Available now, the ‘2023 Print Industry Report’ features information on a wide range of key areas for a modern print business including financial reports and sustainability.
Soyang Europe, the leading manufacturer and distributor of digitally printable wide-format and superwide-format media and surface coverings, and – through its acquisition of Soyang Hardware – a supplier of leading edge wide and superwide format print production hardware solutions, is delighted to announce the release of a new report offering valuable insight into the modern print industry.
The ‘2023 Print Industry Report’ features the views of industry leaders on all key subjects and issues for the print market, covering areas such as financial challenges and sustainability pledges, with the aim of helping businesses increase their sales and profitability over the next year.
Headline findings from the free to download report include how 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 in a competitive market.
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,” says Mark Mashiter, Managing Director of Soyang Europe.
“Whether you are looking at how your business can stand out and differentiate from competitors, or considering the steps you can take to increase revenue or improve profitability, this report includes all the key data you need to gain a competitive edge.”
To download a full copy of the report, please click here.
