A feature of the print industry over the last few years has been the pressure that printers have been under. A highly competitive and highly fragmented industry has meant that businesses have operated on razor-thin profit margins and have come under intense pricing pressure. This doesn't even mention the volatile prices seen in both paper and ink.
Printers have tried to pass these cost increases on to buyers but because of stiff competition and overcapacity in the marketplace have struggled to do so, making survival even more of a challenge.
Faced with this, many printing firms are looking at ways they can innovate and diversify their offerings.
A key trend over the past few years and one that will continue long into the future is for printers to offer a portfolio of value added services and become a one-stop shop for all the printing needs for buyers.
Many print companies have already diversified and are now working more collaboratively with buyers to efficiently identify and deliver on their demands. Services which such companies are now offering include design and print solutions, sales and marketing strategies, and logistic services, among many others.
While printers gradually broaden their offerings there are a clear number of opportunities for buyers. While price will always remain a key competitive factor, those buyers who are able to recognise the full value and potential of these new offerings will be able to deliver the most value back to their own businesses.
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This article is a piece of independent writing by a member of Procurement Leaders' content team.