Getting Your New Technology to Market: 5 Core Tactics to Keep in Mind
Are you one of the hundreds of entrepreneurial startup companies that has developed an innovative technology this year? Now that you’ve invested resources into product development, a solid marketing strategy is critical if you want to earn an ROI. Printing Industries of America provides technical support to countless industry members, and we’ve seen that many of them share a big challenge—getting their technology in front of the right customers. Small startups may have fewer resources to devote to sales and marketing, while some larger companies are searching for new or additional avenues to get in front of their target audience. Although we can’t give you the magical marketing plan that is going to catapult your brand new technology to market success, we can provide some vital core tactics. Here are five essential strategies to keep in mind. 1. Create a marketing plan. Though it may seem like an obvious step, it’s one many companies fail to plan out completely. Ensure you are strategically assessing all the angles. What is the target market for this product? Who are our competitors? What is our total budget? What makes our product unique? Essentially be sure to conduct a comprehensive Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis. Finalize a solid strategy that meets your main objectives. 2. Research different promotional avenues.To reach a wider audience, some companies may need to take another look at their marketing promotions. At the core, a media mix that integrates print and digital communication mediums, such as email, direct mail, and social media, is most effective. But are you missing out on other ways to reach your target customer? To make your product stand out from the competition, you may want to try entering relevant industry award programs. Those like the InterTech ™ Technology Awards, which recognizes innovative technologies, can provide valuable, industry-wide exposure and positive PR. 3. Set your launch date and stick to it.You’ve done extensive research and made a creative plan to strategically promote your product. You know that a launch date helps keep you and your team on track by providing a deadline to work with. Even though some of the best laid plans can still go awry, remind your project leaders that sticking firmly to this date motivates the team to stay focused and in control of the project. 4. Network, network, network!Like most things in life, success really is all about who you know. Companies that spent time widening their social circle can get more face-to-face time with potential clients. Attend conferences, trade shows, and other professional events relative to your business to make valuable connections. Other professional networking resources include industry forums, LinkedIn groups, and listservs. 5. Stay focused on your marketing plan.Finally, remember to keep your eyes on the main goals of your campaign. Track feedback and continue to reassess your plan. You may find adjustments are needed, such as redefining your target market or adjusting your pricing. If your product is successful so far, GREAT! What’s working? If you’re not seeing the success you projected, go back and re-examine your marketing plan to determine where you may need to adjust. More Resources Learn more about differentiating your company with the 2014 InterTech ™ Technology Awards. This award has honored the development of technologies predicted to have a major impact...
read moreWhere Should We Play Ball?
This article was submitted by T.J. Tedesco, founder and president of Grow Sales, Inc., and keynote speaker at the 2014 Print Leadership Summit. In 2012, would you have predicted that a book manufacturer would increase its sales 50% in 2013? Or that a postpress equipment manufacturer would grow sales more than 15%? “Whoa there, T.J.,” you might be thinking. “Are these significant companies?” Absolutely. Both have been around for decades, and both crossed into the eight-figured sales level last year. The book manufacturer client has reached heights that would’ve been unthinkable five years ago. The equipment manufacturer client may have been larger once, but that was nearly two decades ago. How did they achieve this growth? Better operations execution? Better marketing? Better selling? Together these activities might boost sales and profitability a smidge. But double-digit, sustainable growth? Keep dreaming. In this industry, better execution alone isn’t enough. Change the Game These companies grew because they moved their markets. They’ve both tapped into our industry’s growing on-demand segment. Not by simply subbing in digital for offset, but by completely re-orienting their approaches to their production workflows, their customers, and their businesses in general. It’s not enough to keep moving the chains. You have to change where the game’s being played. Leadership discussions at your business should begin with this question: Where should we play ball? Stay Competitive Bill Gates had an awesome quote about twenty years ago: “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.” All printing company leaders would do well to keep this thought in mind today. Let’s not panic and forget to block and tackle. Doing the fundamentals well will keep us competitive for the next two years. But if we don’t reimagine our companies, industry, and competitive landscape within the next ten years, we’ll likely be out of business. T.J. Tedesco will deliver a keynote presentation, Gloom or Bloom—Setting the Course For the Future, at the 2014 Print Leadership Summit, June 2–3 at the Fairmont Hotel in Dallas, TX. T.J. is founder and president of Grow Sales, Inc., an outsourced sales growth services company serving the graphic arts industries since 1996. Grow Sales, Inc. has helped many dozens of companies grow their top and bottom lines by carefully guiding their sales, marketing, public relations and graphic and web design efforts. T.J. is the author of eight books, three on marketing and sales. T.J. can be reached at (301)...
read moreWhere Should We Play Ball?
