Our world and its economy are made of disparities and variability that result in polarised experiences. Rarely do we see the same reality or feel the same pain across geographies and industries. So, when a once-in-a-millennium global crisis hits every corner of the planet, we gain an opportunity to experience life collectively. To learn from one another; to reshape our daily existence; to reimagine our businesses.
Survival becomes much more than a concept—something many of us are used to being far removed from—but a real, concrete call to action. For a short but meaningful time period, we see ourselves, our work, and our resources in a whole new light. Change is unavoidable and disruptive. But it’s also directable.
How will you make the most of this make-or-break moment?
“The moment is not to be lost – those who step up their game will be better off and far more ready to confront the challenges and opportunities of the next normal than those who do not.”
McKinsey, From surviving to thriving: Reimagining the post-COVID-19 return
Real possibilities taking shape in commercial printing
WHERE TO FOCUS EXPANSION EFFORTS
The GFC has shifted the way we live, what products we purchase, and how we interact with brands at every stage of the buying journey. A surge in certain products doesn’t just mean more opportunity for printed items as the object of attention themselves – it also means more printed materials for non-paper goods.
Think inserts, how-to guides, booklets, warranties, coupons, and branded restaurant takeout collateral. Plus, all of these influxes mean more marketing campaigns that are poised to take on the print/digital hybrid of today’s engagement strategy.
Here’s where real possibilities are showing up in our new economic landscape.
Work styles and locations get reworked
As more workers operate at home, office equipment changes, too. The global office supplies market is estimated to grow to $247 billion by 2020, with the global paper products market expected to register a CAGR of 0.3 per cent from 2019 to 2025. Surprisingly, the paper-based stationary segment is expected to grow at more than double the rate of the general global paper products market.
Plus, all the personal finance companies that workers engage with to keep their finances in order are steadily the biggest contributors to direct mail. The insurance industry, credit card companies, mortgage and loans providers, banking, and investment sectors soar past a combined $11 billion in direct mail consumption.
Reconfiguring how we navigate our communities
In Asia, local brands are growing at twice the rate of multinational brands, and these hyperlocal markets are latching on to direct mail to engage consumers—especially personalised direct mail. Think grocery mailers, auto offers, dentistry reminders, and more.
The way local brands reach their customers has changed, but the way that customers navigate these brick-and-mortar locations once they choose to visit has also. The printed signage market was valued at $45.88 billion in 2019, with the market expected to reach a value of $46.85 billion by 2025. Additionally, the global safety signs market is expected to grow by $258.65 million, as per Technavio, adding up to a three per cent CAGR over the same forecast period.
Keeping keepsakes physical
Though the convenience of digital media and online platforms serve the moment well, print’s permanence makes it a perfect candidate for helping people create lasting, treasured keepsakes.
The global personalised gift market is set to grow by $15.92 billion through 2023, which is photo-forward and diverse in its application range. Photobooks themselves, in the US alone, are expected to reach a market size of $6.51 billion by 2022. These photobooks are seeing growth in both the personal and professional sectors, with most popular uses being for family photo books and professional design portfolios. More specific to the home front, family recipe books and cookbooks have seen double-digit growth rates in recent years, with a CAGR of 21 per cent and 25 per cent, respectively. More time at home and more time to hone domestic skills as hobbies may keep the numbers strong for years to come.
Make this moment matter
INNOVATE TO UP YOUR PIVOTAL POWER
Patience is a virtue—not a recovery plan. Keeping a pulse on emerging market needs and equipping your shop to pivot is the best way to respond to a downturn, ensuring your business can stay relevant no matter what the economy looks like post-crisis.
While the growth opportunities for print are obvious, it’s important to note that they are different than the opportunities of the past. With the rise of personalisation, premium products, bespoke brands, the pressure for convenience and more, printers need to be tech-savvy and equipped with tools that keep them agile so they can catch possibilities as they arise and evolve.
A future-proof printshop will offer runs of all lengths, greater product quality and diversity, customer-centric services, and cost-optimising equipment in order to capture the growth opportunities taking shape today.
It’s time to get moving! Learn how we’re helping printers like you recover, retool, and capture real possibilities right now. Download the ebook to learn more.
Find out more: hp.com/indigo or call Currie Group on 1800 338 131 or email info@curriegroup.com.au
This article was sponsored by HP
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