A new take on 3 tried-and-true business basics

As print service providers develop and pursue strategies for building business in the year ahead and beyond, their COVID-19 pandemic experiences offer essential lessons. One key learning is that business basics still apply, but how they are executed has changed.

Here are three foundational business basics, or “truths,” that have evolved in the past year as print service providers adapted to new business conditions.

1. Targeting the right markets is essential — but understanding how those markets are changing and being able to adapt accordingly is critical to business success

Targeting vertical markets is a way to maximize resources and capabilities to better, and more profitably, serve customers. It’s nothing new for print service providers, who have been practicing targeted marketing since before the pandemic. What is new is the focus on continually monitoring customer trends to adapt strategies accordingly.

During the pandemic, providers serving industries experiencing print declines expanded into new verticals with more stable print demand, including healthcare, financial services, cannabis, and online retailers. In addition, many providers added new products and services, including personal protection equipment, social distancing graphics, packaging, and virtual meeting/event support. This responsiveness to business conditions enabled print providers to better position and buffer their organizations in turbulent times.

A key lesson learned: Monitoring and acting on trends in customer segments leads to new opportunities (i.e., new products, services or segments) and defends against business declines.

2. Virtual sales meetings with customers and prospects are here to stay

The efficiency, success, and widespread use of virtual meetings is cementing their continued popularity, even as businesses and organizations begin returning staff to offices. Videoconferencing platforms, such as Microsoft Teams and Zoom — which is so ubiquitous it is frequently used as a verb — became business communication and social lifelines when in-person interactions came to a halt. As the masses have become comfortable with virtual meetings, they are likely here to stay.

Virtual sales calls offer many benefits, including savings in time, costs and travel expenses. Virtual sales calls take less time compared to face-to-face meetings, which is attractive to customers and prospects. Also, assembling all essential customer decision makers and stakeholders for a virtual call is usually easier than organizing in-person event. In addition, the virtual option can result in faster follow-up meeting, potentially shrinking the sales cycle.

Given the opportunity that virtual selling presents, improving staff’s digital sales skills and investing in the right technology and software is essential. Training sales rep on mastering the nuances of this newer selling environment and ways to make meetings engaging can maximize virtual selling success.

3. Prospecting and cold-calling is still difficult, but more tools are readily available

“Cold calling” refers to calling a prospect whom an organization has no previous relationship with. As many prospects may still be working from home, e-mail outreach, social media and referrals are more important than ever.

Service providers are leveraging tools like LinkedIn, ZoomInfo and Competiscan to identify and reach the right prospects. Personal e-mail notes can be an effective cold-calling tool. For example, e-mailing a sales prospect an invitation to meet for virtual coffee (along with a coffee gift card) or using the subject line of an e-mail to offer a problem-solving tip are great ways to initiate engagement. Be sure to suggest a time to talk and include a link to an online scheduling assistant.

A surefire way to convert a cold call into a warn prospect is a through a referral. Ask current happy customers for referrals and references. According to the Harvard Business Review, 84% of B2B sales begin with a referral.