Living Among Giants
P+P: How has the global economy affected the promotional products sector? What kind of plan or growth strategy have you implemented to stay relevant and profitable?
MSS: The global economy has had profound impact on our industry. Products can be sourced much more economically. Overseas communication and travel opens more markets to the most cost-efficient manufacturers despite shorter and shorter lead-time requirements and [shrinking] minimum quantity purchases. However, the lack of direct access to many of these overseas suppliers increases product safety compliance risks. At the same time, U.S.-based companies compete in markets around the globe and require global solutions to allow for uniform branding consistency in making product available to their outlets anywhere in the world. All of this has served to limit the ability of smaller industry participants to meet the increasingly sophisticated needs of the largest purchasers of promotional products.