IPI’s business model, The Print Refinery, was recently featured by an industry colleague, Ginger Hartford, on Linked In. PR continues to bring innovation and excitement to IPI members and entrepreneurs seeking a business opportunity in the print and photo space.
The Print RefineryTM model was developed to help business owners accelerate sales growth, add value and provide an affordable alternative to closing.
Ask yourself HOW you plan to achieve sustainable success. If the path is unclear – The Print RefineryTM opportunity could be the answer.
Hear what The Print RefineryTM licensees are saying and consider if this model is right for you.
Want to learn more? visit us online at www.theprintrefinery.com
Specialty retail services can provide much higher margins (60%+) than hard goods sales in many cases, but, for the most part, you are dealing with smaller scale projects for home use. The same products and services that you sell to your retail customers for home use, can also be sold in larger sizes and quantities for commercial use (with possible profit margins of up to 85%). Think of the income generated when fully outfitting a hospital or hotel with wall decor!
Here are just some of the many local businesses that should be using your services: mortgage brokers, restaurants, insurance companies, banks, doctor/dentist offices and realtors.
Adding some signature commercially centered products allows you to demonstrate your wide range of expertise. Consider offering history walls, wallpaper, trade show displays, promotional products and checks/office forms.
Finally, don’t let outside sales scare you. In your local market, you will find the most success in developing long-term partnerships with other businesses. Position yourself as the local, go-to resource for everything print by visiting with local business owners and creatively brainstorming marketing, decor and display solutions.
Are you short on time and just pushing out all of your marketing messages into the entire universe? It’s time you spent your time and money marketing your business more wisely. Sending specific messages to smaller, targeted audience receive higher engagement and ROI. Tracking your efforts allows you to adjust your methods and stop doing anything that is just wasting your time and money.
- Define your audience + targets. Get specific. Analyze gender, age, interests + geography. Using various marketing platforms, determine which demographics to target. You can even survey your existing contacts (email and social media) and add the survey to your email sign up form. Ask people in which specific topics they are interested and with which methods they would prefer to be contacted.
- Create promotions + tools. What gets your customers to react? Choose a promotion that appeals to target audience and drives sales in-store and/or online. Create quality content that will get noticed. The more locally focused the content is, the better!
- Distribute to targets. Using the delivery method that best appeals to your target – deploy your promotion to that audience.
- Track results. Track sales, web + store traffic, engagement, shares, click rates and views. Monitor discount/coupon redemption if applicable. Make adjustments and learn how to improve on your next campaign. Consider A/B testing for times, days, subject lines, promotions and more. Stick with what works. Ditch what doesn’t.
- Ongoing follow-up + triggers. Deploy immediate automated responses to any purchasers, visitors, etc. Capture email addresses; then send thank you message with offer on next purchase.
IPI – Member Network’s focus is the growth and success of independent businesses. We designed our 2017-2018 Formula for Success using the 13 key future growth areas mentioned below. I also highly recommend that every business join an association like IPI – Member Network, PRO, Foto Source, Camera House or Imaging Alliance. These groups offer tremendous value and are the only way to compete today.
- We developed our licensed business model, The Print RefineryTM, by understanding that unique culture and consistent branding are most important. Everything that a customer sees, hear, feels or senses about your business is your brand; it should be consistent across all touch points.
- You need a robust and mobile friendly website that matches your in-store brand experience. Use Google Analytics to track your results and then adjust accordingly.
- Thoughtfully designed retail experiences allow you to compete against the online giants. Carefully create a customer journey that takes your customer from brand discovery to a store visit, from the purchase process to the packaging, from the use of your product to repeat business.
- If what happens in-store is your best offense, put your best foot forward. A clean, simple and modern store design that incorporates smart focal points, effective lighting and clutter-free digital displays will be sure to impress.
- Carefully curate product selection and displays to highlight what’s new and on trend, plus top sellers and high-margin items.
- Offer unique products and services; think local and personalized.
- Hire the right team by clearly communicating your culture, brand story, vision and values from the beginning.
- Incorporate a stellar initial training program and offer continuous team training.
- Position your business as the local expert by promoting the expertise of your team members and offering an engaging curriculum of classes and events.
- Develop a local following by partnering with local influencers and groups, as well as hosting neighborhood events an empowering team members to share their excitement.
- Deploy highly targeted marketing campaigns (Facebook makes this easy!) and track your results to adjust future efforts.
- Hold an annual open house to engage your local community.
- Creatively partner with other local businesses to fulfill their design, printing and photography needs.