Business likely to bounce back as imminent third wave unlikely
Some experts feel that the pandemic third wave is set to arrive anytime in the next few months. However, other experts studying active cases and recovery rates have claimed that the chance of imminent third wave is now very less. One of the big reasons is that the country is ramping up the COVID-19 vaccination drive at rapid pace, which surely stave off the possibility of third wave. In this way, complete restoration of normalcy in the market is pretty sure and business will bounce back.
A big business prospect is that with the second wave of corona having subsided many states have reopened or are planning to reopen schools and colleges soon. It’s time for PSPs and graphic arts companies to target the education segment to regain new boost in business. In fact, education segment is a large and growing vertical market with many opportunities for selling print products.
A vertical market guide by Ricoh, which is developed to help print providers capture more business in the education market, offers an analysis of trends, opportunities, key strategies, tips and tools to target customers of varying types and sizes across a dynamic range of organisations in the education segment. The guide explains that the idea is to convert customers’ most pressing needs into sales opportunities.
Print makes up a significant portion of the education market’s communication spending on advertising & marketing materials. According to a study by Keypoint Intelligence (InfoTrends), print accounts for 31 percent of communication spending in the education segment. Though it has been estimated that print’s share of communication spending keeps declining because of the onslaught of online, videos and mobile channels, educational organisations do believe that print to remain a core spending area. They know the fact that combining print with e-mail, social media and mobile can gain better response rates than single channels or other combinations.
The InfoTrends study further revealed that large-size education organisations follow print procurement rules and most print is purchased through approved vendors. Still, education providers do purchase print through non-approved vendors, typically when a contract vendor cannot offer the required service, method or process. Since not all print is procured under contract, there is an opportunity for every print provider to get in the door and sell print.
Now the best way for PSPs to grow business is by increasing their sales to the customers they already have in the education segment. If you currently serve educational organisations like schools, colleges and other educational institutes, then you have the opportunity to sell, expand your customer base and expand the types of services you offer as the sector is set to be fully reopened soon.
Rudrapur, which we cover under our Region Exclusive column in this issue, is one of the vibrant education hubs in Uttarakhand. Signage players in the city can also pull their socks up to grab the new business opportunity now likely to emerge with the reopening of educational institutes in the city.
Let’s look forward to full market revival sooner than expected!