Kids and adults alike are always eager for the summer, which means backyard barbeques, park picnics, beach vacations, and summer days hanging out in the hammock. But, before we let the lazy days of summer slip by, it might be wise to take some time to examine our businesses to ensure the revenue increase we budgeted several months ago is on target.
According to a recent report by InfoTrends, the wide-format digital print market is continuing to grow. InfoTrends is projecting that the retail value of wide-format digital print will grow from $16.1 billion in 2011 to over $23.6 billion in 2016 for a five-year CAGR of 7.9 percent. Are you looking to grow your business into new markets and expand your customer base? It might be time to examine your current marketing promotions to ensure your go-to-market strategy is still working the way you want it to.
Additionally, growth in the sign and graphics market is fueled by new products and technologies. InfoTrend’s Tim Greene details some of the hot new technology and market opportunities he spotted at the recent ISA Sign Expo in our online exclusive column: Market Intelligence: Hot Topics, New Markets. Be sure to visit MyPRINTResource.com/10920439 to read all about his insights—and see if some of these will work within your business.
According to the latest SGIA Industry Pulse Benchmarking Report (Fourth Quarter, 2012), as a whole, graphics and sign providers are reporting that their expected sales growth is 15.4 percent. Are you reaping similar growth? One thing to consider: more than half the companies in that same report view the industry positively (53.8 percent), but nearly 40 percent view the US economy as a whole negatively—which is putting a damper on overall confidence in the market. Do you find yourself in a similar situation? Is it time to invest in new markets and technology, like digital signage or interior design? Would a revamped marketing strategy help to entice, excite, and educate your customers to expand the current range of products and services they rely on you to provide?
Spend some time reviewing your business and marketing plans. Make some tweaks to ensure your projected growth is still on target. And then, you can kick back and relax and enjoy the summer, knowing your business is on track.