Tag: funeral pricing

Business Finance Products

My hunch: Inflation, other factors will lead to rapid acceptance of “Online Direct Cremation”

Thursday night into Friday morning brought Minnesota’s first snowfall of the 2021-2022 winter season.  It was light, but created slippery conditions outside that forced me onto an indoor treadmill run on Friday morning.  My 2 1/2 mile daily run is punctuated by the fact that I have a lot of stamina. . . just not a lot of speed.  On an indoor run, the result of that fact is I get about 25 minutes to catch up with the morning […]

Preneed

Will preneed methods change?

As many times happens with me, I learn something from a  news item or items and then try to convert that knowledge to the funeral industry and try to figure out if or how what I’ve learned will translate to our profession. So was the case this week when I saw some public relations for a company called Lantern, whose website you can see here, that has a slogan saying, “End of Life Planning”.  I also saw an advertisement for […]

Business

Make sure to watch your flanks in holding onto revenue

I’ve noticed with much interest over my career in funeral service that most funeral home owners are really up to date when it comes to market share percentage as compared to the competitor(s) in their market area.   They all either watch the local obituaries or have someone else watch and count death numbers on their competitor(s) website to be up to date on this percentage. Holding on to that percentage rate is one aspect of making sure that your business […]

Regulations

FTC Funeral Rule comment period ends. . . what’s next?

The Federal Trade Commissions (FTC) “Funeral Rule” is up for review this summer and the comment period for public opinion into the rule ended on Monday.  So, now that that period is over. . what comes next? First, a little review on the Funeral Rule.  According to the Federal Register of the Federal Trace Commission and its reasoning for the review, that you can see here, the FTC issued the Funeral Rule in 1982 and it became fully effective on […]

Business Finance

From the investment community: U.S. funeral costs, Australia funeral trends

To roll into the weekend we thought we would give you some food for thought in the funeral industry from almost 10,000 miles apart.  Our articles today come from the investment community in both the United States and Australia.  Both are good, well thought out articles that deal with the world of death care in their own countries. I’ve always been one to look at these type of articles which deal with the funeral business on a large scale and […]

Business Regulations

Dollars and Sense — The great debate over online pricing

I noticed last week that the Federal Trade Commission (FTC) will be seeking comment on whether to make changes to the Funeral Rule.  This is probably the least the FTC will do and there probably could be more to come.  In their notice, they mentioned areas of funeral services and pricing where they explicitly seek public comments.  The Funeral Rule as I talk in this article pertains to itemized price information and how it must be presented. One of those […]

Business Regulations

“Charging like raging bulls”

Australian funeral customer Jane Sinclair has created a little bit of a stir down under by calling for more transparency in the way that client families are charged for funeral services.  Ms. Sinclair, according to this article from ABC Australia, complained months after the services were performed for her mother.  She is quoted as saying in the article, “My feeling is the only way around it (price transparency) is some sort of regulation, some sort of consumer protection to stop […]

Business

Transparency . . . or lack thereof in death care pricing

2019 is supposed to be the year that the Federal Trade Commission reviews the Funeral Rule.  I don’t know if that will happen, but critics of the death care industry are asking for the reviewal and with it, price transparency required as a web or app based service. This article that I read from the New York Post explains some of the issues surrounding funeral business pricing practices.  In it, Josh Slocum, a well known advocate for funeral home price […]

Business Cremation

The Revenue Drop

While I did not attend the recent National Funeral Director’s Association gathering in Salt Lake City, I recently visited with an attendee about the gathering.  One of the things that this veteran funeral director told me was that he cannot remember a time when so many traditional funeral home owners talked about revenue declines and the havoc they could lead to in the traditional industry. We all know what is causing revenue declines — it is the continued growth of […]

Business

The Pricing Conundrum

There is no doubt that in any business the pricing of the product or service must work on at least two levels.  The first level being that the price is appropriate enough to draw the customer to – or at least not drive the customer away – from the business.  This would be known as having a “competitive” price for your service. The second level of the price point set for the product or service is that the price needs […]