A Brand New Shopsmith is Still a Good Buy

[stephen_a._draper]

I did a little calculation recently to see if the current prices of a new Shopsmith are still a good buy.

In 1980 the retail list price of a new Shopsmith Mark V 500 was $995 and it came with a full one year no questions asked money back guarantee with Shopsmith even paying the return shipping.

37 years later according to the Consumer Price Index $100 in 1980 is worth $314.77 today so if a Mark V 500 were available today from the factory the price should be $3131.96.

The nearest comparable machine still available today is the Mark V 510. It was first available for sale in 1985 for a price of $300 more than the Mark V 500. So what should a Mark V 510 sell for today? $4076.27

The current retail price of a Mark V 510 is $3559 so it is still a very good buy. However, the Mark 7 is an even better buy with its 2 HP motor and Pro table system for retail price of $4279. The warranty is better too.

If I were a first time Shopsmith buyer I would definitely buy a brand new Mark 7 from Shopsmith at one of the demonstrations!

[tdorey]

Here is the problem, I'm a marketing/product design person with a bit of experience on this stuff.

I own and shopsmith and love it, however I can guess the SS headquarters must scratch their head wondering why they don't sell more units.

Here is why, Woodworking is a hobby. Something you do on the weekends or in your spare time. When you get into a hobby, you do so gradually. Not all In at 4K. You figure what you need to get started, maybe a table saw, Just to see if you like it, so you look in flyers, Grab a small saw for $200, Then maybe a $150 drill press etc, etc.

I'm not comparing those tools, I'm just saying this is how the market works. I think SS could do so many things to improve their sales, but it seems like they hell bent on living in 1975.

[stephen_a._draper]

You have to remember that the Shopsmith target market has always been the person with limited work shop space. I have a dedicated workshop in my basement that is 12 ft by 14 ft. In it I have my Mark V, Shopsmith stand alone planer, a Woodsmith Design router table, work bench, and metal storage cabinet. My bandsaw, belt sander, and jointer are Shopsmith and are kept on a rolling cart. Everything single one of those items are on wheels so I can move anything anytime I want. All the walls are 100% 1/4 inch pegboard and everything else I use is hung on the peg board on the walls. I am typical of the Shopsmith target market.

[BuckeyeDennis]

Here is the problem, I'm a marketing/product design person with a bit of experience on this stuff.

I own and shopsmith and love it, however I can guess the SS headquarters must scratch their head wondering why they don't sell more units.

Here is why, Woodworking is a hobby. Something you do on the weekends or in your spare time. When you get into a hobby, you do so gradually. Not all In at 4K. You figure what you need to get started, maybe a table saw, Just to see if you like it, so you look in flyers, Grab a small saw for $200, Then maybe a $150 drill press etc, etc.

I'm not comparing those tools, I'm just saying this is how the market works. I think SS could do so many things to improve their sales, but it seems like they hell bent on living in 1975.

I'm a product-design guy too, but way heavier on the engineering side than the marketing. I'm also pretty competent at finance. Not surprisingly then, just about all of my major mistakes in business have been due to misjudging markets. With a supply-chain problem or two thrown in for good measure.

So I'd love to hear your thoughts on how Shopsmith could bolster their sales -- I'm almost certain to learn something valuable!

[JPG]

Shopsmith Is What It Is Because of their 1950's mindset.

They do not manufacture stuff that will become inoperative any time soon.

That is very contrary to today's marketing mantra that has caused most stuff being replaced within a decade of its receipt.

Old fashioned? Yep. Too bad there are not more firms stuck a few decades back.

Much of what I regret about Shopsmith is the departure of some of that old timey thinking.

Most of us here remember better days from the past.

[dusty]

Here is the problem, I'm a marketing/product design person with a bit of experience on this stuff.

I own and shopsmith and love it, however I can guess the SS headquarters must scratch their head wondering why they don't sell more units.

Here is why, Woodworking is a hobby. Something you do on the weekends or in your spare time. When you get into a hobby, you do so gradually. Not all In at 4K. You figure what you need to get started, maybe a table saw, Just to see if you like it, so you look in flyers, Grab a small saw for $200, Then maybe a $150 drill press etc, etc.

I'm not comparing those tools, I'm just saying this is how the market works. I think SS could do so many things to improve their sales, but it seems like they hell bent on living in 1975.

I don't want to be ague but that is the way it is. I do not believe Shopsmith is stuff in 1975 and I do not believe they are unaware of how the market works. They have been around for a long time in a very competitive market. They have weathered the storm and introduced a pretty impressive new upgrade (the PowerPro).

Shopsmith is caught in a moment of change like many other operations. People (the young people especially) are not woodworking type hobbiests. They have many more readily available ways to spend their time. I have a grandson who is no more interested in making sawdust than snyone but get him involved in a computer issue and then hang on.

No industrial arts being taught in school is what I believe is at the root of this issue.

Marketing skills are what is keeping Shopsmith going.

[BuckeyeDennis]

C'mon guys, you're arguing with tdorey before he has even floated any specific ideas. Let's hear what he has to say!

[stephen_a._draper]

I challenge anyone to find another company that sells replacement parts for a 37 year old machine let alone providing service and support on it as well.

[rjent]

I, also, am not so sure they are laking in sales. My conversations with engineering is that they are pretty much overwhelmed in building M7's, producing PowerPro Headstocks, and continuing the support needed for the older machines. I think they are doing fine, an anomaly sure, but they are still doing fine. Not everything has to be done the "modern" way, whatever works.

JMHO

[dusty]

C'mon guys, you're arguing with tdorey before he has even floated any specific ideas. Let's hear what he has to say!

By all means, we would like to hear what he has to say. But he is a marketeer. He needs to know who he is selling to if he is going to have a chance.