According to this year's SGIA Industry Benchmarking survey, one of the main obstacles of growth is finding new customers. In an effort to learn more about these challenges, and possible strategies to overcome them, SGIA launched a survey in partnership with NAPCO to gain insight into industry convergence and other developments that could improve business potential.
Additional data indicates that 93% of survey respondents believe printers are expanding into new segments beyond their primary business, and 81% are positive the rate of expansion will increase over the next five years. Further, customer expectations are a growing force behind new industry developments.
Our research suggests that commercial printers, graphics and sign producers and garment decorators have mutual interests in each other's operations, highlighting a channel that can be explored when these companies want to expand their offerings. Merger and/or acquisition activity is yet another way that companies see potential for growth.
While it may seem overwhelming at first, the doors are certainly open for printers to expand their offerings and entice new customers. With the emergence of new technologies, equipment and business operations, and the growing desire from a wide variety of printers to explore more diverse product offerings, the barriers for growth are being lowered and the opportunity to expand is as promising as ever.
Now you just have to ask yourself: What are you going to do to move your business forward?
For access to the full report, click here: http://bit.ly/2JzUgwr
Learn more at "Charting Industry Convergence: A Panel Discussion" moderated by Nathan Safran, Director of Research, NAPCO Media at the 2018 SGIA Expo.