We have been working with many print companies both of which are extremely successful and which are struggling to grow. Some of them were doing well for the first couple of years and now struggling to sustain.
Questions that we always ask the companies whom we help to streamline their Print Order Management, has helped us to identify some common traits of successful companies that are growing their sales and profitability.
- Who are your key customers?
- Are you a general printer or you specialize?
- What percentage of your sales is repeat business?
- Which is the most profitable part of the business?
- How do you increase sales?
- What has been your major success formula?
This set of questions has helped us identify some common traits of successful companies that are growing their sales and profitability.
We have observed three common focus areas of Successful Companies.
- Focused on growing repeat business
- Over a period of time, they have started focusing on specific print product or target audience
- Investing in software solutions to automate and reduce order management costs and offer consistent services.
While a lot of Print companies are unaware as to how to speed up their growth and take complete charge of their organization. They keep hoping that someone will walk in or refer them business.
Below we have taken a case study of one of our client’s journey and listed a few of key questions, which have helped them analyze right strategies to grow from Print Shop to Trade Printer.
I) Identify a Niche:
Initially PSP started with Print Shop and had walk-in customers from varied backgrounds. Over a period of time they narrowed down to only signs and Trade only. Today customers want to work with experts, and over a period you should be able to define your core competency. Currently have been growing 40% year on year.
Few of the key questions, which helped them drive niche –
- What is our strength production or marketing?
- Who are the most happy customers?
- Which clients were generating the highest revenue and repeat business?
- Which were the most profitable part of the business?
- Which segments will grow the fastest?
II) Increasing Sales
Our client decided to focus on signs and only trade, they started focusing on how to reach out and engage the target audience?
Few of the Key questions they focused –
- What is their customers buying journey?
- Who are key customers? What are their profiles? How their buying criteria differ?
- What should be the communication strategy to win the trust and confidence of the target audience?
- Pricing Strategy – What are competitors doing?
- How to keep getting consistent feedback from key clients?
- What web2print solution to use to offer quick estimation and automate order management?
- Consistently asking these questions year on year they have been building strong relationships and repeat business. Now they have success stories and research to share with the target audience to help them grow.
III) Marketing Strategy: Knowledge Sharing
Understanding the client profiles, their strategy was to build trust and confidence based on knowledge sharing, helping the target audience grow. Versus earlier where they were only negotiating pricing.
Few of Key Questions –
- Where will we find our ideal clients – Online and Local Shows?
- How to get ideal customers attention?
- Should we do in-house or outsource?
- What should be the marketing budget?
- Which time of the year we get the highest conversions? Any trends?
- What is the average marketing cost to get a new lead? What is the conversion ratio from lead to sales? What is the ROI on every marketing channel and campaign?
- How to create online blogs, videos, webinars, and email?
- What marketing automation platform to invest in?
- What is the best way to get their attention?
They have a detailed marketing plan both for offline and online to reach out to new leads and increase repeat business.
VI) Grow Repeat business and Referrals:
Our PSP’s major focus was to keep the existing customer happy and increase repeat business, as getting a new client is 7 times more expensive than retaining existing customers.
Key questions they asked –
- How to get authentic customer reviews? What third party tool to use?
- Setting up a very strong and empathetic support team
- How to stay in touch with key customers?
- How to make key clients special?
- What new products and services to add to increase repeat business?
- How to improve client retention?
They have set up a very strong support team, who contacts every new lead to help in converting into sales, get feedback and constantly follow up with the management team to improve.
Growth is a continuous and ongoing activity. We have been working from small print shops to a few of the world’s largest companies to help grow sales.