In every recession there are a vast number of losers, and a small but interesting number of winners. The purpose of this blog is to try to identify those strategies which can make printing companies winners in these difficult times.
I have my own ideas, which many of you will have heard over the years, but I would be most interested if you could tell us your ideas, to try to build a useful list of do's and don'ts.
Many years ago I had a colleague who had at one stage been a keen motorcyle racer. He told me about the time he went in for the Isle of Man TT race (for those who don't know this is a rather extreme road race - see http://en.wikipedia.org/wiki/Isle_of_Man_TT). He recalled coming round a corner, seeing a large thick fogbank that had come in from the sea, braking to kill his speed - and then noticing that a few competitors, instead of braking, accelerated suicidally into the fog! On asking them afterwards they all said that because a significant proportion of riders automatically brake, by accelerating they were creating and consolidating a position in front of the pack. They knew the road well, and had a reasonable hope that there wouldn't be any unexpected obstacles. My friend Steve said he suddenly realized that he would never win the TT!
The point I'm making is not that you have to be suicidal to win (?) but that what looks like an obstacle can in the right hands confer a competitive advantage.
Over the last few weeks I have talked to many printers and have been interested to see that they can be divided into three main camps: those who are desperate for work at present, those who are ticking over but are worried about what the future will bring, and those who are up-beat and doing well. The purpose of this blog is to allow different members of the Printpak family to help each other with comments and suggestions as to what strategies can help you take advantage of the recession and create a competitive edge.
At this stage I would normally go on about the importance of accurate estimating, etc, and not doing a job below cost. This time let's have comments from you guys (and girls). After all you are the experts!
Richard Fergusson
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5 comments:
OK - here's an idea. If a local printer goes bust, get onto Companies house on-line and find out who the adminstrators are. Then ring them and buy the customer list off them - it's a tradeable asset for them and they might be glad to sell it! Careful though, you need to avoid those customers whose late payment brought down the original company!
Why not nip around the local retailers and offer to print some cheap flyers - special deals, Spring Sales, etc. (If you block a few together you can make a tidy profit!) Then maybe offer to hand them out as well! (There are plenty of students who'd be glad of the money.)
Martin
I look on the good side of this recession, for every business that goes bump, at least 3 of the ex-employees try to start up a new venture and I am willing to help out anyone getting started, you never know, they may have the right formula.
And if their formula seems a bit off, I talk to them, if they ask for 500 letterheads, 500 compslips, 500 businesscards, I ask what business they are starting, if it sounds good, but I can see no reason for the compslips, I ask why they do they need them, I usually get an answer "I have been told that this is what I need" I ask by who and it is usually a friend of a friend who sits at home watching telly.
So if I print the full 500 of each, six months later, and he is left with the compslips, it is usually "the printer down the road who did them", and there it finishes....but I would rather talk to my customers and help, than just sell them.
My customers are my friends, what are yours?
You're right, Paul
You can't prosper when times are hard by just selling a commodity, it has to be a service. You have to do what used to be known as 'studying your connection' - i.e. your relationship with your customer base, because that is what ultimately brings loyalty and with it stability.
I noticed in today's Times it said that Ernst and Young were forecasting very high levels of promotional activity among retailers - which of course is good news and shows a good place to look for opportunities.
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