Growth predictions of industries around the world have taken a step back due to the dire COVID-19 pandemic; the printing industry was not spared. According to the Printing United Alliance Survey of the Printing Industries of the USA alone, the first quarter of 2020 observed a contraction of 4.9%. The contraction of the printing industry in the second quarter was around 25%.
These contractions were observed because businesses around the country were shut down; there is also a significant reduction in the promotional events as outdoor promotions and events have come to a hold. Apart from that, enterprises and corporations around the world have adopted remote working strategies. Because of that, there has been an encouragement in the paperless communications.
But the world is adapting to the new normal and so is the printing industry. To pick up pace and come out of the contraction in the second innings of the 2020, we have provided solutions below that ensure business growth with two simple things, increasing sales and reducing costs.
The following growth hacks for print businesses will help you increase sales.
1. Digitalization of Printing Business
One of the preliminary needs of growing your printing businesses is by investing in the digital transformation of your printing business. From sales to operations, try to digitize every aspect of your business. This will not only increase online sales, it will also ensure increased efficiency and reduction in mundane tasks thus increase the overall employee productivity. Also, with the remote working trends, digital solutions can ensure that you have seamless and transparent communication with your stakeholders.
2. Deal in Market Trends
While the demand from marketing and entertainment has reduced to a minimum, there are unexpected surges in printing demands from enterprises that need brand customized Coronavirus communication collaterals such as floor graphics, signage, stickers and others. There is a high demand for print collaterals from fundraiser organizers and participants such as banners, customized t-shirts, signage and labels and there also is a high demand for customized masks from the open market. Prepare a good product mix that ensures optimum demand currently as well as in the future.
3. Integrate an Ideal Product Customization Tool
The print industry has observed a huge demand shift from standard solutions to customized and personalized products. And to make sure that you provide the best product customization solutions to your customers, you must integrate an HTML5 based product customization tool that provides user-friendly online web-to-print designing options. But when you are to decide on the online product designer tool, just ensure that it aligns with your business products and offerings and also with your customer expectations. E.g. Online T-shirt sellers have implemented Web to Print T-shirt designer software for their customers, so they can order personalized designed T-shirts, and that industry witnessed a big growth in the last decade.
4. Leverage Social Media
Social media is one of the most effective ways of growing your business during these times. Since the world is working from home, there has been an increase in the active number of social media users and also the B2B decision-makers are now connecting with people online. Thus, you must have a strong social media strategy that ensures an increase in revenue and brand recognition.
5. Seek for Government Aid
Many countries, states and counties are providing aid to local and small businesses who have suffered due to COVID-19 and since you need to make some significant changes in your business model, you must get all the help you can get.
These growth hacks are focused on helping you reduce costs.
6. Re-Evaluate Your Business Offerings
As you have to introduce and invest in new business offerings, you must also re-evaluate and prioritize previous business offerings. You have to plan your budget accordingly and thus, you will have to plan and reallocate funds and resources to the new business offerings to reduce cost.
7. Remote Working Opportunities
While the world waits to go back to their workplaces, work from home and remote working is an effective strategy to save operational expenses. Prioritize the need of employees in the office and based on that create a remote working structure.
8. Avoid Lay-Offs with Unpaid Leave
While lay-offs ensure short-term cost savings, acquiring talent is also a costly activity and if you can afford to keep your employees then avoid lay-offs with unpaid leave.
These tips will help you plan your future and ensure growth during these unprecedented times. Make informed decisions that will ensure business growth and while planning, try to ensure that these decisions are for long-term and not just to tackle the current and temporary situations.