Calculating Your Printing Business ROI

If you have to define “What is ROI?”, you would simply say - Net profit divided by total investment. But it’s actually a lot more than this simple formula you have known so far. 

The calculation of ROI becomes much more complicated when you own an online printing business. Your investment might encompass several costs like printing costs, website maintenance cost, material sourcing, and product designer tool (in case you deal in custom printed articles, machinery, salaries, etc.)

The first thing to understand when calculating your ROI is your net profit. Calculating your net profit can be a tough job and if you have a retail an e-store, only ‘Euclid’ could calculate your ROI. 

However, today there’s no doubt that several software and apps may help you, but you will still need to fix deciding parameters to calculate your net profit.

Hence we have cracked down a simple formula to calculate the ROI of your business.

Before you start calculating, you need to set benchmarks to consider multiple aspects of your business.

Setting ROI for Your Printing Business

The first thing you need to calculate for ROI is the profit margin by dividing your gross profits by total revenue.

Let’s say if you sell an article Y for $250, and the actual price of the article is $200, the gross profit will be: 

$250-$200=$50

And your profit margin will be: $50/$200 = .25

Converting profit margin into percentage will give .25 x 100% = 25%

The final number should be your benchmark. 

Your business can be successful if your investment in product Y can achieve 50% or more of this target. 

Before setting your ROI benchmark, you need to consider the following things also:

• Period of Break-Even
• Pricing and marketing strategy for the break-even period
• Marketing budget and strategy to achieve ROI goals. 

Considering these things in your strategy will help you anticipate the course of your business.

Now, let’s understand the procedure for the actual ROI calculation for your business.

• Number of Orders Per Day

Fill the number of orders you receive per day in a spreadsheet. Choose a specific period for the calculation of ROI. This period can be anything ranging from a year to a major milestone when you introduced big changes in your business model. 

Let’s assume you earlier used to run a simple fashion online retail store. But now you have added a product designer tool to offer your customers the freedom of customization. This is a big change as your target audience changed, you added a new asset and a few additional vendors like printers or designers, etc. 

So, ideally, you need to calculate your return on investment for such a major change. 

For this scenario, take data for a particular period. After that, divide the total number of orders by the total number of days.

This formula gives you the average number of orders per day. This number will directly reflect whether your pricing strategy has succeeded or failed. 

Average Order Value

To calculate average order value, you need to divide the total revenue with the number of orders.

This number will give you a better idea of your online marketing efforts and will also help you evaluate the performance of your pricing strategy.  

You can set this metric as one of your KPIs to analyze your printing business. You can evaluate your strategies and set future goals with this KPI. 

For instance, if you have decided to keep your AOV at $250, but in real-time, it’s only $50, which means your products are not reaching your targeted audience. They are possibly more acceptable among lower-income groups. And accordingly, you can tweak your strategies and produce content accordingly. 

Once you are clear with the average order value, the next thing to understand is the total number of orders. 

Bifurcating the Average Number of Orders

(Going to get a bit more complicated)

This step includes bifurcating your average number of orders - those from the recurring customers and the others from the new ones. For this data, go to Google Analytics and note down the unique purchases against the total number of purchases. Also, ensure you are analyzing data of a particular time period only.

Calculate the ratio of new users to return users and consider the goal conversion values against these metrics. After calculating the ratio, apply the same to the average number of orders. This procedure will give you two numbers. 

• Number of orders per day from new customers
• Number of orders per day from old customers

With these two numbers, you can easily track and compare the ROI of your traditional and online marketing efforts. 

For instance, if your sales went up greatly in the last one month, try to figure out what you did differently in your sales or marketing efforts for that. 

Post this, by dividing the cost of investment with the total number of increased orders after you have implemented a particular strategy. This number will give the cost per acquisition. Subtract the total cost of increased orders from the total revenue

.  

Let’s assume, your total cost of implementing an ABC strategy is $1000, and in the last quarter, your orders went up by 100. 

So, your cost per acquisition (CPA) will be 1000/100=$10

Now, let’s subtract the total cost of extra orders from the total revenue of those orders. 

Your revenue from 250 customers totals $3000 including the extra 100 dollars. Revenue from an individual customer would be 3000/200 = $15.

So, total revenue from 200 customers would equal $3000 including those extra 100 orders. 

Revenue from an individual customer would be 3000/250 = $12. 

Hence, the total revenue from your newly acquired 100 orders would be 12X100 = $1200.

Profit = Total revenue - Total cost = $1200 - 1000 = $500

This is the way you can calculate the ROI on your marketing approach and gauge the success or failure of your pricing strategy. 

