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March 31, 2009 Strategic Assessment

Recession Realities: The Year for Digital Efficiency and Effectiveness

Authors

Charles A. Pesko

Barb Pellow

Eve Padula

Published By

On Demand Printing &

Publishing Consulting Service

Production Workflow Solutions

Consulting Service

© 2009 InfoTrends, Inc.

www.infotrends.com

Abstract

This white paper highlights the new technologies and strategies that

businesses can consider in today’s difficult economy. It covers the

business practices that can help print service providers weather the

storm, and eventually emerge from this recession even stronger.

For More Information

If you would like to order extra copies of this report, receive permission to use any part of the

report, or be informed of upcoming market updates, reports, and related projects, please e-mail

us at [email protected].

Recession Realities: The Year for Digital Efficiency and Effectiveness March 2009

www.infotrends.com - 2 - © 2009 InfoTrends, Inc.

Table of Contents

Introduction ............................................................................................................................... 3

Market Realities for the Printing Industry ............................................................................... 3 The Recession is Deep… And It’s Getting Deeper ................................................................................ 4 Changes in the Print Industry ................................................................................................................. 4

A Winning Strategy in a Recession ......................................................................................... 5

Investing in the Right Technologies ........................................................................................ 6

Back to the Basics for Print on Demand! ................................................................................ 7

The Retail Value of Print ........................................................................................................... 8 U.S. Print on Demand Market ................................................................................................................. 8 U.S. Production Digital Print Market ....................................................................................................... 9 U.S. Print Production Software Market ................................................................................................. 10

Investing in the Right Application Solutions ........................................................................ 12 Web-to-Print .......................................................................................................................................... 12 Multi-Channel Communications ............................................................................................................ 12 Lean Manufacturing .............................................................................................................................. 14 TransPromo Documents ....................................................................................................................... 15 Photo Publishing ................................................................................................................................... 17

Marketing Your Company during a Recession ..................................................................... 18

Investing in Your People ........................................................................................................ 19

Recommendations and Conclusions .................................................................................... 20

Table of Figures

Figure 1: Change in Commercial Printing Industry Sales from All Sources (3-Month Average) .................. 4 Figure 2: Basic Principles for Print on Demand ............................................................................................ 7 Figure 3: U.S. Print on Demand Market – 1995-2015 ($Billions).................................................................. 8 Figure 4: U.S. Production Digital Print Market Forecast – 2007-2012 ($Billions) ......................................... 9 Figure 5: U.S. Production Print Software Market Forecast – 2007-2012 ($Billions) ................................... 10 Figure 6: U.S. Production Print Software Market Forecast by Segment – 2007-2012 ($Millions) .............. 11 Figure 7: Multi-Channel Campaigns versus Print-Only Campaigns ........................................................... 13 Figure 8: The Lean Organization ................................................................................................................ 14 Figure 9: Growth Forecast for TransPromo Impressions – 2007-2012 (Billions) ....................................... 16 Figure 10: Photo Publishing Market Forecast – 2007-2013 ($Billions) ...................................................... 17



Introduction

It should come as no surprise that the economy is the number one issue on everyone’s mind. Most people

know a family member, friend, or business associate that has been impacted by the job cuts taking place

in today’s market, and some people have been affected personally. Rather than focusing on the doom and

gloom of a difficult economy, this document discusses the business initiatives that can help print service

providers weather the storm and emerge from this recession even stronger.

Market Realities for the Printing Industry

We have all heard about consolidation in the market, and there can be no doubt that times are tough.

From a statistical perspective, the nation’s overall unemployment rate ended 2008 at 7.2%,

representing a 16-year high. Additionally, some economists believe that unemployment may reach

10% by the end of this year.

Printers are no exception to today’s economic woes—total employment in printing and related support

activities fell 3.7% in 2008 to 601,000. This is the steepest drop since 2003.What’s more, available data

shows that total employment in the commercial printing industry was down 3.3% during the first 11

months of 2008, averaging almost 462,000 for the period. Furthermore, job losses in commercial print are

intensifying—November 2008 employment was down 6.5% from the previous year. Over the past decade,

the number of actual commercial printing establishments has fallen by 24% — to put this another way, we

have lost 6,900 printers.



