Complete Story
06/08/2022
Printing Industry Performance Insights Study Results
Source: Ralph Williams, Jones College of Business / Middle Tennessee State University, May 24, 2022
Marketing Planning, Sales Team Management, Social Media Usage: Insights from the April 2022 PIPI Study.
Are you planning your marketing approach effectively?
Are you managing your sales team effectively?
Are you using social media effectively?
These are vital, but tough, questions for most small business leaders. Many small business leaders do not have a deep background in these areas, nor do they have the resources to hire marketing managers. Furthermore, small business leaders’ days are often consumed with operations issues, human resource matters, and making a profit (to name a few tasks on their desks). Consequently, do they have time to invest in marketing planning and sales management?
As our industry is changing, a printing firm’s marketing approach and sales management are dynamic, continually changing. Indeed, marketing and sales management are much different from when I led a printing firm 10 or so years ago. We were all ink-and-paper. Now, most printing companies provide a plethora of products and services. Also, social media use is growing immensely, changing the marketing and sales management world. Therefore, the questions above are possibly more crucial to printing company success today… and tomorrow.
To provide actionable knowledge about marketing planning, sales management, and social media use, we studied these topics in our April 2022 PIPI (Printing Industry Performance and Insights) study.
Key Takeaways
- It appears higher-performing printing firms engage in marketing planning, sales management, and social media marketing more than their lower-performing counterparts.
- Planning and outcome assessment appears vital to marketing planning, sales management, and social media marketing.
- There are multiple tips for marketing planning, sales management, and social media marketing from the survey items and results presented below.
There is more to come from this study. For instance, we are exploring from this data the extent printing firms use print to market their forms. Also, we are exploring marketing planning as a mediator or moderator (we will explain this concept) of sales management and social media marketing. We will share articles with associations when those findings are complete.
Our April PIPI revenue analysis indicated growth among printing association members. From the multiple printing businesses I connect with, it sounds like business is good for printing firms. However, times change. We don’t know what the macro-economic environment holds for the future. Even if business is good, strive to build the foundations that connect your firm with potential customers. Again, building that foundation is more than grabbing “low-hanging fruit!”
Is Your Firm Growing Like Others in the Printing Industry? Revenue and Growth Insights from the April 2022 PIPI Study.
Key Takeaways
- Generally, it appears printing association member firms are growing. This growth appears regardless of firm size or firm type.
- Larger firms have fewer employees per million dollars in revenue.
- For 2021, participating printing association member firms reported an average of 19% revenue growth.
- For 2022, participating printing association member firms project an average of 16.5% revenue growth.
- Our data suggest larger firms are growing a bit faster than smaller firms.
- These numbers should provide strategic thinking points for printing company leaders and their management teams.
In our April 2022 PIPI (Printing Industry Performance and Insights) study, 130 respondents reported their 2021 annual revenue. Respondents’ average 2021 revenue was $9,854,140.
Does this sample represent the entire printing industry? No. However, this data shows that there are printing association member firms who grew in 2021 and see more growth in 2022. As stated above, if you are not growing, and you desire growth, step back with your leadership team and take a critical, strategic look at your firm and its environment. Then make a strategic plan. Hopefully, this information will prompt constructive strategic, critical thinking among your leadership team.
