In the past most printers knew who the competition was and it was usually limited to those in the same geographical area having similar capabilities and service levels. Do you know who your competition is today?
Not only do you have the usual suspects working hard for that business you so desire but also you now face competitors that are unlike those of the past. There is internal client competition for funding as well as strategic direction or channel. Should the client spend their money on the brochure, the e-mail blast, the social networking initiative or perhaps an integrated spend that encompasses a combination of these options. By the way, how well are you positioned to take advantage of that? The segments of competition that may be overlooked though are those firms and management teams that are relatively new to the print game. In a casual conversation with my colleague Andy Paparozzi we discussed those competitors that while they may be newer to the industry, they don’t have the legacy equipment and debt levels associated with that hardware nor do they have the legacy business model of “how we used to make money”.
As the industry faces a redistribution of market share, the competitive nature of the playing field is sure to create both heartache and excitement depending on which end of the spectrum your business is positioned. The good news is that most companies still have a choice of where to deploy their resources, talent and energy.
Take a look at your market competition, your differentiation and how well your efforts align to the interests your clients have and your own tolerance for change and don’t be afraid to make adjustments if you’re not happy with what you see.