As a business owner, obviously profit is the main thing you would be focusing on. If the sales dropped, you would be wondering what is the possible cause and how you can improve to increase your profit in digital printing business. This can be confusing, especially in the digital printing industry where people nowadays are already shifting to digital channels. But this doesn’t mean you have to close your business altogether. Instead, you can try to maximize your digital printing business profit by implementing the right sales strategy. Here are some ways to help you increase your profit in digital printing business this month!
Reduce Printing Waste, First step to increase your profit in digital printing business
Printing waste can be reduced by measuring the exact size of the materials needed. Instead of print in any size, you may want to start estimating the material and cutting it on size-based so you can plan your printing process wisely. This also helps to lessen the wasted material, so you can optimize your resource while saving some operational costs to buy more material.
Reduce the Waiting Time
You should not only focus on reducing the cost and material waste, but also optimizing the production time to increase your profit in digital printing business. Most of times, you think you should be waiting for another order so you can finish the production in one go. But in fact, at this point you’re already wasting your time during the “waiting period” while the deadline is getting near.
Here’s what you can do: go ahead with the production by cutting or measuring the printing media to fulfill one batch of production, instead of waiting to fill the required amount. For example, you cut some backdrop-size and banner-size in advanced. So when you get another batch of orders, you can continue your production by combining the previous order with the new ones. By doing this, you can finish your production faster and minimize the risk of paying overtime fees to your employee. Another extra cost saved!
Get Orders from New Clients
If you want to increase your profit in digital printing, another thing to do is finding new clients. Get more orders from new clients, and this can be achieved by pitching your services to your potential clients. Send your proposal or build a website with an optimized SEO to attract the right audiences who might be looking for your services. If you’re doing a cold pitch, send your email to companies or organizations who you think might be interested in your services, such as event organizers for banner printing, or company events for other digital printing services like souvenirs, stickers, etc.
Expand Your Services/Products
There are so many products you can make with digital printing, from paper-based media, textile, acrylic, and other various materials. These can give you some space to expand your business. If you’re currently focusing on banners and flyers, perhaps you can add more product line-up like textile printing or custom souvenir printing.
Other than adding more product types, you can also add more variation to your current products, like adding a new finish or new eco-friendly material. By doing this, you can serve more customers and clients with specific needs. If you’re not sure what to add, do simple research or survey to know what kind of digital printing products are currently in demand.
Besides adding more products, you can also offer more services, such as graphic design. But if you’re going to offer this kind of service, make sure you hire a skilled person and calculate the additional operational cost you need to pay the salary and compensation package. By expanding services/ products, you will increase your profit in digital printing business as well.
Level Up Your Marketing
The right marketing is the key to every business. If you find your business with declined sales, you may want to come up with a new marketing strategy to attract new customers. Try offering some promo, from the direct discount, free consultation, or even a free delivery service. See what works and what didn’t, so you can maintain an interesting promo to get more orders. Once work, you will surely increase your profit in digital printing business.
To make this works, don’t forget to calculate your burn rate and profit plan, so your marketing doesn’t backfire on your business. Refrain yourself from creating the promo you can’t handle financially, just take your time to experiment on what might be interesting for your customers.
There are many options to try if you want to increase your profit in digital printing business. First thing first, do a proper evaluation of how your business is currently doing and try some new strategy that is suitable for your condition. We hope this article helps you to explore more actionable items to help you grow your digital printing business. If you’re interested to consult more or have any questions, please contact our team by phone at 021-53161450 to get further assistance!