As the demand for signage increases across the board, there is a growing opportunity for both current and new fabricators to enter new markets and expand their customer base. In fact, all four sectors of the sign and graphics industry: printing, electrical signage, digital signage, and architectural signage, are expected to rebound this year due to new demand in the post-COVID world.
According to the ISA, the ISH anticipates a growth of 4.3% this year. This opportunity will help new and current signage businesses to grow and scale efficiently and productively if executed properly. Below are three hidden opportunities within ADA signage that brands should be aware of moving forward.
1. Staying Ahead of the Supply Disruption
It is no secret that there has been a shortage in supply across different industries. Fabricators need to maintain their inventory to ensure that their pressroom is working as efficiently as possible. You can do so by looking for advanced equipment and technology that reduces your potential wasted resources and maintains fast lead times.
Conducting research that identifies new ways to enhance and boost your productivity levels will help you consistently produce high-quality products at a quick pace. Although finding the right equipment can be a time-consuming and costly process, you can partner with a signage manufacturer who can keep you up-to-date on all the latest equipment and technology developments in the industry. Getting ahead of your inventory levels is essential to remain competitive in today’s market, but that doesn’t mean you have to do it alone.
2. Expanding to New Market Sectors
One of the most common trends we see in fabricators is that they generally only produce signs for one or two market sectors. However, fabricators should consider expanding into other sectors to boost their market share and increase their business development opportunities.
One sector that has been showing great growth potential is healthcare. As a matter of fact, signage is essential in the healthcare industry today due to the importance of wayfinding both for patients and for staff. Hospitals not only are large but they also tend to be incredibly crowded, even more so now after the pandemic. There’s no hospital with enough staff to guide and assist every single visitor, and this means these institutions heavily rely on proper signage to get their operations underway and keep their patients and staff happy. Did you know about 86% of healthcare facility managers say that patient satisfaction is one of the main concerns when it comes to facility design? Having the proper signage installed in healthcare facilities can speed up patient intake, decrease wait time, ease navigation, and improve overall patient and staff experience.
3. Architecture & Design Community Partnerships
The Architecture and Design community is a sector that heavily employs signage in its projects. As such, building long-lasting relationships with this community can be an amazing opportunity to help your business grow in scale. These connections can enhance your ability to secure more work on upcoming construction and signage projects. Additionally, building relationships provide a chance for your brand to gain repeat contracts and form a relationship of trust and loyalty that may result in you becoming one of their first picks for any project they work on. Not only that but it can also lead to referrals and recommendations that can exponentially increase your customer base.
Networking events, contractor networks, and social media platforms like LinkedIn are some of the main venues where you can build new business relationships. Keep in mind that consistent levels of communication are essential for companies to better understand and align their goals with each other. That’s why, when you meet new connections, don’t be afraid to be proactive. It is also a good idea to partner with a signage manufacturer who works with multiple agencies and contractors. This will allow you to further expand your network and connections.
We are looking forward to an impressive rebound in the signage industry. Manufacturers and fabricators can capitalize on this opportunity and grow their business if they play their cards right. With this in mind, now is the best time to evaluate your current business processes to make sure you are staying ahead of the fray. Ask yourself: “Am I taking advantage of the new expanding sectors? Am I building relationships well? Do I have all the right equipment in my arsenal?”
Businesses that can stay on top of these hidden opportunities will be able to become more successful and achieve more profit in the long run. For more information on how to take advantage of the current industry, contact us today.