The Recession is Deep… And It’s Getting Deeper

Supplied by NAPL Chief Economist Andy Paparozzi, the Figure below illustrates how fast sales are

declining. It represents the percentage of change in the 3-month moving average for commercial print

sales over the past 3 years. The 12.1% decline seen for the 3 months ending January 2009 was the

steepest drop ever recorded in our industry.

Figure 1: Change in Commercial Printing Industry Sales from All Sources (3-Month Average) Percent change in commercial printing industry sales from all sources, (3-month average.

Figures are NAPL estimates.)

-12.0%

-9.0%

-6.0%

-3.0%

0.0%

3.0%

6.0%

9.0%

JDNOSAJJMAMFJDNOSAJJMAMFJDNOSAJJMAMFJ

2006 2007 2008 2009

Source: Andrew Paparozzi, Chief Economist, NAPL

Changes in the Print Industry

Predicting when print sales might recover for your business has become much more difficult than it used

to be. In the past, print correlated well with moves in the economy and GDP, but this is no longer the case.

That predictor fell apart in the mid-1990s, largely due to the shift from printed media to digital media.

Much of this shift has been driven by the huge advancements in information technology since the last

recession.

There is no doubt that the explosion in mobile technology will have an increasing impact on traditional

media. Mobile advertising is just beginning to take off in the United States, but it has been flourishing in

Asia for quite some time. In addition, we now live in a 24/7 mobile world with iPODs, camera phones,

PDAs, and video capabilities. Some people are practically addicted to mobile e-mail. New social

networks offer entirely new worlds of communication for consumers as well as businesses.

The bottom line is that structural changes in the media world and in our industry are accelerating. As was

the case in past economic downturns, this recession will once again change the face of the printing

industry. Therefore, although many expect the current recession to end in late 2009, we will not be back

to business as usual. Normal GDP growth will likely not return until late 2010, and not all printers will

recover with the economy.



A Winning Strategy in a Recession

During a recession, you cannot merely focus on survival—you must

restructure your company for the transformed printing industry of the

future. The strategies that are winning in today’s market link directly to

solutions that help clients save or make money. Web enablement is at the

core of successful solutions.

The messages that initially resonated with on demand technology—just-in-

time, on demand, and zero inventory—are critical in a difficult economy. They are essential to the overall

cost reduction picture, and Web-enabled strategic sourcing is the answer.

Marketers are struggling with their budget dollars. They are seeking partners that provide Web-based, multi-

channel solutions with demonstrable ROI. Meanwhile, print service providers are attempting to diversify

and focus on somewhat “recession-proof” markets like education, healthcare, and consumer-oriented

products. There is also a strong desire to migrate into the small and medium-sized business (SMB) market

with Web-enabled store fronts. SMBs are seeking marketing solutions to drive incremental revenue.

In a difficult economy, everyone needs to market their capabilities and ensure solid awareness of their

products and services. For vendors and print service providers alike, effective communication has never

been more important. Savvy marketers have learned that economic downturns provide a great opportunity

to gain market share. In the end, efficiency is king. Implementing the right tools for automation and lean

manufacturing is critical to becoming a low-cost provider.

As we look at 2009, there are two key terms to watch:

Digital Effectiveness: Effectiveness means “doing the right thing”—conducting the right activities

and applying the best strategies for competitive advantage. Effectiveness says that you have invested

in the right technologies to reduce document inventory/obsolescence and deliver ROI-driven

marketing communications solutions. Savvy print service providers must understand how to make

money delivering finished print products and monetize non-print revenue streams (e-mail,

personalized URLs, Web landing page creation, and campaign management strategies).

Digital Efficiency: Efficiency is “doing the thing right”—meaning that processes are completed

using the least resources and in the shortest time possible. Graphic communications providers must

focus on integrating workflow starting with Internet-driven customer-facing order entry capabilities

and JDF workflow that automates the interfaces with MIS and production.

