The graphics are daunting. I’m not talking about an image or a file you’re trying to reproduce. I’m talking about three specific graphics: the demographics, psychographics, and geographics of your clients and the markets you want to serve.
You’ve seen and felt the changes from your customers. Some have been manageable, while others have forced you to rethink how you do business. And there’s no reason to believe the pace of change is going to slow down.
Some days, you probably feel like a punching bag, with everything coming at you at once. Customers are changing how they buy print, economic uncertainty has them second-guessing their spending, new competitors are knocking on your best customers’ doors, and your team is trying to figure out how to make the most of technology and AI.
You need to pay attention to all of it. But you can’t spend all your time worrying about things you can’t control. If your leadership team spends more time talking about what’s happening to the business than deciding what to do about it, you’re having the wrong conversations.
Let’s look at three areas where you can do something about it.
The Psychographics – How Your Customers Think and Buy
The way clients use print to drive their businesses continues to change. In my travels, I see longtime customers reducing the size of their print runs while making distribution more complicated. Some marketing pieces have disappeared altogether. At the same time, I’m seeing new customers discover that print is a great way to get their message out.
One thing hasn’t changed. Printers still need to add new logos to their customer lists and find ways to do more business with the customers they already have.
One of the best ways to keep up with these changes is through regular business reviews. Some call them quarterly business reviews (QBRs), but the name and frequency aren’t nearly as important as the conversation.
This isn’t about the job you delivered last week. It’s about the relationship. What have you accomplished together? Where is their business headed? What’s keeping them up at night? And what can you do to help?
If you had action items from your last meeting, show up with answers. Don’t make your customer ask twice. It’s also a good time to talk about new products or services you’re considering and find out whether they’d help.
What can you control? How well you know your customers and how often you have these conversations. Don’t wait for them to tell you something has changed. Ask.
The Demographics – Are You Talking to the Right People?
Think about the relationships that helped build your business. How many of those people are still making the buying decisions? How many have retired, changed companies, or moved into different positions?
And what about the people replacing them? Do they know you? Do they know what your company can do? Or are you assuming the relationship will carry over because you’ve been doing business with their company for 20 years?
Today’s buyers may have different expectations about communication, technology, turnaround times, and how print fits into their plans. They don’t necessarily know your history, and frankly, they may not care. They’re interested in what you can do for them today.
It’s not just the people who are changing. The companies buying print are changing, too.
Are the types of businesses that helped you grow over the past 20 years the same ones that will help you grow over the next five? Are you looking at new industries and different types of customers, or are you still chasing more of the same?
There’s nothing wrong with having loyal, longtime customers. Just don’t confuse a strong customer base with a guarantee of future business.
What can you control? Who you’re building relationships with and which companies you’re pursuing.
Look at your top 20 customers. Do you know the people who will be making decisions three years from now? Then look at your prospect list. Are you going after the right companies, or just the familiar ones?
The Geographics – How Far Are You Willing to Go?
For years, many printers built their businesses within a defined geographic area. You knew the local companies, the competition, and where the opportunities were. If you could drive there in an hour, it was probably in your market.
But does that still make sense?
With today’s communication tools, shipping options, and technology, there’s no reason to automatically limit your opportunities to customers within driving distance. Depending on what you do well, your next great customer might be 300 miles away instead of 30.
And while you’re thinking about expanding your reach, remember that printers from outside your market are probably already calling on your customers. I’m not suggesting you start chasing business all over the country. That can get expensive in a hurry, especially if you don’t have a good reason to be there.
But have you looked beyond your traditional trading zone lately? Are there companies or industries in neighboring markets that could benefit from what you do? Can you serve them as well as you serve your local customers? This is the time to leverage your unique competitive advantage.
What can you control? Where you look for business and how you go after it.
Pick one market outside your usual territory. Find out who’s there, what they buy, and who they’re buying it from. Then decide whether it’s worth pursuing. You might be surprised by what you find.
Stop Talking About It and Do Something
You don’t need another meeting to discuss how much the market has changed. You already know that. The question is, what are you going to do about it?
Pick one area. Schedule business reviews with your top customers. Take a hard look at who’s making buying decisions and whether you’re pursuing the right prospects. Or identify a market outside your traditional territory that might be worth exploring.
You don’t have to tackle all three at once. In fact, I’d suggest you don’t. Pick one. Put it on Monday’s agenda. Decide who’s responsible, what needs to happen, and when you’ll check on progress.
And then follow through.
You can’t control the economy, what your competitors do, or every decision your customers make. But you can control how well you know your customers, where you look for new business, and what you do next.
Doing nothing is a decision, too. And it could be the most expensive one you make.
Stay alert. Be aware. And control what you can control.
Mike Philie helps owners and CEOs in the Graphic communications industry validate what’s working, identify what needs to change, and create a practical path forward.
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