The digital print market is set to sky-rocket over the next decade. Here’s how print service providers can make the most of this prospect.
The global print industry is set to grow by 2% per year until 2018 thanks to transitional economies and added-value opportunities created by digital print. However, while the commercial print market is buoyant once again, are print firms ready and able to seize this opportunity?
The print market is not only expanding, it is transforming. In 2008, 72%1 of print service providers (PSPs) agreed that they can no longer do business the way they have done in the past. PSPs realised back then they had to change. In 2014 this figure increased to 80% and it’s important to point out the market has not settled in the intermediate period of time. In print, change has become the new normal.
A continually evolving landscape makes it more difficult than ever before to remain at the cutting-edge, delivering the best products and the best service; while continually exceeding customer expectations. Yet that is exactly what is needed to take advantage of this booming market.
Questions, questions, questions
In seeking to capitalise on the health of the digital print market, PSPs have to consider their response. There can be few who have dismissed it, but questions remain over how to approach the opportunity. Does digital print offer exciting new revenue streams? Is web-to-print a way to streamline your operation? Are email and mobile a threat? Or are there in actual fact now opportunities for cross media campaigns where print can play a vital role alongside digital channels?
There are many questions which demand an answer. The principle question being: what do your customers expect from you now? Have their perceptions of PSPs shifted as your competitors provide a broader and deeper range of services?
Knowledge is power
For most print firm managers the very idea of finding answers to this avalanche of questions can seem overwhelming. To then adapt their firm’s offering to deliver what customers want, while maintaining profit margins during the transition, developing internal skills to deliver this enhanced offering and remaining on top of an already full workload - can seem challenging.
Yet it’s not impossible. Print firm managers need only recognise that, to stay on top of this shifting landscape, they need to start to answer these questions. But they do need help in the form of an adviser who can help them find time to stand back and reassess their business from a dispassionate, logical and informed viewpoint. This can then enable them to start rebuilding for the future.
The start of this journey is to use these questions to identify and understand the relevant opportunities that digital print offers. The path will see PSPs evolve, improve and succeed in today’s increasingly vibrant print market.