Conclusion

Calculating ROI is a tedious job yet very valuable for analyzing your ROI on your combined marketing and sales efforts for your business. So, just do some math and grow your business.

Original Source: https://www.linkedin.com/pulse/calculating-your-printing-business-roi-pratik-shah/

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Offer Your Customers Wedding Invitations that Stand Out

The wedding season has already set in. This season is a great opportunity for online card retailers to tap into the attractive wedding invitation card design industry.

This is because a wedding invitation card is not just a piece of paper, it’s way more than that. It represents the sender’s (the wedding couple’s) personality and is the first impression they make on invitees. The better the wedding card design, the better the impression of the sender. Further, it invokes an emotional connection to the couple.

So, you should always consider listing wedding cards as attractive as possible. Let’s walk you through some design tips for the wedding cards you can use in your retail store. You can also take customers’ custom orders or let them customize the wedding card themselves as per their requirements using a product designer tool.

Let’s walk you through some wedding card design tips you can incorporate to boost wedding card sales, especially custom ones, in your retail store.

1. Choose a visual theme

A visual theme is one of the most important things to consider while designing a wedding card. Its color and imagery should match the couple’s style and personality.

Nowadays, color schemes for the wedding ceremony are trending. Start with reflecting that color scheme on wedding invitation cards. However, you should also ensure that the color scheme doesn’t affect the card’s readability.

The second thing that might help you decide the visual themes are different wedding styles. The wedding style can be modern or classic, casual or formal, etc. See that your visual themes go with the trending wedding styles to give the guests the ‘feel’ of wedding when they open the card.

2. Use an appealing/attractive typeface

Beautiful and attractive typefaces form a crucial part of a wedding invitation card. A suitable typeface not only enhances the readability but also adds to the overall appeal. Here are some common typefaces people often opt for their wedding cards –

Calligraphy – The fonts of this typeface mimic the traditional calligraphy writing style. While some fonts have connecting letter designs, others don’t. But they give the same feel as you would get after seeing a handwritten piece of calligraphy writing.

Script – The fonts of this typeface resemble the formal writing style dating back to 17the century. These fonts have a flowing connected style with most of the characters adjoining through connecting strokes. This is a semi-formal writing style.

Brush – The fonts of this typeface look heavier and resemble the letterforms that one has painted using a brush. They also have a connecting style but they make a bigger impact due to their block-style.

Highlighting names using an accent typeface like scripts may be a better idea to create a great contrast with names and the other content.

3. Don’t Let Customers Miss Out the Vital Content

Though quite unlikely, a customer may miss out on including vital details while focusing too much on only the design and look. And it is an unaffordable mistake. So, always check and ensure that your customers have included all the vital info like:

• Names of bride and groom
• Wedding date
• Wedding venue.
• Theme or attire (if applicable) through visual clues or an explicit mention
• RSVP details, etc.

Send a copy of the wedding card for them so that they can proof-read it for wrong spellings or incorrect grammar before finally dispatching it to the print vendor for stock prints. At times, wrong spellings or incorrect grammar may ruin the entire impression and lead to embarrassment later.

Save your customers from that embarrassment by showing a copy before stock prints.

4. Link to Your Customer’s Wedding Website

No more does a wedding confine to mere celebrations? Rather, people consider them big celebration events and promote them by creating a website or using a hashtag on social media to engage guests.

You can of course suggest using techniques and make sure to include these elements in their wedding card design as well. This helps people engage and involve in anyone’s wedding from the beginning itself.

5. Use a Dashing Ampersand

There is hardly any wedding invitation card with ‘And’ between the names of the bride and groom. Tweaking the design of this ‘And’ to turn it into a stylish ampersand may work wonders.

A stylish ampersand can form a great design element and you may also find experimenting with different designs a fun. You can either go for the same typecast as that of the couple’s names or an altogether different typeface. Caslon, Candara, Chopin Script, Franklin Gothic Medium, etc. are several good ampersand font styles you can choose from.

6. Let Customers Pick a Template

          

Nowadays, there are a number of online stores that offer wedding card design software. You can research your options and pick one that suits your business the best. You can then incorporate into your store backend to let customers use ready-to-use templates easily.

If they don’t find the pre-built templates suitable, they can even customize them by changing colors, typefaces, and design elements of a default template to make it fit for their card.

7. Let Them Finalize the Finishing Touch

        

When they have done everything right, their finishing should also be perfect. You can offer different finishing options like UV coating, embossing, or letterpresses to help them create a standout invitation. Your customer’s customization budget also plays a vital role in this decision.

