When I came across this scrolling the Signs of the Times website, it definitely caught my attention. We’ve all seen media headlines about the direction of the economy, but it can be difficult to distinguish between click-bate and relevant facts these days.
One thing that’s hard to ignore, is the fact that egg prices have risen 60% in a year. This is just one of many indicators that inflation continues to be a drag on economic growth.
Seeing an industry magazine using the word Recession in big, bold, letters, got me thinking about strategies we can deploy in uncertain economic times.
Here are 3 ways Sign Pros can flourish in a slowing economy.
1. Focus on Repeat Business
It can be a challenge in any business to find balance between acquiring new customers and driving new business from existing ones. Devoting time and resources to nurture repeat business can be difficult, but very profitable. According to Constant Contact, it costs 5 times more to acquire a new customer than to keep an existing one.
“It cost 5X more to acquire a new customer
than to keep an existing one.”
Selling new products to an existing customer is a great idea, but selling a product with “built-in” repeat business is genius. EZ-Change Frames by Ackland allows you to create changeable media and advertising displays using your own digitally printed vinyl. Installing an advertising wallscape at the local mall for example, will automatically produce future work. Every time that ad needs to be changed, who do you think they call? YOU!
The beauty is that once the frames are installed, future business consists of simply printing and changing out the vinyl banner. That’s precisely why we call them EZ-Change Frames. Future changeouts take a fraction of the time and cost of the original job. That means more profit for your business.
You can create revenue generating displays in any size. Wherever people gather in numbers like Malls, Arenas, Casino’s, Car Dealers, Theme Parks.
Clients like Car Dealers are especially profitable because they have seasonal promotions and co-op money available to spend.
2. Create New Streams Of Revenue
Sounds easy right? Just go out and create new streams of revenue in a slowing economy. Believe it or not, it’s actually quite achievable.
If you’re in the business of signs, printing, or graphics, then naturally, advertising revenue is a familiar subject. Generating monthly income with advertising assets, can be an excellent stream of revenue you create now.
Much like our first strategy, it starts with foot traffic. It can be any of the places we mentioned above or simply a busy street corner.
EZ-Change Frames by Ackland can be used to create your very own billboards on buildings, walls or trucks. These billboards can generate a monthly revenue stream instantly. You can start by leasing space from a building owner (for a % of the monthly rent), create the ad using Frames and your digital printer, and sell that space to local businesses. If your “billboard” gets enough exposure, you will have clients lining up to rent the space.
This strategy can also be applied to the interior walls of places like malls, gyms, and casinos. Again, if there is a measurable number of people who will see it, there are companies that want that attention.
Lastly, installing ad displays on trucks can be another excellent way to create recurring revenue. Leasing the empty sides of a truck or trailer can generate an incredible number of impressions daily. If your company owns a box truck, you have a rolling billboard just waiting to collect revenue.
With EZ-Change Frames, changeable media can be created, installed and displayed on most commercial box trucks and trailers.
Get all the info you need to get started with our free e-book: How to Create Wallsape Billboards for Long term Revenue.
3. Expand Your Product Offering
Developing loyal customers is an extremely important strategy for growth in any economy. As mentioned above, it’s far more cost effective to sell to current customers than acquire new ones.
This means you must have the product range and capacity to meet their needs. If a customer can find everything they need from one company, they won’t have to go elsewhere.
Providing this extra layer of choice to your customers will likely encourage them to add more to their orders.
The challenge, when it comes expanding your product offering is 2 fold:
Capital needed to increase inventory, and Capacity needed to house that inventory.
Increasing both of those things in a slowing economy can be very risky. Especially when inflation and supply chain issues still loom.
We have developed a way to mitigate that risk for you. The EZ-Change Frame by Ackland gives sign pros the ability to offer signage and media displays in virtually any size. From a small way finding sign, to huge stadium advertising, and everything in between. The best part is, you do not have to purchase large amounts of inventory nor invest in more space to house it. We have that covered.
Ready When You Are
Applying one or all of the strategies described above requires no major investment, equipment purchase or expansion in facilities. You can simply pursue these opportunities using the resources you currently have. As you land a big job or establish an advertising space, we will be here to help you succeed.
Hopefully everyone is wrong about the economic outlook for 2023, but as they say;
“There’s no harm in hoping for the best, as long as you’re prepared for the worst.”