This article was submitted by T.J. Tedesco, founder and president of Grow Sales, Inc., and keynote speaker at the 2014 Print Leadership Summit. In 2012, would you have predicted that a book manufacturer would increase its sales 50% in 2013? Or that a postpress equipment manufacturer would grow sales more than 15%? “Whoa there, T.J.,” you might be thinking. “Are these significant companies?” Absolutely. Both have been around for decades, and both crossed into the eight-figured sales level last year. The book manufacturer client has reached heights that would’ve been unthinkable five years ago. The equipment manufacturer client may have been larger once, but that was nearly two decades ago. How did they achieve this growth? Better operations execution? Better marketing? Better selling? Together these activities might boost sales and profitability a smidge. But double-digit, sustainable growth? Keep dreaming. In this industry, better execution alone isn’t enough. Change the Game These companies grew because they moved their markets. They’ve both tapped into our industry’s growing on-demand segment. Not by simply subbing in digital for offset, but by completely re-orienting their approaches to their production workflows, their customers, and their businesses in general. It’s not enough to keep moving the chains. You have to change where the game’s being played. Leadership discussions at your business should begin with this question: Where should we play ball? Stay Competitive Bill Gates had an awesome quote about twenty years ago: “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.” All printing company leaders would do well to keep this thought in mind today. Let’s not panic and forget to block and tackle. Doing the fundamentals well will keep us competitive for the next two years. But if we don’t reimagine our companies, industry, and competitive landscape within the next ten years, we’ll likely be out of business. T.J. Tedesco will deliver a keynote presentation, Gloom or Bloom—Setting the Course For the Future, at the 2014 Print Leadership Summit, June 2–3 at the Fairmont Hotel in Dallas, TX. T.J. is founder and president of Grow Sales, Inc., an outsourced sales growth services company serving the graphic arts industries since 1996. Grow Sales, Inc. has helped many dozens of companies grow their top and bottom lines by carefully guiding their sales, marketing, public relations and graphic and web design efforts. T.J. is the author of eight books, three on marketing and sales. T.J. can be reached at (301)...
read moreWhat Really Makes a Profit Leader a “Profit Leader”?
Each year, you analyze your company’s key performance indicators (KPIs). You use the Ratios to compare your numbers against industry profit leaders—the top 25% in terms of profit as a percent of sales. Then you note discrepancies and come to educated conclusions, like “Our paper costs are out of line with industry averages we need to review our contracts with our vendors” or maybe “Our waste and spoilage figures are higher than average” or “Our sales per factory employee are too low to support our current staffing; we need to increase sales to current customers, develop new market opportunities, or reduce our staffing levels.” But what does it really take to be more profitable? Our members wanted to know, so our Center for Economics and Market Research team designed a revealing new survey. It uncovers how profit leaders get successful and what strategies they’re using that you’re not. The Strategic Management Survey looks deeper at the management processes profit leaders use. It goes beyond asking printers to share their numbers to really discover what makes a profit leader a “profit leader.” If you want to know, just take the survey to find out! We asked Ed Gleeson, Director, Center for Economics and Market Research, about this new survey and how it will help printers increase their profits. You just released the new Strategic Management Survey. Can you tell us more about and how it helps printers become more profitable? When we consult with members about how they can benchmark their financial ratios to the profit leaders, the feedback we often get is that they already know where they have to improve. What they are more interested in is “how” profit leaders earn more per every dollar in sales. Using the Ratios for financial benchmarking is a great starting point for developing a strategy to become a profit leader and can help you determine some of your strengths and weaknesses. The Strategic Management Survey is designed to help take you to the next level by determining which practices help lead to increased profitability. For example, according to the 2013 Ratios, on average a profit leader with $3 million in sales spends 32.6% of sales on factory payroll, while the average printer allocates 37.0% of sales to factory payroll. In this example the profit-leading firms save $132,000 a year in factory payroll costs. How do the profit leaders produce the same volume of work at a significantly lower labor rate? This survey is designed to determine how and why profit leaders are more efficient and productive. It also determines what strategic management practices correlate most with profitability. To put it in perspective, the Ratios provide the “where” do we need to improve, and the Strategic Management Survey provides the “how”—its purpose is to fill the gap of how to develop a business that is more profitable. What prompted your decision to develop this survey? We recognized the need for the Strategic Management Survey based on the feedback we received from Ratios users. The main reason was to fill the gap of knowledge of how profit leaders develop a profitable business. Competing in a sector of the industry that is growing can help drive profits, but we also want to explore the relationship between various strategic management factors such as culture, planning,...
read moreWhat Really Makes a Profit Leader a “Profit Leader”?