For print service providers, digital efficiency and digital effectiveness translate into: Investments in the right technology (software and equipment)

Investments in the right application solutions:

o Web-enabled supply chain management

o ROI-driven marketing communications

o Lean manufacturing

o TransPromo

o Photo publishing applications

Efficiency is king. Implementing the

right tools for automation and lean

manufacturing is critical to becoming a low-cost provider.



Investments in building your organization:

o Investments in marketing and increased awareness

o Investments in your people

Investing in the Right Technologies

Behind all the bad economic news, there are some bright spots. Digital is the only segment of the printing

industry that has demonstrated continued growth. The number of digital printing establishments has

increased 300% since 1998, and employment is up 250% within this same timeframe. Digital color

impressions are expected to demonstrate a CAGR (compound annual growth rate) of 10% between 2008

and 2012.

New, more affordable equipment and software solutions are driving new business opportunities. The

technology exists to deliver on the digital promise, and digital equipment as well as software products are

driving market change.



Back to the Basics for Print on Demand!

When InfoTrends conducted its first ON DEMAND conference in 1992, the

message was that print on demand delivered what was needed, when it was

needed, and in the exact quantity required. It offered quick turnaround while

eliminating waste and reducing obsolescence. It was a zero inventory

approach to print production that saved businesses money. Print on demand

also helps organizations grow their revenue with increased response rates, better impact, and improved

time to market. The industry has changed a lot, but it’s time to go back to the basics with the same

messages that have been around since 1992. They are particularly relevant in a challenging economy.

Figure 2: Basic Principles for Print on Demand

Cost

Reduction

Revenue

Growth

• Inventory reduction

• Reduced labor

• Reduced marketing costs

• Reduced time to prepare

• Reduced time to print

• Improved customer response

• Increased market awareness

• Improved comprehension

• Improved time to market

The big difference between today and the early 1990s is the Internet. The Internet provides real-time

access to digital print and enables print service providers to become an integral part of their customers’

print supply chains.

In today’s challenging economic climate, efficiency, convenience, and return on investment are critical.

Messages should be centered upon the benefits and advantages of your products and services. Your

customers and prospects are seeking as much value as possible in a weak economy. Rather than becoming

enamored with technology, now is the time to communicate to your customers that you can save them

money and deliver improved business results.

The big difference between today and the early 1990s is

the Internet.



The Retail Value of Print

U.S. Print on Demand Market

The Figure below provides a 20-year perspective for the retail value of the U.S. print on demand market.

As you can see, the U.S. print on demand market experienced an 18.3% growth rate between 1995 and

2008, reaching a value of $50 billion at the end of last year. Retail sales within the print on demand

market have proven to be fairly recession-proof—InfoTrends expects the growth in this market to

continue through 2015, albeit at a slower rate (7.6%). By 2015, retail sales within the print on demand

industry are expected to hit $85 billion.

Figure 3: U.S. Print on Demand Market – 1995-2015 ($Billions)

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Actual

18.3% Growth Rate

Forecast

7.6% Growth Rate

2008

$50 Billion

Color

B&W

The Figure above represents all segments of the print on demand market, including commercial printing,

in-plant printing, and quick printing. The slight uptick in the forecast curve for the outer forecast years

represents the impact of higher speed inkjet printers, which are expected to expand print on demand

beyond its currently served markets. Also notice that all of the growth is taking place in the color segment

of the market.

Back in 1995, digital color was expensive. Some industry pundits projected growth, but the truth is that

there were not a lot of believers. Since that time, technology has caught up and digital color has become

synonymous with digital efficiency.



U.S. Production Digital Print Market

While affordable equipment is a market driver, it must be combined with the right services, software, and

supplies to be truly effective. The hardware, software, services, and supplies associated with the U.S.

production digital print market are expected to achieve a CAGR of 9.3% between 2007 and 2012. By the

end of the forecast period, total sales for this market are expected to reach $27 billion. As shown in the

Figure below, growth for service and supplies will accelerate as the installed base increases. What’s more,

this growth is occurring at the expense of traditional offset technologies.

