After a few drops in revenue owing to the pandemic, print is back in action. Do you know the print industry will likely reach $337.33 billion in 2025 at a CAGR of 3%?
This calls for print business owners to get back to bringing in new opportunities for their business. If you do not have a full-proof strategy to take your business to greater heights, this post discusses it all. Continue reading to find out some strategies that will help you to stay ahead.
A. Focus on What You Are Already Good At
Sometimes you can achieve even the biggest revolutionary changes in your business by cleverly repurposing your existing capabilities. Trying to focus on everything can be difficult with limited resources, and it takes more time.
Instead, it is a good thing to focus on specific areas where your business is booming. It could be anything – your product/service, marketing strategy, traffic channel, and so on. Find out where your business is already doing well and make small changes to make your brand better than the rest.
You can apply the 80/20 principle here. You probably might have heard of this rule.
The 80/20 rule means that 80 percent of results come from only 20 percent of the causes for a given event. This rule aims to identify an entity’s best assets and use them efficiently to create maximum value. So, how do you apply it to your printing business?
Prioritize 20% of the factors that bring in the most beneficial results. Let’s say that there are 20% of products that are bringing in the most revenue. Once you identify the better-performing products, you think of ways to make them better.
B. Invest in Solutions That Help Your Business Grow
From managing business operations to engaging with customers, business technology is of prime importance. Companies that invest in technology have a higher growth rate and an edge over the competition.
By investing in the right solutions, print businesses can overcome some tough challenges and grow their business. Here are a few tech solutions that can be saviors for your business.
-> Print Job Manager – A full-fledged print scheduling software to achieve faster efficiency in your print workflow. It decreases human errors and increases deliveries.
-> Print ERP – With a complete ERP software solution, print businesses can optimize their daily print operations. Such software comes with a variety of features like inventory management, order management, quotation management, and more.
-> Web-to-print Software – A web-to-print software enables print business owners to offer a smooth shopping experience by allowing customers to design any product they offer.
C. Keep an Eye on the Trends
Knowledge of industry trends and understanding their impact on your business is what helps make strategic decisions and capitalize on opportunities. When it comes to the latest trends in the print industry, let me say that over the years, printing has revolutionized.
Keeping up with trends requires you to analyze your competition and customers and do a lot of research. A few top emerging trends include:
These upcoming trends present print businesses with greater opportunities for growth for years to come.
Staying ahead of the curve requires print business owners to analyze and understand trends, invest in the right tech tools, offer greater customer experience, and so on. If you want to know more about how you can future-proof your print business, check out this free webinar. Industry experts will share their insights on the rising opportunities and how to develop a solid plan for your businesses’ growth.