8. Offer Invitations that Can be Kept as a Keepsake

Often, people open up invitations, read them, keep them up till the date of the wedding and throw them away. However, if you want your client’s guests to keep the invitation as a keepsake, you can include the couple’s image. To enhance the look, you can combine simple typography to make people hold on to their wedding cards as a great showpiece of a design.

9. Don’t Miss Out the ‘Packaging’ Part

Once they have designed a beautiful card, you should ensure that its packaging is also beautiful. The envelope of the card should resonate with the look and mood of the card itself. Make sure that you include all the details before finally dispatching their cards. Matching the design of the return(RSVP) card with that of the invitation card may also go well for customers.

10. Choose a Good-Quality Paper for Prints

Last but not the least, the paper you use for printing cards also matters. To choose the right type of paper, you should first assess your customer’s requirements.

For instance, a gloss UV paper may be a suitable choice for sharp graphics with richer colors if graphics have a major role in your card design. While a silk laminate paper may impart a more luxurious and prominent look.

In a Nutshell:

So, you see that as an online card retailer, you can extend your store’s services by offering custom wedding invitation cards to your customers with the help of a product designer tool and the above-mentioned tips.

Original source: https://customerthink.com/offer-your-customers-wedding-invitations-that-stand-out/

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How to Sell Your Phone Cases Online

Smartphones are a rage today. And the more smartphones, the more the rising need for smartphone cases. While some people use them for protection, others use them for aesthetic purposes. Yet some of them use them as a symbol of their personality.

Traditional phone cases have taken a backseat as people prefer something beyond that - a personalized touch. If you are a mobile store owner who also sells phone cases, mobile cover printing software could be a game-changer for your business. You can offer custom prints, generic designs, or crafted wooden cases to your customers using it.

However, you need to understand the steps you need to follow to set up a store to sell phone cases alongside gadgets.

Create a site

We live in the digital world. Seeing the present scenario, your business may take an eternity to grow without an online presence. So, if you want to establish your brand, the very first step you need to take is to create a website.

A plethora of ecommerce platforms are available in the market to create your webstore. But you can’t pick just any random one. You should thoroughly analyze the options and decide the ecommerce framework that would suit your requirements the best.

Two factors that you should take into account are your business needs and cost-effectiveness to decide the right platform.

Install Mobile Cover Design Software

To offer customization in your phone cases, you need to install mobile skin design software in the backend. One important thing here to ensure is that it should be compatible with your ecommerce platform.

Several companies today deal in such software. Research all your options well, compare prices, functionalities, and features to reach an informed decision.

Choose Which Mobile Models to Support

As there are a lot of phone companies (like Apple, Samsung, Nokia, etc.) you need to be specific about the models you want to support. Providing support for all models may increase your overhead expenses. To control your expenses and maximize your profits, conduct research about the popular phone models.

Find out which new models people are eagerly waiting for. Try gathering info about their size and shape and start designing phone cases for them. So that when these new models get launched, you are ready with custom covers to pitch for.

For example, the launch of Samsung Galaxy S20 is currently making rounds. So, if you are able to get the information about its size and specifications, you can design a phone case for it in advance.

Select the Phone Case Type

Once you have selected the phone models, you need to select the right phone case type. Some of the popular case types available in the market are as follows:

- Slim/Basic Cases - Slim cases are slightly thinner but stylish. They cover phone edges and back and protect them from scratches or damage from falls. They come in a variety of colors you can choose from.

Folio/Flip/Wallet Cases - These cases are stylish yet cost-effective. They not only protect your mobile well but also act as mini-wallets you can carry cards or IDs in.
These cases support the sleep-wake cycle. This means that when you cover the phone, the phone will be inactive, and it will come back to life after uncovering it.

Battery Cases - Battery cases are for dual-purpose. They not only protect your phone but also your mobile power. They come with an in-built battery and can prevent your phone from discharging in the absence of a power outlet for a long time. They are a little bulkier yet very useful.

Tough Cases - Those who need extra phone protection due to the nature of the job (mining, labor, on-field salesmen, etc.) may find these cases useful. They have two layers that provide your phone with extra durability and protection. The cushion layer in them protects them with almost any major impact. They are almost indestructible.

The best part is you can customize all these types as they have a printable surface. One can print anything like a photo, monogram, artwork, school, business or team logos, favorite characters, or more.

Be Prepared with What You Need

Plan everything properly from the beginning itself. Decide whether you want to carry on with an in-house printing setup or transfer the print job to a print manufacturer.
In the first scenario, you’ll need to buy a printer, sublimation ink, designing materials, etc. You’ll also need to confirm that your vendors maintain a continuous supply of materials.

Even in the second scenario, you need to take timely updates from your printer to ensure that your customers’ orders are met on time.