Figure 4: U.S. Production Digital Print Market Forecast – 2007-2012 ($Billions)

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

2007 2008 2009 2010 2011 2012

Hardware

Supplies

Service

Software

Source: Print Production Software and Print On Demand Market Forecasts: 2007-2012, InfoTrends, 2008

9.3%

CAGR



U.S. Print Production Software Market

While sales for software are smaller than those for hardware, software remains a key driver for the print

on demand market of the future. Software opens new market opportunities, and it drives cost reductions

throughout the production processes. Across a broad spectrum of solutions, the print production software

market will climb at a CAGR of 8% between 2007 and 2012.

Figure 5: U.S. Production Print Software Market Forecast – 2007-2012 ($Billions)

$2.4 $2.6

$2.8 $3.0

$3.3 $3.5

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

2007 2008 2009 2010 2011 2012

8.0%

CAGR

Source: Print Production Software and Market Forecast: 2007-2012, InfoTrends, 2008



InfoTrends’ detailed software market forecast shows the software categories that are expected to

demonstrate the strongest growth. Print service providers are investing their dollars on workflow, variable

data solutions, and e-business—tools that drive more efficient workflow and more effective customer

communications. Although they are small today, multi-channel communications are expected to show the

highest growth (32%) through 2012.

Figure 6: U.S. Production Print Software Market Forecast by Segment – 2007-2012 ($Millions)

$0 $100 $200 $300 $400 $500 $600 $700

Mullti-Channel Comm.

Datastream Transformation

Graphic Arts VDP

Prepress-point

Print MIS

Mail Prep

Print e-Business

Transactional VDP

Workflow Mgmt.

2012

2007

Source: Print Production Software Market Forecast: 2007-2012, InfoTrends, 2008



Investing in the Right Application Solutions

While the technology is readily available, success in today’s market will be directly linked to the ability to

utilize this technology to deliver value-added solutions for customers and streamline work processes. The

five application solutions that can help ensure success are:

Web-to-Print

Multi-Channel Communications

Lean Manufacturing

TransPromo Documents

Photo Publishing

Web-to-Print

Corporate print buyers are reporting increased efficiencies as a result of Web-to-print services. Based on

InfoTrends’ research, print buyers reported an average savings of over 14% as a result of implementing

Web-to-print services. They also achieved the added benefits of reduced turnaround times, improved

tracking, fewer errors, and better corporate brand management—all critical factors in economically

challenging times.

Multi-Channel Communications

Marketers are also seeking partners in the delivery of targeted multi-

channel communications that extend beyond print. Today’s consumers are

drowning in a sea of unrelated marketing campaigns, so corporate

marketers are looking for ways to invest in communications that cut

through the clutter and attract new business.

It is estimated that today’s consumers spend 25% to 30% of their total media time multi-tasking. In

addition, the more media that a person consumes, the more likely it is that they will consume several

channels at once. Perhaps most importantly, consumers that use at least three channels when shopping

spend up to ten times more than single-channel consumers and generate 25% to 50% more profit!

In addition to figuring out how to tap into the direct mail print revenue stream, print service providers

must learn how to monetize the non-print revenues associated with multi-channel campaigns. The most

effective campaigns will include e-mail blasts, SMS, development of Web landing pages, and overall

consulting for campaign management and strategy.

Marketers and print service providers alike are reaping the benefits of multi-channel

communications.



The drive for multi-channel solutions is simple—response rates are better. In a recent Multi-Client study

entitled Multi-Channel Marketing: Measurement and Benchmarking, InfoTrends surveyed more than 200

marketing executives. On average, these executives indicated that response rates from multi-channel

campaigns were 35% higher that print-only campaigns. They also acknowledged that providing support for

multi-channel campaigns further improved profitability in relation to print-only direct mail campaigns.

Figure 7: Multi-Channel Campaigns versus Print-Only Campaigns

Improvement over

print-only campaigns

35%

34%

28%

19%

6.5%

7.7%

8.3%

8.7%

8.8%

0% 2% 4% 6% 8% 10%

Print only

Print and Web landing pages

Print and e-mail

Print, email, Web landing pages, and

mobile marketing

Print, e-mail, and Web landing pages

Source: Multi-Channel Communications Measurement & Benchmarking. InfoTrends, 2008

N = 217 marketers

New revenue streams are being derived from a wide variety of sources, including design, e-mail blasts,

strategic campaign support, measurement, and metrics. In today’s tough economy, you can’t afford NOT

to get into the multi-channel game!

