When going to your local department store or grocery store, how do you choose what brand of a specific product to purchase? What is going through your head as you make the consumer decisions regarding what types of products you will bring into your home? Several studies have shown that while outdoor signs and mailed promotional material can generate brand awareness and even brand loyalty, the vast majority of consumer decisions are made at the point of purchase.
What does all this have to do with the wide format printing industry? As more and more businesses become aware of the opportunities that come with a point of purchase consumer decision making, the wide format printing industry might very well be able to identify new opportunities to promote printing jobs related to packaging, labels, and other types of retail displays.
The undertaking of point of purchase printing jobs represents a major opportunity for wide format printing. Furthermore, with respect to the pros and cons of opting for point of purchase printing, there are three within which your wide format printing business can best take advantage of the opportunities presented within the point of purchase printing market.
Why Point of Purchase is a Viable Alternative for Your Business
The vast majority of all consumer decisions have been shown by consumer research to be made at the point of purchase. Imagine a customer walking into a movie theater for a matinee. While he or she might have checked the movie listings on-line, there is a good chance that the movie choice may be changed by those huge, promotional posters hanging on the front ticketing windows of the theater. Point of Purchase Displays in the grocery and retail store aisles can have the same impact or even greater.
According to a POPAI mass merchant study, in store and point of purchase consumer decisions actually increased from 76% in 2012 to 82% in 2014. Businesses around the world are finding that visually stimulating point of purchase advertising is a much better way to capture customers than the use of other advertising techniques.
This reality makes the creation of point of purchase printing materials a major opportunity for a wide format printing business. By offering corporate and small business clients quality products with your print finishing equipment, you can find a niche market within the wide format printing world.
The Pros and Cons of Point of Purchase Printing
You can be sure that you are not the only person in the wide format printing world who is trying to find new ways to capture the point of purchase market. The statistics don’t lie, and, as businesses dedicate more of their advertising budgets to point of purchase advertising, the competition for these printing jobs will only increase. However, if you are able to find a steady corporate client or several smaller businesses that need to regularly have point of purchase marketing materials printed, this market could offer you and your business a steady stream of income.
Another major advantage of this potential market is that there are a whole variety of different inks and substrates available. Many consumers rightfully demand packaging that is sustainable and healthy, especially for products that are either to be worn or consumed. Fortunately, you can find a wide variety of inks and dyes which can be used for these types of point of purchase printing jobs that have low VOC’s (Volatile Organic Compound) and are also UV-curing.
Three Suggestions for Approaching this Emerging Market for Wide Format Printing
One great strategy to undertake with potential clients for the point of purchase market is the offering of web-to-print services. Your clients know their product much better than you do, and they tend to have an idea about what they want. By setting up a web-to-print online platform, you can provide clients with basic templates for banners, posters, and other point of purchase promotional material that they can modify to best meet their own purposes before sending off jobs to your print finishing equipment.
Another means of capturing larger portions of the point of purchase market is changing your pricing strategy. While traditional wisdom and practice has been to charge per the square foot, many clients might be more attracted to pricing schemes that charge per unit. A customer who is purchasing 1,000 posters for a product might be more inclined to pay a fixed unit price.
Lastly, while large-scale jobs with large corporate producers might seem like they would offer the best advantages, smaller jobs can be just as lucrative in the long run.
The Opportunities in the Point of Purchase Market
If your wide format printing business is searching for ways to expand your share of the market and bring on new clients and customers, the point of purchase market certainly offers great opportunities for the expansion your business.