Evolving and diversifying your print business relentlessly is critical to success for the long-term says printMAX after analysing which of its customers are experiencing year-on-year growth.
The company has highlighted several routes for you to adapt to the rapid changes in the market. Whilst diversification does not guarantee success and longevity, it provides a fighting chance.
“It doesn’t take an entrepreneurial expert to know that the world of business is constantly changing. Consumer habits change, technology improves and both the consumer world, and the business-to-business market, can change rapidly. So how can your business stay steady in this turbulent landscape? Evolve and diversify,” says Michael Bolton, Managing Director of printMAX.
He continues: “Diversifying your business may be a risk; with new markets and audiences, but it can also reduce risk. The rewards you can reap are often worth the challenge, and the process can instil stability, growth, and profits into your business. If your business is overly reliant on just one sector, you could be minimising profits, expansion opportunities and creating unnecessary risk if mitigating circumstances come into play.”
Michael concludes: “There are two main options to diversify your business: provide more products to your existing customers or adapt your product range to reach more customers. The benefit of diversification in print is that the leading manufacturers have considered your business journey with their product range. Whilst there is an element of risk in the capital involved, the market for short-run and personalised print continues to grow, so if you have a marketing plan in place, the diversification process should be smooth, with an opportunity to upsell to your existing customers and reach new ones.”
One of the most popular routes for diversifying a print business is migrating to direct-to-substrate printing. Whilst the large flatbeds are a substantial investment; the Mimaki JFX range is the entry level solution, a smaller flatbed such as the Roland VersaUV LEF range or the Mimaki UJF series, could be an ideal introduction to the technology and market opportunities available.
