they treat the other guys.”

That means he got put to work right away, quickly finding out that boxing isn’t as easy as it may look on television. So when asked if he gained a deeper appreciation of the sport after a few days in the thick of it, he responded without hesitation, “A hundred percent. If you want to be good, it’s a seven day a week deal. You have to make a real commitment and it’s a life change.”

Slowly but surely though, Haltman is starting to pick things up, saying “the difference is amazing” when comparing himself now to when he first stepped into the gym. He is a work in progress though.

“You hit and you’re supposed to move – jab and move or jab and duck,” he said. “It’s almost like dancing, and I’m not a very good dancer. (Laughs) I don’t really have a big problem punching, but learning the moves is the toughest thing.”

He has gotten some good advice from a fellow New Yorker who knows a thing or two about the sport.

“I talked to Gerry Cooney and he said it doesn’t matter how short a round is and if it’s for charity; when you get into a ring, your heart’s pounding, you get tired, and you’re anxious, so you’ve got to get in the ring and spar and get in shape.”

Haltman admits that his wife of 25 years and their three kids weren’t too thrilled about the idea of him stepping into the ring, but he’s not about to be deterred from doing something only a select few can say they did.

“My first goal is to go in there and not look like a fool,” he laughs. “My second one is that I’d like to be competitive. I’d like to actually fight and I want a tough guy.”

Sounds like a fighter already. And truth be told, he can’t wait.

“When I think about it,” he said. “My heart starts pounding.”

From BoxingScene.com

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Corporate philanthropy, Long Island Fight for Charity, Title Insurance New York

LIFFC: The first ‘Preliminary Event’ was a huge success!

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Our friends from Resorts World Casino!

Hallmark Abstract Service of New York is participating in the ultimate Charity-Business win-win proposition!

And your business can as well combining philanthropy with marketing and promotion by getting involved with the Long Island Fight for Charity!

Join Long Island, regional and national firms like Resorts World Casino, Viana Hotel and Spa, The Andrew Hotel, Sazerac Spirits, Jewel Restaurant, Atlantis Casino Resort and Spa (Reno) and many more as they participate as sponsors and donors in this, the 10th Anniversary Edition of LIFFC.

On May 20, 2013 at the Chateau Briand in Long Island, New York, LIFFC held its first preliminary event that leads up to the ‘Main Event’ on November 25, 2013 that is taking place at the Long Island Hilton with an expected 1,500 spectators and businesspeople to be in attendance. Last night the turnout was in the vicinity of 300 along with members of the media.

All of the current sponsors were honored on stage and many of the donors and their products were highlighted as well.

Get your company involved by donating products you would like to highlight in one of the silent silent auctions or raffles or by participating as a sponsor receiving constant promotion for your business at an extremely affordable cost with all proceeds benefiting charity.

These are the benefiting charities and the available sponsorships. If you would like to learn more and discuss the possibilities contact boxer and fundraiser Mike Haltman, President of Hallmark Abstract Service using his phone number and email address below.

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Hallmark Abstract Service LLC

Michael Haltman, President

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (O)

516.741.6838 (F)

Email:       mhaltman@hallmarkabstractllc.com

Website:   Hallmark Abstract Service

Blog:         The Hallmark Abstract Sentinel

LinkedIn:  Visit my Profile here

At Hallmark Abstract Service, we work harder to make your closings easier!

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Long Island, Long Island Fight for Charity

May 20, 2013 Long Island Fight for Charity ‘Prelim’ Networking Event

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The final boxers call for the 2013 Edition of the Long Island Fight for Charity will be taking place on May 20, 2013 at the Chateau Briand in Carle Place!

It will be a fantastic networking opportunity along with complimentary appetizers, beer, wine and soda included all for a $10 donation to the LIFFC charity!

Hallmark Abstract Service President Michael Haltman will be there along with all of the other participating boxers with Long Island media coverage expected to be there as well.

Sign-up now by clicking on the Register Now button below!

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Register Now!

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