InfoTrends’ Multi-Channel Marketing multi-client study also surveyed 200+ print service providers. It is

clear that marketers as well as print service providers are reaping the benefits of multi-channel

communications. The majority of the marketers and printers that we surveyed reported that multi-channel

communications improved their revenues, profits, and customer acquisition and retention rates. Printers

also improved their digital and offset volumes as a result of multi-channel campaign participation.



Lean Manufacturing

Many printers, particularly smaller ones, are struggling to reconcile two critical needs that are equally

important to their long term prosperity:

The need to offer customers continually improving and innovative services

The need to increase the efficiencies of their underlying manufacturing operations

Within the printing industry, we are seeing the rapid adoption of the value-added services model, but

success is also linked to streamlining print operations and implementing effective workflow. With more

jobs, shorter runs, quicker turnarounds, price pressures, and the increasing demands of clients, becoming

as cost-effective as possible is essential for print providers.

Today’s print providers must find a way to offer real-time communication and Web-enabled links

between suppliers, production processes, customers, and business processes. Failure to make these

workflow investments today may make it difficult for you to compete in the future.

Figure 8: The Lean Organization

Suppliers Customers

Production

Processes

Business

Processes

Real Time

Communication



TransPromo Documents

Marketers face the challenge of getting their messages out in a way that

breaks through this clutter and encourages recipients to engage in desired

behaviors, which can range from simply recognizing a brand to changing

investment strategies or purchasing the latest product or service the marketer

represents. Increasingly, marketers are using the tried and true monthly

communications medium—the statement—as well as other transactional

documents in new and different ways to ensure that their messages are

noticed. This method of advertising is referred to as transpromotional, or

TransPromo. TransPromo provides an opportunity to blend marketing

messages with must-read transaction statements, invoices, confirmations, benefits explanations, and other

notifications to influence behavior and ultimately drive business volume. The buzz surrounding

TransPromo continues, and this concept is even more important in a tough economy.

Transactions are linked to agreements between two parties related to the exchange of goods and services.

While the initial focus of TransPromo was on the promotional portion (cross-selling to existing clients),

today’s companies are now leveraging this touchpoint to educate, inform, and promote. Simply stated, the

term TransPromo refers to a transaction document that consists of a promotional message that is

positioned alongside essential transactional information. TransPromo converts trusted documents that are

simply conveying information into documents that inform, promote, and interact with recipients. It blends

the opportunity educate and sell offered by promotional documents, with the collection and

summarization of data inherent in transactional documents to deliver a new communications model that

informs and interacts with the recipient.

While it is true that businesses have been using statement inserts for promotional purposes for over 60

years in an approach that could be described as transpromotional, the benefit of those inserts has declined

as their novelty has worn off. So while the concept of including marketing information with statements is

certainly not new, marketers can now provide those marketing messages in a manner that has been proven

to attract maximum attention and drive higher levels of action. These marketing messages can be just as

personal and relevant as the transaction documents in which they are implemented.

TransPromo converts trusted

documents that are simply conveying information into documents that inform, promote, and interact with

recipients.



InfoTrends recently completed a comprehensive study on the TransPromo market entitled Trans Meets

Promo… Is it More than Market Hype?. More than 1,000 consumers were surveyed regarding their

perspectives on transaction documents. According to the survey data, the typical consumer spends

between two and three minutes reviewing a statement. For companies that are trying to get their messages

across, transaction documents represent an ideal opportunity. As a result, InfoTrends is projecting

significant growth in TransPromo pages over the next 5 years. While this growth is occurring from a

small base, projections are that TransPromo print volumes will experience a CAGR of 68% through 2012.

