The Future of the Printing Industry
The drastic decline of the printing industry started in 2011. Analysts greatly attribute the 20% decline of commercial printing to the rise of social media and digital marketing technologies. However, the printing industry remains optimistic despite negative reports, as they express their resilience by developing a marketing plan to keep their industry in business.
Types of Printed Media That Are Still In-Demand, Even Today
• Business Cards
Business cards symbolize an old practice in any business industry, and it remains a staple for businessmen even now. According to them, handing a business card — and the interaction that comes with it — feels more organic and professional compared to the digital exchange of information.
Newspapers are one of the first “victims” of digital technology. However, the most lucrative businessmen prefer to combine such physical media with digital marketing strategies to boost their business performance on and off the Web.
• Direct Mail
With the invention of email and various social media websites that enable businesses to reach out to their markets swiftly and easily, direct mail has been assumed to become obsolete. However, marketing strategies that involve printed information, or any print-related materials, still correlate to greater profit until today.
• Textile inkjet printing
A large percentage of the global printing economy today comes from the textile printing industry. They have acclimated well to the digital market, using the technology to improve their services and performance.
The Difference Between Print and Digital
In recent years, companies have taken notice of the benefits of digital marketing, leaving behind print as their main marketing tool. Despite the limitation of print in terms of distribution, it’s still the simplest mass marketing method which requires no technical know-how.
Current Challenges for Print Media
With the introduction of email and social media marketing, the economy of the print industry stagnated and declined with respect to its prominence in the mid-2000s.
Furthermore, the significant decrease in demand for print media rendered a subsequent increase in printing cost. The inability to shoulder the additional cost has led to a shutdown of around 7,000 printing companies across the world.
What Should Print Do In Order To Survive?
For the future of the commercial printing industry, they must learn to embrace digital technology and the current marketing environment. Through innovative ways in creating, rather than capturing, demand for print, they can bring in added value to their gross revenue.
For the printing companies who have decided to adapt to a digitized market, creating new services could lead to their market resurgence. A standardized method of production could also reduce the overall cost per print.
Printing companies must also explore other markets and invest in new technologies that will give them additional opportunities to render new services to the public. New strategies such as personalization can also help spur the demand for print.
Additionally, printing companies can reduce transport time through decentralized production. They must also focus on flexibility rather than long-term runs in creating new marketing strategies.
Basically, the successful printing companies who survived the early onslaught of digital technology have migrated towards providing new, specialized and differentiated service to clients, turning this commodity into an in-demand service.