How do you adapt print production cost benchmarks to changing customer needs and expectations?

1 Analyze your customer segments

The first step to adapt your print production cost benchmarks is to understand your customer segments and their needs and expectations. Different customer segments may have different preferences, requirements, and budgets for print products. For example, some customers may value speed, convenience, and personalization, while others may prioritize quality, durability, and sustainability. You need to segment your customers based on criteria such as demographics, behavior, needs, goals, and value proposition. Then, you need to analyze each segment's print product demand, satisfaction, loyalty, and profitability. This will help you tailor your print production cost benchmarks to each segment and optimize your resources and processes accordingly.

2 Monitor the market trends

The second step to adapt your print production cost benchmarks is to monitor the market trends and the competitive landscape. The print industry is constantly evolving and facing new challenges and opportunities. You need to stay updated on the latest technologies, innovations, regulations, and customer preferences that affect the print market. You also need to keep an eye on your competitors and their strategies, strengths, weaknesses, and pricing. This will help you identify the gaps and opportunities in the market and adjust your print production cost benchmarks accordingly. For example, you may need to invest in new equipment, software, or materials to meet the changing customer demands or to gain a competitive advantage.

3 Evaluate your print production processes

The third step to adapt your print production cost benchmarks is to evaluate your print production processes and identify the areas for improvement. You need to measure and analyze the key performance indicators (KPIs) of your print production processes, such as quality, efficiency, productivity, waste, downtime, turnaround time, and customer satisfaction. You also need to benchmark your KPIs against the industry standards and your competitors. This will help you identify the strengths and weaknesses of your print production processes and the potential cost savings or revenue opportunities. For example, you may need to streamline your workflow, automate some tasks, reduce errors, or enhance quality control to improve your print production cost benchmarks.

5 Review and update your print production cost benchmarks

The fifth step to adapt your print production cost benchmarks is to review and update them regularly. You need to track and monitor your print production cost benchmarks and compare them with your actual performance and results. You also need to evaluate the effectiveness and efficiency of your print production processes and strategies and the impact they have on your customers and profitability. This will help you identify the gaps and discrepancies between your print production cost benchmarks and your reality and make the necessary adjustments. For example, you may need to revise your print production cost benchmarks based on the changes in the market conditions, customer segments, or production processes.

6 Test and experiment with new ideas

The sixth step to adapt your print production cost benchmarks is to test and experiment with new ideas and approaches. You need to be open to innovation and creativity and try new ways of producing, delivering, and marketing your print products. You also need to measure and analyze the results and outcomes of your experiments and learn from your successes and failures. This will help you discover new opportunities and solutions for improving your print production cost benchmarks and enhancing your competitive advantage and profitability. For example, you may need to test new formats, designs, materials, or channels for your print products and see how they affect your cost, quality, and customer satisfaction.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?