With the rise of big and small industries worldwide, the need for printed material has increased manifold. That is because no company can thrive without requiring order forms, receipts, brochures, and printed advertising.
Therefore, the print industry has become not only highly competitive but also technologically evolving. However, the cutthroat competition has also increased the failure rate of printing businesses.
Running a successful printing business requires you to update it regularly by following customer trends. Like any other business, you want your printing company to make significant profits by attracting customers and driving more sales.
A crucial component of starting any printing business is buying the machinery. However, if you are a startup or MSME, you need funds to buy the printing machine. A machinery loan can help.
Once the machinery is taken care of, you should implement some modern strategies to profit your printing business. These 7 ways are discussed as follows:
Familiarize yourself with the common challenges in the industry
Obtaining an MSME loan or a machinery loan for your printing business is just the beginning of your company’s journey. While the internet plays a major role in boosting print sales, you need to be aware of the common challenges prevalent in the industry to harness its power for increasing sales. Some of them are as follows:
Lack of a brand USP
Having a brand USP is one of the most understated aspects of successful print business. Your brand USP gives your business a unique identity to remember your brand when they need anything you offer.
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.
As with businesses of any scale, MSMEs also rely on a sound marketing strategy. It would help if you avoided marketing loopholes that drain your business of time and value. Some of them do not have a set target audience, generate wrong leads, and offer extremely high discounts that lead to a decline in product quality.
Invest in inbound marketing
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 proper execution of the strategies as 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 towards a sustainable solution, identifying incorrect causes can land you in sterile solutions.
As discussed earlier, the printing industry needs regular updating as per the current trends.
It is the same case with the industry’s marketing strategies. As the owner of a printing business, you can start with micro-targeting while reframing your marketing plan.
Micro-targeting can work in favour of your printing business. Micro-targeting entails recording customer data and then classifying them for marketing. Considering the specific customer groups, your printing business can use the customer data to create digital advertising campaigns.
Excellent customer service
Delivering high-quality work is not enough. Successful printing businesses focus on providing excellent customer service. Forging customer loyalty leads to better word-of-mouth exposure to potential customers.
Carefully listening to the customer’s specific requirements, patiently answering their questions, and being honest about what you can offer are some ways of improving customer service.
Investigate operational costs
Inspecting and regulating operational costs in a printing business can be challenging. However, the solution to high operational costs could be adopting an ERP tool.
An ERP or Enterprise Resource Planning tool takes care of all organizational aspects of your business like supply chain management, manufacturing, services, finances, etc.
An ERP tool offers the following advantages for a printing business:
- Improved business reporting.
- Enhanced order management due to an integrated database.
- Improved inventory management.
- Better customer service.
- Increased cash flow.
- Improved customer security.
Managing and sustaining a printing company requires both creativity and business acumen. MSMEs and startup printing enterprises can avail of MSME loans by Ziploan by applying for MSME registration for free.
Printing businesses looking to update their printing equipment can apply for a machinery loan and then focus on building a stable business by providing high-quality prints to customers.