Today’s post tackles the stubborn myth that the internet somehow hurt the sign market, then digs into the true state of the sign industry. Read on to learn how the Internet Age changed sign sales for the better, along with how to position your business to capitalize on 3 new consumer trends.
The Internet Age and The Sign Industry Extinction Myth
The fallacious “extinction” narrative goes something like this:
Once upon a time, print ruled the world. Newspapers were our primary sources of information. Businesses across America handed out brochures and flyers to get the word out about their products and promotions. Business cards changed hands by the thousands, and sign shops enjoyed all the business our print-centric world had to offer.
And then one day, the Internet came along and changed everything. As the story goes, seemingly overnight, marketing and signage budgets were redistributed to cover the costs of websites, electronic newsletters, pay-per-click advertising, and social media.
The print world was swept away and the sign industry died.
Granted, everything has changed in the Internet Age. But the sign industry is still booming. Indeed, over the last decade, sign industry demand has skyrocketed, racing past historical records with no signs of slowing down. The internet actually boosts signage sales–for Signworld partners, eCommerce is now a major revenue stream.
Not convinced? Consider how these stats stack up compared to the “sign industry extinction” myth:
- 70% of companies reported an increase in sales volume
- 77% of sign companies expect their sale volume to increase for the next 5 years
- According to Orbis Research, the Digital Signage Market size will grow from USD 20.74 Billion in 2017 to USD 31.62 Billion by 2023, at an estimated CAGR of 7.28%
Clearly, the sign industry is here to stay.
But the sign industry is changing.
Sign Industry Trends That Will Affect Your Business In 2019
- The demand for digital printing is through the roof. According to Printing News, digital printing now accounts for roughly 40% of all sales, up from only 7.2% in 2001. This is largely due to the savings that digital printing offers, and the new markets this creates–now business owners without the means to afford a small, high-quality print run can get what they need.Accordingly, many sign shops are investing in digital printer technology to accommodate the increasing demands for wide-format prints, signs, and promotional posters.
- The demand for expertise is growing. In the past, sign shops focused almost solely on production. But now, with so many options and materials and technologies to choose from, clients are increasingly reliant on sign shop owners’ expertise during the design and consultation phase. It’s no longer as simple as choosing a font and a color–your options are almost limitless. Accordingly, it’s critical that your sign shop invests strongly in education. That’s why the Signworld business alliance makes continuing education and our annual convention such a top priority.
- Digital signage is a must. With the digital signage market projected to grow to $31.62-billion by 2023, now is clearly the time to expand into digital sign production. Is your business prepared for this demand? The Signworld business alliance equips owners with the tools, skills, and resources they need to dominate digital sign markets, whether they choose to product them in-house or outsource.
Learn more about signage trends and opportunities at http://signworld.org.