The 2 Secrets To A Sustainable Signage Business
How interesting is the signage industry?
From creating a concept to completing an installation, there are not too many other trades that challenge boundaries whilst riding the ups and downs of global demand. Now we know there are challenges; the blood, the sweat, the tears.
There are 2 secrets to a sustainable business and they are both based on… FOCUS. And this is something you can start putting into action now.
What is your pricing model?
By this we mean, do you focus on selling to the trade within the signage industry or do you sell direct to businesses that are you using the signage you produce? You can not serve both with an equal return. One has to have prominence and be your focus. Why is this important?
Take this situation. A trade client comes to you and asks for a quote and then the next day the client of the trade client comes to you and asks for a quote on the same job. You no doubt want the job but what client do you want coming back to you for their next job?
The answer to this question should be based on profitability, what your company strengths are, what pricing models your current business is built on and where future growth will come from.
What is your target market?
Now if you answered ‘trade’ as the answer to the first question you have pretty much answered this second question with the answer being ‘the sign and print trade’. Now, this is where the rubber hits the road… As soon as you answer both the 1st and 2nd questions you will start to notice that you are already controlling where your signage business is heading. You are no longer being the ‘yes’ man and being pulled from pillar to post.
The reality is that by saying you do anything and everything your clients ask, you are spreading your creativity and valuable expertise very thin. Let’s say that you have chosen ‘construction’ as your target market. You will start thinking about the challenges that the construction sector faces and you will ask about how these businesses want to interact with your business. From listening to your target market and implementing solutions, you will start bringing to the table value that your target market has never seen before.
Now anyone who is spreading their resources thin will find it very hard to compete with your value-driven and focused business model.