Soyang Europe has published a ‘2023 Print Industry Report’. The free to download report covers areas such as financial challenges and sustainability pledges.
According to the company’s findings, 35% of respondents have increased the number of services they offer to customers in the past 12 months as a way of growing their business.
The report also reveals how winning new business is the biggest challenge facing print companies today, with three-quarters of respondents having increased their prices by up to 20% as a way of boosting their revenue. Furthermore, 100% of businesses that improved profit in the past year had put their prices up by up to 20%, while three in seven respondents said they plan to re-evaluate their pricing.
In terms of future growth, one in seven respondents would invest in digital marketing to support their business moving forward, with the report revealing how the average print company spends 20% of their revenue on marketing.
Organic social media was the most valuable form of marketing to print businesses ahead of offline promotional material, though almost one in 10 respondents said they had no strategy when it came to marketing their company.
Turning to the environment, just 14% of respondents offer 100% sustainable products and while just one fifth of companies plan to become carbon neutral in the next five years, over half of the companies surveyed are working on becoming more sustainable.
In addition, when it comes to building a strong relationship with clients, half of respondents said the most effective way of achieving this was by being reliable, with others listing personalisation and communication as useful ways to help build lasting partnerships.
“With the print sector now more competitive than ever, this report offers incredibly useful and valuable information as to how you can make your business more successful in this busy market,” said Mark Mashiter, managing director of Soyang Europe.
