Regardless of the region you are in globally, we continue to hear about industries that are becoming a commodity industry.
Print is a Classic Example
Because of the brilliant quality achieved from most printers these days, customers have the luxury of being confident in getting a good job - regardless of where they go - so they are often simply shopping on price if print is all they feel they will get.
No business owner wants to hear they are the cheapest option (or worse their customer goes elsewhere because they cost too much!), so many look at how they can expand their services to better serve their existing customers, as well as attract new customers.
Just like in many industrial and manufacturing industries, when a print company has needed a boost, they may have traditionally looked at buying new printers or other large machinery, with a similarly large price tag. But is that the best and only option they have to enhance their service offering? I think not.
Case in Point:
An innovative print company we work with in Australia offers some fantastic services to the market. They have been continually innovating, particularly in digital print and personalisation. A natural next step for them was to look at mailing. The owner’s immediate reaction was to look at different mail machines and get more staff to run that piece of the business. I asked him to step back a little and consider partnering, at least until the business was proven.
I was able to put him in touch with a trade-only mail house that has allowed him to achieve everything he wanted to by expanding his business and his services, without the immediate need of capital investment. Once this part of his business has proven itself, he will then be able to review his mailing options and requirements based on an ongoing business, rather what he hopes will happen.
Whether your business is print, or you are in another industry, while you are strategising or attending trade events this year, keep your eyes and your mind open to ideas and opportunities that may allow you to expand your business’ services through partnering with a complementary business. After all, partnerships go both ways and they may be looking for someone just like you to expand their business too.
...expand your business’ services through partnering with a complementary business.