For potential and established printing business owners, the COVID-19 pandemic has taught many valuable lessons. The biggest key for businesses both now and moving forward is to continue to adapt and innovate in order to best serve their clients.
Printing is essential, as it provide critical products, services, and communications to other essential businesses, government groups, hospitals, non-profits, and organizations. The industry is also extremely versatile and remains a solid investment today. Owners who can pivot their business to meet the needs of a diverse client base while adapting to COVID-19 guidelines are best positioned to achieve growth.
Here are four tips for printing business buyers and owners during COVID-19:
1. Let clients know that you are open for business. Because print is essential, most printing businesses have remained open and operating while following COVID-19 guidelines. It is important for owners to contact their clients and reach out to prospects to simply let them know, “YES, WE ARE OPEN!” Also, make sure you offer safe ordering, pickup and delivery options.
Some of the best way owners can let clients know they are open for business include a healthy mix of digital, print, and phone or video conferencing. For example, the owner can send a “WE ARE OPEN” postcard and also include this messaging on social media pages, websites, and email marketing. Then, the owner can follow up by calling clients directly and assuring them they are still operating, plus offer to meet via video conference. By communicating across multiple touchpoints, owners can be extremely effective in letting clients know they’re open for business.
2. Make items currently in high demand a priority and promote them. The best part about the printing industry is that print is versatile in nature. The best printing business owners will understand the needs of their local communities and quickly add high-demand products and services. Right now, high growth areas for printers during the pandemic include large format printing such as social distancing signs, posters, and banners, custom branded apparel including face masks and facial coverings, and direct mail marketing campaigns that include postcards and catalogs.
3. Combine print and digital marketing to create effective cross-media campaigns for clients. It is important for any business to take advantage of all of the available marketing channels available to them. By offering cross-media marketing campaigns that include everything from design and printing to delivery, printers help other businesses reach their customers across multiple touchpoints. For example, postcards or catalogs that include QR Codes will give customers easy access to client websites after getting something tangible in their hands. While emails might be skipped over and deleted, postcards will be seen and read.
4. For printing business buyers, research the reputation and capabilities of the business as well as the level of support you will receive after the purchase. Will the printing business you are buying be able to adapt quickly and innovate fast? Do they have a positive track record? Will you be supported after the purchase is made? These vital questions take on even more significance during times like these.
For buyers who are interested in joining the printing industry and would like that added layer of trust, training and support, buying an established franchise is a viable option. Why is a printing franchise better than going it alone with an independent business? Because when buying into a franchise, buyers receive full training and ongoing support as well as continued research and development of products, services, and in some cases, business management software. Also, in times like these, franchisees are able to adapt and pivot more easily by following the lead of their franchisors.
Minuteman Press has over 40 years of experience in the printing industry and offers assistance in buying and selling printing businesses. Click here for more information on selling a printing business with Minuteman Press.