Grow the business
Economic realities
Cover story
printed , they are the ones who are learning how to sell the output to their customers , and most critically , they are the ones who are getting an early start on how to maximize profit margins for their businesses using this technology .
Grow the business
Mike McMahon
Director of Sales NeuroGym myneurogym . com
Three ways to grow There are many facets to marketing any business but there are only three ways to grow one . Get more clients , get them to spend more money , get them to buy more frequently . That ’ s it . Those are the three . The most powerful thing you can do for your printing business is to work on improving all three areas at the same time . The results will be exponential .
Innovate If your printing business is just like every other printing business you will always be competing on price . By innovating , you provide greater value to your clients and become unique in the marketplace . Ask yourself what services do you outsource now that you can bring in-house to provide a more complete solution ? What services are your clients already buying from someone else that you could add to your offer ?
Become a trusted advisor Most of your clients have no idea all the ways you can help them grow their business . Direct mail is enjoying a nice comeback now that people aren ’ t getting as much junk mail . That provides an opportunity for you to show your business clients how they can use direct mail to grow their business . As they start getting new business because of your help they will continue to come to you for print work . Not only will you print the mail piece , but you will also print the special report they should be giving away to people that are interested . It also makes sense to think about adding full mailing services .
Reactivate past clients Past clients are four to 28 times more likely to do business with you than a brand-new client . Find out how many clients did business with you in the last three years that haven ’ t done business with you in the last twelve months . Make a list and reach out to them . Find out how things are going for them and what you can do to help . Once you ’ ve done this , make it an ongoing part of your client retention efforts .
Economic realities
Andrew D . Paparozzi
Chief Economist Idealliance idealliance . org
Even change is changing . The Digital Revolution has taken change from gradual and incremental to rapid and transformational , leaving us less time to make increasingly challenging adjustments . To come out on top , we must maximize the adaptability of our companies to both external and internal change . Cross training and other methods of building a workforce that can be where needed , when needed are essential . So is streamlining all procedures , processes , and practices , asking how can we minimize steps and touches and which we can eliminate entirely because they no longer add value .
Margin for error is shrinking Second , while our gamut of opportunity both inside and outside of print continues to expand , our margin for error continues to shrink . We have historic opportunity to get involved in our clients ’ work earlier , stay involved longer , and satisfy a broader range of their communications needs . But competition is intensifying as the internet and digitization break down boundaries , letting everyone into everyone else ’ s business . That means no matter how well we are doing we must remain vigilant , never assume we have it all figured out , and anticipate the competition , recognizing that the next wave can come from anywhere .
Choose your shots carefully The challenge in our industry is not a lack of opportunity ; it is deciding what really is an opportunity given my company ’ s specific circumstances , capabilities , and goals . We can ’ t chase everything or follow the crowd into something that may or may not be a fit . Our margin for error has gotten far too thin for that . And with change so extensive , we can ’ t base our choices on gut or what ’ s worked in the past . Instead we must rigorously assess which options to pursue and which to reject by embracing tools such as the opportunity evaluation matrix , investment pre-mortem , and readiness checklist , all described in Idealliance State of the Industry Series .
One more thing As the realities above suggest , we now either get better or get left behind . There is no longer a third option . To that end , every one of us should ask : What will we do better in 2018 than we did in 2017 ?
18 | February 2018 | GRAPHIC ARTS MAGAZINE graphicartsmag . com