You’ve got the ability to turn a commodity product into a sought after custom item. In 2015, keep focusing on how you can further differentiate your business from your competitors. It’s going to be key to thriving in the booming custom printing marketplace.
It’s the time of year when you can find many articles about projected business trends for 2015. (Our own heat printing predictions are coming soon!) I ran across an article in Forbes online, by Ian Altman (on Twitter @Growmyrevenue) titled: Top 10 Business Trends That Will Drive Success In 2015. One that caught my attention was #4, where Altman writes:
Divergent Customers – Price vs. Value There are two competing initiatives in the market for 2015. The first one is increased pricing pressure for anything that appears to be a commodity. I’m probably not the only person who has scanned a bar code in a big box store to have Google show me if there is a better price elsewhere. For those selling a perceived commodity, you’ll see more and more pricing pressure eat into your margins. This means you have to do one of two things: 1) Figure out a way to deliver a commodity more efficiently than others in your market; or 2) Develop a strategy to ensure that what you sell is not seen as a commodity. Nearly every business can differentiate itself. The shame is how many unique businesses make mistakes to turn their unique offering into a commodity. Top companies in 2015 will know if they compete on value or price, and avoid the opportunities that are not a fit.
As a custom textile printer, you have already found a way to set yourself apart from competitors. You provide a service and turn a commodity product (blank garments) into something that is no longer seen as a commodity. This is a key differentiating factor that can help you succeed where other retailers might not. Look for our 2015 predictions on the heat printing trends that can help you stay a few steps ahead, coming soon.