Each year, you analyze your company’s key performance indicators (KPIs). You use the Ratios to compare your numbers against industry profit leaders—the top 25% in terms of profit as a percent of sales. Then you note discrepancies and come to educated conclusions, like “Our paper costs are out of line with industry averages we need to review our contracts with our vendors” or maybe “Our waste and spoilage figures are higher than average” or “Our sales per factory employee are too low to support our current staffing; we need to increase sales to current customers, develop new market opportunities, or reduce our staffing levels.” But what does it really take to be more profitable? Our members wanted to know, so our Center for Economics and Market Research team designed a revealing new survey. It uncovers how profit leaders get successful and what strategies they’re using that you’re not. The Strategic Management Survey looks deeper at the management processes profit leaders use. It goes beyond asking printers to share their numbers to really discover what makes a profit leader a “profit leader.” If you want to know, just take the survey to find out! We asked Ed Gleeson, Director, Center for Economics and Market Research, about this new survey and how it will help printers increase their profits. You just released the new Strategic Management Survey. Can you tell us more about and how it helps printers become more profitable? When we consult with members about how they can benchmark their financial ratios to the profit leaders, the feedback we often get is that they already know where they have to improve. What they are more interested in is “how” profit leaders earn more per every dollar in sales. Using the Ratios for financial benchmarking is a great starting point for developing a strategy to become a profit leader and can help you determine some of your strengths and weaknesses. The Strategic Management Survey is designed to help take you to the next level by determining which practices help lead to increased profitability. For example, according to the 2013 Ratios, on average a profit leader with $3 million in sales spends 32.6% of sales on factory payroll, while the average printer allocates 37.0% of sales to factory payroll. In this example the profit-leading firms save $132,000 a year in factory payroll costs. How do the profit leaders produce the same volume of work at a significantly lower labor rate? This survey is designed to determine how and why profit leaders are more efficient and productive. It also determines what strategic management practices correlate most with profitability. To put it in perspective, the Ratios provide the “where” do we need to improve, and the Strategic Management Survey provides the “how”—its purpose is to fill the gap of how to develop a business that is more profitable. What prompted your decision to develop this survey? We recognized the need for the Strategic Management Survey based on the feedback we received from Ratios users. The main reason was to fill the gap of knowledge of how profit leaders develop a profitable business. Competing in a sector of the industry that is growing can help drive profits, but we also want to explore the relationship between various strategic management factors such as culture, planning,...
read moreOSHA HazCom Updates: What You Need to Do and When
As you know the Occupational Safety and Health Administration (OSHA) has revised Hazard Communication Standard (HCS), which means a new to-do list for many printers. Last time we told you about the EHS resources available even if you missed the initial training deadline of December 2013. Here is a “Who, What, Why, When, and Where” overview to give you a clearer explanation of what you need to do and when to do it to remain in compliance. WHO Do These New Standards Affect? All printing operations are subject to the Hazard Communication Standard because of the use of chemicals such as inks, toners, cleaning solutions, etc. As a printing operation, you must provide information to your employees about the hazards associated with your chemicals, including how to work with them in a safe manner through labels and Safety Data Sheets (SDSs), which are replacing the Material Safety Data Sheet (MSDS) and provide more detailed information in a uniform format. WHAT Actions Must My Company Take? The Hazard Communication Standard requires all employers with hazardous chemicals in their workplaces to: Prepare and implement a written hazard communication program. Develop a written inventory of products that contain hazardous chemicals. Obtain, maintain, and make available to employees SDSs for all products on the written inventory. Ensure all containers, including in-plant or secondary ones, are properly labeled. Conduct employee training. Due to the revisions made by OSHA to incorporate the GHS (the Globally Harmonized System of Classification and Labeling Chemicals), there are several changes printing operations need to make within the next two years to meet the new requirements. The main areas covered follow. Initial employee training to be completed by December 1, 2013. If you have not started training your employees yet or need help, see the training materials here (member login required). The deadline for revising chemical container labels is December 1, 2015. The completely revised product label requirements mandate that specific information must be included on each label. These new requirements state that labels will now require all of the following: Product identifier Signal word Hazard statement(s) Pictogram(s) Precautionary statement(s) Supplier information For more information on the pictograms, see theSafety Poster – Pictograms Quick Reference. In-plant container labels also require special attention. The revised standards acknowledge the same secondary container rule: If an employee transfers a material from a labeled container to a secondary container, which is intended only for immediate use by that employee, and that employee understands the hazards associated with the material, then that container does not have to be labeled unless it is either stored for future use or passed to another employee. One major change to the in-plant labeling system is to the Hazard Materials Identification System (HMIS). The HMIS numeric coding states that hazard categories (health or physical) are based on the degree of severity with a numeric rating from zero to four, with four representing the greatest severity. However, with the new rule aligned with GHS, the opposite numbering order is true with respect to hazard determination. Under the new rule, a Category 1 of any hazard is the highest level of severity. Because of this difference in rating and the potential for confusion in recognizing hazard severity, the HMIS system is not recommended for in-plant alternative labeling until such time as the...
