How well do you know your client’s customer? The moot question for signage companies
By N Jayalakshmi | April 16, 2020
We are living in an age when technology, environmental concerns, health safety awareness and information surfeit, all converge to redefine consumer expectations. Successful businesses are those that can factor in all of these and accordingly serve their customers better. This means being constantly cued into key market trends. For print service providers (PSPs), it means knowing what their clients’ customers want and staying updated on the latest printing industry/market trends. Here’s how. Read on…
Industry reports on the Large Format Printers Market all point to growth figures, though in varying rates. But they all reflect some common growth drivers, namely the rising demand for large format printing in many segments, the demand for home furnishing and decor, the variety and availability of large format printers in different price ranges, etc. In an interconnected global economy, there are also some discernible market/consumer trends that have a bearing on the printing industry.
Hear what the millennials are saying: According to a study, *73% of millennials are more inclined to spend on a sustainable brand.
Think globally, act locally: By *2025, half the number of Fortune 500 companies are expected to be headquartered in what are seen as emerging markets. The whole economy of their business in terms of how they design, manufacture and sell their products will thus revolve around the principle of thinking globally, but acting locally.
Digital transformation of eco-system: It is, of course, a given that digital platforms are transforming the way we work and function. *Reportedly, 3 out of 4 people are convinced that they will increase their sharing of physical objects and space in the next five years.
Most industries and business today are thus inexorably linked to these market trends. But for the large format printing industry, these market shifts also transform the way clients (brands/retailers) look at print offerings/solutions and in the process creating new trends in the industry.
One of the key trends in the industry, for instance, is print on demand, driven by digital technologies, the surge in e-commerce and web to print applications. This means that having a strong online business model is no longer a luxury, but imperative for any PSP.
Digital technology is also enabling customisation and personalisation, both of which are critical for brands to achieve customer loyalty. This, along with the demand for same-day delivery, is also spawning the need to go local. And then, of course, there is the fast-expanding market space for bio-degradable substrates, driven by the increasing avoidance of PVC and the search for greener alternatives.
How these trends impact business
The above are only a small fraction of the transformations happening across the large format printing industry. But they signify the importance of keeping up with changes in order to survive. History has consistently shown us that successful businesses are those that have stayed agile and nimble, adapting to market changes and accordingly changing the way they operate their business. For example, the print on demand trend means PSPs having to scale up their online business by at least 50% . Increased thrust on localisation also means having a network of smaller factories/units that are spread across, to be closer to the customer. Also, the direction of market needs and requirements will result in industry consolidation that is focused on end to end solutions and delivery.
Stay on top - Get looped into key trends
The above are all important business decisions that stem from close understanding of market and industry trends. After all, changes most often are insidious and the consequences very rarely show up with advance warning. The first step would be to understand what they are and their significance in the larger business context. The HP ebook ‘Top Trends driving Big Opportunity’ focuses on some key global trends affecting the large format printing industry. Click here to know more about these business impacting trends in the large format printing industry.
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