A recent article authored by Barb Pellow for WhatTheyThink.com (Is it Time to Reinvent Your Business? Can You Afford NOT To? 4/2/15) captures her key takeaways after reading The Road to Reinvention by Josh Linkner and how they apply to the printing industry.
Most notable in her interpretation is how the New York Times Bestselling author continually reinforces the importance of business owners being proactive.
“Leaders disrupt the status quo long before there is a need to do so. Instead of losing ground, these innovators are accomplishing dramatic growth and spurring tremendous economic gain. Companies fall for many reasons, but one of the most common – yet easily avoidable – is the failure to reinvent.” — Josh Linkner, The Road to Reinvention
Ms. Pellow states that while every industry is undergoing major transformation due to new and emerging technologies, few have been impacted as much as the printing industry. She cites the following technologies as true “change-agents” for the printing companies interested in reinventing their business: variable data, cross-media, mobile applications, inkjet, 3D printing and wide format.
She then recaps five key takeaways from Mr. Linkner’s book to help printers reinvent their business:
- Getting started is the hardest part. The first step requires vision from the top and the guts to act. Leaders view reinvention as a mission that is critical to their company’s survival and prosperity.
- Be prepared to cannibalize current business models. Today’s print and marketing service providers need to create strategies to not only adopt digital strategies for repurposing how they print, but add cross-media capabilities and other non-print revenues to their portfolio.
- Launch version 2.0. The printing industry can learn a lesson from the software industry and make a bold statement when they expand their core offerings.
- Develop operational innovation. Successful companies frequently overhaul their processes for “doing business” to create a significant competitive advantage.
- Reinvent your customer base. Print service providers should continually uncover new places to sell their products and services.
With changes in the marketplace and new breakthroughs in technology happening more frequently, it’s important to continually evaluate your business, your offerings, and how you execute both. Reinventing your business by embracing innovation will provide you a competitive edge.