Must-Dos for Thriving in a Converging Market

Success is not gained by sitting still. In the constantly developing wide-format printing space amid the industry-changing effects of convergence, staying on top (or getting there) means understanding the realities of today and having a strong sense of what the future will hold. 

Andy Paparozzi, chief economist for the Alliance, provides a series of five “Must-Dos”: actions companies must undertake or explore to better ensure future viability.

1. Create Key Risk Indicators

“If we haven’t learned anything from the past three years, then that’s a big problem,” Paparozzi says, referring to the effects of COVID-19, staffing shortages, supply-chain challenges, and economic uncertainty. He urges all print shop owners to learn from past experiences and guard themselves by creating key risk indicators (KRIs). These tools, when well managed, can help companies “capitalize on opportunities economic downturns can create to capture market share and retain talent.” Some cases can even lead to growth opportunities.

2. Customer Health Scores

How certain are you that your top customers — those whose business comprises a strong percentage of your total annual revenue — will still be in business five years, or even one year from now? To fend off risk of the unexpected demise or departure of those you’ve come to rely upon, Paparozzi urges the creation of Customer Health Scores. In doing so, printing businesses can “check the vitals” of their customers and be aware if changes are on the horizon. Simply put, the health of any business is contingent on the health of its customers.

3. Explore AI for Small Business

Depending on who you ask, or how you view it, new tools in artificial intelligence (AI) are either the beginning or end of something great, or something else entirely. Regardless, Paparozzi says it is imperative for print businesses to investigate the use of AI as a tool and to adopt it accordingly. Opportunities for efficiency and process improvement may be a direct result. “AI is not a new technology, it is a new world,” he says.

4. Cultivate Company Culture

Amid the challenges of labor shortages, Paparozzi urges print owners to cultivate a workplace culture. The printing industry is faced with a multi-variate challenge to finding and retaining workers: generational differences, an aging workforce, and changing factors that keep employees engaged. As a part of what he describes as a need for, “an all-out, company-wide focus on productivity,” the value of workforce development becomes clear — a nimble, engaged workforce focused on a common goal. 

5. Be Data Driven

The old business adage goes, “you can’t manage what you can’t measure,” and the truth of this time-tested tidbit is stronger than ever. We live in an age where the printing systems we use and the way we track our customers generates a great deal of data. In fact, in today’s business world, it’s not so much about getting the data as it is knowing what to look for within it. Given the profusion of data available to us, no business should plan to grow, or seek to manage its risk, Paparozzi says, free from data that must be analyzed, understood, and acted-upon.

Success in the printing industry requires a willingness to adapt and change. The five “Must-Dos” outlined by Paparozzi provide a solid foundation for any print shop trying to stay ahead of the curve. 

By creating key risk indicators, tracking customer health scores, exploring AI, cultivating company culture, and being data-driven, print shops can position themselves for success in the years to come.

In addition to the five “Must-Dos,” businesses should also consider the following:

• Invest in new technology. The printing industry is constantly evolving, and businesses that want to stand out need to be willing to invest in technology. This could include printers, software, or even new marketing tools.
• Expand your customer base. Don’t just rely on your existing customers. Look for new ways to reach out to potential customers and expand your market share.
• Provide excellent customer service. In today’s competitive marketplace, customer service is more important than ever. Make sure you are providing your customers with the best possible service.
• Follow industry trends. It’s important to stay up to date on the latest trends. This will help you make informed decisions about your business and ensure that you are providing your customers with the best possible products and services.

As the printing industry evolves and technology develops to meet changing needs, those who are able to adapt will be the ones who thrive. By following Paparozzi’s advice, print shops will be prepared for whatever the future holds.