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- Label Traxx
- Label Traxx Blog
Label Traxx Blog
[New Guide] There is a lot of movement in our industry right now. We have a surge in growth from online retail, global consolidation is shifting the business landscape, and many independent label converter owners with retirement on the horizon are looking to sell off or hand off their business to family. In this climate, what are the best decisions to help you stay competitive or become attractive to sell high? What can you do now to ensure the longevity of your business?
Competition is fierce in the label converting business, and much of that competition is related to price. However, label converters have to exercise caution in lowering prices to drive demand. With tight profit margins, it is dangerous to attract new customers based solely on cost.
All label converters are not created equal—but much of their marketing information gives that impression. If you're not standing out from the competition, you're not going to "pop" in front of consumers. It's that simple. The ability to differentiate your services is the only way to attract and retain customers for the long haul. But how can you effectively stand out?
In an environment where it seems everyone is talking about the "great resignation" or "turnover tsunami," the need for succession planning is top-of-mind for many organizations, including label converters. With many converters being independents who may or may not have family interested in taking over the business one day, proactive succession planning is critically important.