Run a Promotion Campaign

For the audience to notice your e-store, you should first make them aware about it. Social media platforms today are a rage and you can use them to your advantage.

While Facebook gives your brand possibly the largest visibility, LinkedIn enhances its professional value. Twitter is a great way to seek influencers’ recommendations to build your brand image.

Other innovative marketing strategies you may implement are a free limited-period trial, timely giveaways, online contests, etc.

These all combine to help promote your brand well.

Conclusion
To start selling phone cases online, analyze the market properly. Ensure that you follow the proper steps to set up your store and use good mobile cover printing software to boost your phone case business.

Original Source: https://whattheythink.com/news/100093-how-sell-your-phone-cases-online/

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Trends to Look for in the Web-to-Print Industry in 2020

Over the past decade, the printing industry has witnessed huge growth. As per the statistics, the web to print market was valued at USD 867.3 billion with an estimated growth rate of 7.62% until 2025.

It is high time all Magento Web-to-Print store owners start catering ever-increasing customer demands. Adopting the latest trends in this web-to-print industry to survive and grow has become a must.

To stand out in the printing industry here is the list of trends any e-store owner can look forward to:

Trends Worth Welcoming in the Web-to-Print Industry

·       Automation

Any delay in a printing job can raise questions on the business owner’s competence in meeting deadlines and fulfilling customers’ demands. So, staying on top of customers’ demands has become all business owners’ major responsibility.

To cater to customers’ demands in a better way, the industry has come up with ‘Automation’ of almost every process. Fully automated strategies and programs are improving both owners’ and consumers’ experiences gradually.

For instance, now consumers don’t have to manually place an order. They can simply load and send photos via any channel.

All these automated programs or strategies reduce dependency on manual processes. They not only help you auto-create designs but also automate manufacturing and production processes.

·         3-D Printing Technology

3-D prototyping printing technology settled the entire printing industry by storm. The global market of 3-D printing is forecast to grow to nearly USD 50 billion by 2025. With more and more printers adopting this technology, it surpassed subtractive manufacturing in popularity.

3-D printing can not only be speedier but also more accessible. And a Magento printing extension or software design tool has boosted its potential further.

Healthcare, automotive, robotics, education, etc. all are tapping into the potential of 3-D print technology.

·         Variable Data Interface

A print e-commerce store can also accommodate on-the-spot changes in the requirements.

For example, your consumer sent a print request for invitation cards. However, a few minutes later, they realize that they’ve made a typo in the venue address.

In order to correct that, they just can simply update the file at their end. The Magento Web-to-Print software will recognize the update and make edits accordingly.

This is why the variable data interface can be useful. A requestor or consumer doesn’t have to go through multiple channels and operations. They can simply change their information in no time.

Hence, variable data interface saves both consumers’ and business owners’ time and adds to their convenience.

·         Personalization Options

A business constantly needs to maintain its brand image in today’s competitive market.
Personalization isn’t just about customizing design. It also includes customizing format, specs, and other details as per customers’ preferences.

These personalization options are easily accessible for customers these days. They just have to input their preferences and the W2P technology will recognize them. With a Magento printing extension, customers can even design their products.

·         Integration with a Shipment Partner

Carrying out an initial transaction online has now become possible with the W2P technology. It doesn’t make any difference to shipment of a product to its destination.

As a result, the importance of having a reliable shipping partner has increased.

The W2P software transmits the shipping request to ship designs to customers to a third-party just after the click of the ‘Order Now’ button.

Real-time connection between shipping partners and business owners is a fairly new concept. It can go far ahead in the coming years.

Live Tracking can also come in handy. This feature keeps a customer informed about the status of their orders through text messages.

·         Voice Control and Command

Today, the need for efficiency is on the rise in every industry and the W2P industry is no exception. Some products with voice integrations have recently come up in the market.
Such voice integrations reduce the time and effort that go in manually typing all print specifications. Customers can simply mention their print specifications through voice commands. This new-age technology is a giant step towards making print job orders more customer-friendly.

·         Online Printing Portals

Web-to-Print technology is a technology to thrive in the future too. The proof is that all small businesses and even big entrepreneurs are preferring this technology. On top, consumers are also welcoming this service.

Therefore, several online printing portals have flooded the market. Online store owners have given full-fledged customization freedom to customers by providing a web-to-print storefront to them.

By partnering with an online printing portal, you can give your consumers more convenience and ease of transaction. Exploring this new option in the coming future may bring in more new customers for a steady flow of business growth.

Original source: https://customerthink.com/trends-to-look-for-in-the-web-to-print-industry-in-2020/

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