The more profit your printing business makes each and every year, the healthier your company finance will be and more pertinently, the more chance you have of growing and expanding.
So, with that being said, here is a guide on how to enhance the profitability of your print business and bring your company up and in line with your nearest industry competitors.
Invest in Targeted Advertising Campaigns
One of the best (and most productive) focuses moving into the new year for increasing your company profits is to look to targeted print advertising campaigns, which are certainly the best way of ensuring that your products are being viewed—and hopefully, invested in—by your ideal customer demographic.
Targeted adverts are most successfully applied online, and although a small proportion of the general public choose to disable targeted ads from their smartphone browser (as they find them to be “creepy” or simply annoying) many people enjoy this more personalized form of marketing.
Explore Multi-Vendor Marketplaces
Right now, if there were a graph depicting the most successful ways for print companies to market their products and services (and subsequently increase their sales) it would highlight the multi-vendor marketplace as being the best.
Essentially, the multi-vendor marketplace is an area online whereby a wide selection of different vendors—either operating from within the same industry or similarly connected ones—can sell their products, with some of the most striking benefits including the following:
- Access to a much wider base of customers
- A diverse and regular separate stream of revenue
- A lower dependency on one or two vendors
- Much more variety
- A great way to experiment and try out smaller quantities of trial products
Look to Expand Your Range of Customized Products
These days, personalized and customized print products are exceedingly popular, making for the ideal gift for a loved one on a personal level and also a popular choice for companies in a corporate context.
Personal expression is also a concept that is, wonderfully, embraced in the modern day and as such, individuals prefer to convey who they are through how they dress, what bag they carry, and generally how they appear to others—making customized t-shirts, for example, an exceedingly profitable avenue to explore.
Hone In On B2B Customers
Unlike when promoting and selling your print products to individual customers, it becomes more of a “hard sell” when entering the B2B (business to business) market, mainly as marketers and company managers tend to be more skeptical and of course, are sometimes swimming on offers from different print companies.
Even though the internet is, of course, an extremely powerful advertising tool, time and time again, in-depth studies and research projects always reveal that business owners are far more likely to absorb and relate to advertising when it is in print rather than online.
Therefore, focus on creating enticing print packages, bundles, and company-specific corporate deals which will provide you with an additional regular income and the businesses with whom you are working a brand-new and exciting business to business connection.