read moreOSHA HazCom Updates: What You Need to Do and When
As you know the Occupational Safety and Health Administration (OSHA) has revised Hazard Communication Standard (HCS), which means a new to-do list for many printers. Last time we told you about the EHS resources available even if you missed the initial training deadline of December 2013. Here is a “Who, What, Why, When, and Where” overview to give you a clearer explanation of what you need to do and when to do it to remain in compliance. WHO Do These New Standards Affect? All printing operations are subject to the Hazard Communication Standard because of the use of chemicals such as inks, toners, cleaning solutions, etc. As a printing operation, you must provide information to your employees about the hazards associated with your chemicals, including how to work with them in a safe manner through labels and Safety Data Sheets (SDSs), which are replacing the Material Safety Data Sheet (MSDS) and provide more detailed information in a uniform format. WHAT Actions Must My Company Take? The Hazard Communication Standard requires all employers with hazardous chemicals in their workplaces to: Prepare and implement a written hazard communication program. Develop a written inventory of products that contain hazardous chemicals. Obtain, maintain, and make available to employees SDSs for all products on the written inventory. Ensure all containers, including in-plant or secondary ones, are properly labeled. Conduct employee training. Due to the revisions made by OSHA to incorporate the GHS (the Globally Harmonized System of Classification and Labeling Chemicals), there are several changes printing operations need to make within the next two years to meet the new requirements. The main areas covered follow. Initial employee training to be completed by December 1, 2013. If you have not started training your employees yet or need help, see the training materials here (member login required). The deadline for revising chemical container labels is December 1, 2015. The completely revised product label requirements mandate that specific information must be included on each label. These new requirements state that labels will now require all of the following: Product identifier Signal word Hazard statement(s) Pictogram(s) Precautionary statement(s) Supplier information For more information on the pictograms, see theSafety Poster – Pictograms Quick Reference. In-plant container labels also require special attention. The revised standards acknowledge the same secondary container rule: If an employee transfers a material from a labeled container to a secondary container, which is intended only for immediate use by that employee, and that employee understands the hazards associated with the material, then that container does not have to be labeled unless it is either stored for future use or passed to another employee. One major change to the in-plant labeling system is to the Hazard Materials Identification System (HMIS). The HMIS numeric coding states that hazard categories (health or physical) are based on the degree of severity with a numeric rating from zero to four, with four representing the greatest severity. However, with the new rule aligned with GHS, the opposite numbering order is true with respect to hazard determination. Under the new rule, a Category 1 of any hazard is the highest level of severity. Because of this difference in rating and the potential for confusion in recognizing hazard severity, the HMIS system is not recommended for in-plant alternative labeling until such time as the...
