Your printing business would be more profitable by targeting industries with higher demands. Yet, getting contracts from these destinations is not a walk in the park. You need to put in place a winning strategy.
We cover that in this piece. It highlights those industries that print the most and tips for working with them.
The Global Print Market
COVID-19 led to the shrinking of most businesses. Printing was part of the affected markets. The global print market declined to 294.2 billion in 2020, down from $314.6 billion in 2019.
The year 2020 recorded the least demand. Luckily, the print market has been on a steady rise since then. The market was at $305.44 billion in 2021 and is expected to hit $320.07 billion by 2022. The Asia Pacific had the leading share of the print market in 2021. The forecast shows that the demand in the Middle East is the fastest-growing globally.
Reasons for the Recent Fluctuations in the Print Market
1. ;Business and Schools Closed Down Amid the Pandemic
The world faced an unforgiving outbreak over the past three years. The impact was the highest in 2020. Most companies closed their operations, and some resorted to working from home. When business shut their doors, the demand for printing declined naturally.
The printing demand also declined among those who resorted to working from home. Schools were also closed, seeing a drop in the printing demand. These learning institutions print a lot. Their closure affected the print market.
Luckily, the world has been adapting to the new normal amid the pandemic. The global printing demand started resurfacing in 2021. This was when business and schools resumed their operations. Their printing demand started growing steadily.
2. ;The Rise of Packaged Food
The pandemic disrupted the way we do business. It taught people to adapt, and they devised new survival tactics. The demand for packaged food has been on a steady rise. These companies package their products to give their identity. This has led to increasing demand for printing services. ;
That is about fluctuations. Let’s now review the industries with the highest printing demand.
Industries Which Print the Most
1. ;Learning Institutions
Educational institutions have the highest printing needs. They need books, handouts, exams, and transcripts, among others.
China alone has around 514 000 schools. Together, they consume a whopping 185 billion sheets of paper every year. With approximately 131,000 schools, the US uses about 47 billion papers yearly. There are around 7.7 million schools in the world. You can imagine the quantities of paper demanded daily in all schools. The demand is undoubtedly mindboggling.
2. ;Medical Industry
Coming second on our list is the medical field. What this industry prints should never be underestimated. Estimates have it that hospitals with 1500 beds prints up to 8 million pages monthly. These are data from The Healthcare Finance.
Hospitals operate daily throughout the year, unlike schools. Schools are closed on weekends and during holidays. This means that the printing demand for hospitals is relatively steady.
The statistics above are for hospitals only. The medical field is broad; it extends to research and medical education. There is also a considerate demand for printing in medical research.
3. ;Law Firms
Then we have law firms, another sector with significant printing needs. Some statistics show that one attorney would print up to 60,000 pages yearly. If they work for 50 weeks in a year, it equals 1200 pages per week. Most offices operate between Monday and Friday, and that is a total of 5 days. That equals an average of 240 pages in a day. And that is for one attorney.
How many attorneys are there in your local town? Do the math.
The high demand is linked to the many records and administrative assignments. All these demands need to be printed. Every day work in a law firm demands regular signatures. This is only possible when the documents are printed.
4. ;Accounting and Finance Industry
These seemingly related industries also got a lot to print. Accounting personnel typically print balance sheets, income statements, and cash flows. Some are printed and filled with a pen. Others are filled online before putting on paper. A lot of administrative paperwork for clients is also printed regularly. On overage, accounting personnel print an average of 35.5 papers per user. Finance industries use an average of 20.2 papers per user. ;
Tips for Targeting these Industries
Sitting in your office waiting for these clients to come for you would not help. You need to be tactical if you need to work with them.
There are two ways to get a share of their printing pie. One way is to print for them directly. The other option is to supply them with printing suppliers such as papers and cartridges.
Here are some of the strategies that can help you close that deal:
1. ;Expand Your Capacity
It would help if you equipped yourself with printing capacities to meet their needs.
Most schools source papers for printing on their own. Still, some of them can’t print perfectly bound publications. They contact large printing firms whenever they need such printing demands. You can win such tenders if you run a full-fledge printing firm.
Schools that source exams, for instance, need them in huge quantities. You would not be able to meet their demands if you were using small printers.
2. ;Contact Administrators and Give them Irresistible Offers
Most industries sourcing their prints usually work with a slim budget. They will take the supplier who offers the least quotation. Promise them free deliveries, low cost, and confidentiality of their prints.
Everyone needs the best deal. It doesn’t matter if you are printing for them or selling printing supplies.
3. ;Approach Your Networking More Seriously
There is a famous phrase that your network is your net worth. This statement is true regardless of your business model. Attend that event and build some connections. Start a conversation with that lonely guy in a restaurant. You never know where your conversation will go.
The goal here is not direct marketing; you’d come out fake and unauthentic. Instead, the goal is to nurture true friendships and build your network. You can talk about your business later and possibly raise your brand awareness. The next time they need some printing, they will consider you.
4. ;Target Your Ads ;
There is a way you can target your ads to reach out to specific people on social media. Choose to target individuals in these industries in your regions. You’d raise awareness to the right people who could buy your products and services.
5. ;Buy Your Products in Bulk
Buying your products in bulk is the way to go. This is regardless of whether you are running a printing firm or selling supplies.
Buying in bulk will help you attract wholesale pricing. This would help you offer the lowest printing quotation and make some profits. Buying in bulk also ensures that you are prepared for work throughout the year. You will be able to meet all the clients’ needs as they arise.
This is where we come in as Ikalor.com. We are a cartridge manufacturer based in China. You can buy from us and enjoy factory-direct pricing. This would help you reduce your printing budget and offer the lowest quotation.
You can also buy cartridges from us in bulk and supply them to these industries. We will offer you the best deal to help you make some profits to run your business.