7 Ways to make your Printing Business Profitable in Economic Recession – Norah Okpara

With the current economic downturn there is no doubt to say that print business owners whether big or small are facing the challenges of making their print business profitable in the face of the rising cost of print consumables, cost of investing in new technologies, hiring and retaining skilled workers, continual change in print demand by customers, finding the right mix of services to gain customer loyalty and overcoming close price competition.

Overcoming these threats requires you to update your print business by observing and following customers’ trends. As a businessman, you want your printing company to still be significantly profitable despite the recession. Hence you need to generate more business leads and drive sales

Here are 7 modern strategies you can adopt for your print business at this time…

Stay up–to–date with the latest trends

It’s a common misconception that printing businesses fail because the demand for printing is declining. The truth, however, is that many printing companies lack the relevant technology for staying up-to-date with the latest printing trends.

Printing companies that prioritize industry education and thorough research can constantly upgrade to modern demands. Once you know the latest trends, all you need to do is invest in the right tools that can offer such trends.

For example, personalization is a recent trend that is catching popularity. Essentially, product personalization implies allowing the customer to design the products according to their choice.

Educate clients about your Solutions

Inbound marketing focuses on attracting customers by creating meaningful content and experiences. It bridges the gap between your brand and your customers by making the latter aware that you have the solution to their problems.

Here are the reasons for your printing business to invest in inbound marketing:

  • Inbound marketing turns your company website into a sales and marketing channel, where customers can reach out to you at any time. That helps in generating print sales.
  • With targeted advertising, your print business can save more money and maximize its ROI.
  • About 85% of the total customers research online before purchasing.
  • By allowing customer feedback and suggestions, digital inbound marketing can help your print business to learn and evolve.

Study your competition

  • The visibility and access of the internet have expanded the boundaries of the print industry’s competition to accommodate global markets. Keeping a check on your competitors can help you become aware of the numerous factors that influence print sales.
  • Doing so will give you a competitive advantage by enabling you to update your business strategies and learn from the existing competition.
  • After you have studied your competition, you should ask yourself key questions about what makes your brand unique, why would a customer prefer your products over others, and what makes your brand stand out. Answering these questions will help you in making better business decisions.

Perform a root cause analysis

  • Root cause analysis is the process that involves determining the root cause of problems to devise solutions. Even after the proper execution of the strategies mentioned earlier, your printing business might not grow as expected. Therefore, it becomes important to identify the root cause behind the setback.
  • While a systematic approach towards root cause analysis will lead your business toward a sustainable solution, identifying incorrect causes can land you in sterile solutions……………To read full tips on the 7 Ways to make your Printing Business Profitable in an Economic Recession, kindly place an order for a copy of the 102 editions by calling us at 08169767741 or 08035837934.