read moreOSHA HazCom Updates: Why You Don’t Need to Panic
When it comes to the newly revised Hazard Communication Standard (HCS) from the Occupational Safety and Health Administration (OSHA), the countdown is on to comply with a long list of important new requirements—which means, yes, more acronyms! The new requirements started with mandatory employee training that had to be completed in December 2013, and the remaining requirements will be phased in over the next several years with the final deadline in June 2016. OSHA has adopted the Globally Harmonized System of Classification and Labeling Chemicals (GHS), and as a result there are significant changes that all employees need to know about. If you’ve missed the initial training deadline, don’t panic! Our EHS department has published a number of resources to assist members with complying, including a concise training video covering the topics required in the initial training and a customizable PowerPoint presentation for a more in-depth training session. To help make this a more streamlined process, we’ve put together the “Who, What, Why, When, and Where” of OSHA’s Hazard Communication requirements to give you a clear explanation of what you need to do and when to do it to remain in compliance. There is also a dedicated members-only webpage to help our industry members through this process. You’ll find a free online guide full of critical information, sample program material, forms, and more downloadable tools. Now is the time to prepare your operation and start making the required changes. For more information on the steps you need to take to remain in compliance, look at part two of this story...
read moreOSHA HazCom Updates: Why You Don’t Need to Panic
When it comes to the newly revised Hazard Communication Standard (HCS) from the Occupational Safety and Health Administration (OSHA), the countdown is on to comply with a long list of important new requirements—which means, yes, more acronyms! The new requirements started with mandatory employee training that had to be completed in December 2013, and the remaining requirements will be phased in over the next several years with the final deadline in June 2016. OSHA has adopted the Globally Harmonized System of Classification and Labeling Chemicals (GHS), and as a result there are significant changes that all employees need to know about. If you’ve missed the initial training deadline, don’t panic! Our EHS department has published a number of resources to assist members with complying, including a concise training video covering the topics required in the initial training and a customizable PowerPoint presentation for a more in-depth training session. To help make this a more streamlined process, we’ve put together the “Who, What, Why, When, and Where” of OSHA’s Hazard Communication requirements to give you a clear explanation of what you need to do and when to do it to remain in compliance. There is also a dedicated members-only webpage to help our industry members through this process. You’ll find a free online guide full of critical information, sample program material, forms, and more downloadable tools. Now is the time to prepare your operation and start making the required changes. For more information on the steps you need to take to remain in compliance, look at part two of this story...
read more10 Ways to Keep Your Best Clients
We extend a special thank-you to Leslie Groene, President, Groene Consulting, for contributing this information. Leslie is a keynote speaker at the 2014 Print Leadership Summit. “Treat others as you like to be treated.” This little piece of fundamental advice our mothers gave us can be a giant step to success, and it applies to the business world as well. Sales can pose a huge challenge to many printing and graphic arts companies whose best clients can easily take their business elsewhere. So what is a key way to make them stay? One answer is exceptional customer service. Offering engaging, customized service that focuses on the customer allows you to stand out from your competitors, gain your clients’ trust, and ultimately increase your sales. Your sales team is one of the “necessary pillars” of the print business, as Leslie Groene explains in her keynote session, “Does Your Business Have the Right Pillars in Place?” at the first ever Print Leadership Summit, June 2–3, 2014. The job of your sales team is to prospect and develop and maintain profitable relationships with clients. Help them not only reach your top clients, but hold on to them with these 10 best practices: 1. Do your daily and weekly homework and stay current on all aspects of your product or services. Stay one step (or more) ahead and anticipate your client’s needs. Read about their business, their industry, and their products and services. A great way to gain a client’s trust is to understand the challenges they face and the environment they live in. 2. Go the extra mile in serving your client’s needs. To maintain or build stronger relationships with your clients, listen to their needs and follow through on all action items. Keep consistent communication and address any concerns the moment they arise. Best practices include sending handwritten thank-you notes and personally delivering proposals to your customers. 3. Deal with the challenge of cold calling. First follow any regulations regarding who you may contact and when, but also keep looking for more opportunities to reach out to potential customers. Some great ways to accomplish this are: Send a company newsletter. Call clients who would benefit from the latest update or technology. Network within your industry and community. 4. Determine who the real players are and find a way to get their attention. It may be easy to spot the movers and shakers in your industry, but how do you reach them? If you did your homework (see step 1), you can find the door to make a connection. What trade organizations are they involved in? Do they support any causes or groups? Find what interests them and place yourself in a position to reach them. Another option is to take the more direct approach and just tell them what your company can do for them. But remember to play the odds and only pursue those that you feel would see potential in your offer. 5. Fall in love with people, not projects. It’s easy to get personally involved in certain projects, but keep your ROI in mind. Assess if the time, money, and effort you’re putting into a project will pay off. It’s important to remain objective—for you and your clients! Your responsibility, to your client and yourself, is to...
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