Figure 9: Growth Forecast for TransPromo Impressions – 2007-2012 (Billions)

68%

CAGR

1.72.5

4.3

7.8

13.4

22.8

Billio

ns

of

Tra

ns

Pro

mo

Imp

res

sio

ns

Source: Trans Meets Promo… Is It More Than Market Hype?, InfoTrends, 2008

0

5

10

15

20

25

2007 2008 2009 2010 2011 2012



Photo Publishing

In uncertain economic times, the photo publishing market—which includes photo books, photo calendars,

photo cards, and specialty prints—represents a somewhat recession-proof segment. In fact, the photo

publishing market grew by 38% during 2008.

Although this was initially a business-to-consumer market, business-to-business applications are

emerging. What’s more, social networking sites and mobile opportunities are increasing, and a large share

of these applications are currently being produced on high-volume digital printers.

The photo publishing market will break the $1 billion barrier in 2009, and this amount is expected to

reach $2.5 billion by 2013 (22% CAGR from 2008-2013).

Figure 10: Photo Publishing Market Forecast – 2007-2013 ($Billions)

$0

$0.4

$0.8

$1.2

$1.6

$2.0

$2.4

$2.8

2007 2008 2009 2010 2011 2012 2013

An

nu

al

Sale

s (

$B

illi

on

s)

Source: Photo Merchandise Products for the U.S. Market, InfoTrends, 2008

22%

CAGR

$0.7

$0.9

$1.2

$1.5

$1.9

$2.2

$2.5

The bottom line is that super-efficient, ROI-focused, Web-based, market-centric providers will emerge

stronger. Savvy market players will continue to invest in digital technologies that improve their

relationships with customers, reduce costs, and incorporate Web-based market-driven services.



Marketing Your Company during a Recession

In a down economy, businesses must pay special attention to their

marketing strategies, and service providers must find a way to

differentiate themselves. As a matter of fact, brands that increase

advertising during a recession when their competitors are cutting back

can improve their market share and return on investment at a lower

cost than in good economic times.

Here are just a couple of examples of companies that took advantage

of past recessions to dramatically improve their market positions:

Taco Bell and Pizza Hut stole share from McDonald’s during the 1990-1991 recession.

During the early 1990s, Nike tripled its marketing spend. In addition to destroying Reebok’s

competitive threat, this resulted in profits that were nine times higher coming out of the recession than

they had been going in.

An entrepreneur once said that if he had only one more dollar to spend on his business, he would spend it

on marketing. This holds true in times of economic hardship. Marketing is arguably even more important

during these times.

During a recession, elasticity spikes because people are willing to switch or stop consuming due to small

changes in price. Marketing can help combat these effects by reminding customers and prospects about

the value you deliver. Effective strategies include:

Ensuring that you are monitoring client relationships with a good CRM tool

Demonstrating ROI-oriented solutions through your own campaigns

Conducting seminars for clients on cost-effective marketing or getting document inventory under

control

Working with the press to highlight your successes

Blogging

Demonstrating your capabilities through printed specialty and promotional items

Brands that increase advertising during a recession when their

competitors are cutting back can improve their market share and return on investment at a lower

cost than in good economic times.



Investing in Your People

Lou Gerstner, former Chairman and CEO of IBM, perhaps put it best

when he said, “in the end, an organization is nothing more than the

collective capacity of its people to create value.” In today’s market,

graphic communications firms must understand that there is a technology

shift in which hiring needs to focus on knowledge workers versus

production-oriented workers. The reality is that attracting talent to a

perceived “non-glamour” industry like printing can be difficult.

InfoTrends’ research revealed the five best practices that successful firms are using to meet the demands

of a digital world:

Positioning your firm to attract the right talent

Clearly defining essential skills and building job descriptions

Developing a combined “build versus buy” talent pool

Developing a structured, proactive recruiting process that includes testing

Embracing ongoing education

Now, more than ever before, it is critical to ensure that your firm has the best possible staffing

practices in place. In addition, new selling skills are essential. Sales personnel must have what is

categorized as good business acumen. InfoTrends multi-client study entitled Multi-Channel

Communications: Measurement and Benchmarking revealed that salespeople are striving to get past

print buyers so they can sell their services to CEOs, Presidents, or marketing decision-makers. This

means learning to communicate with senior executives in their language when talking about return on

investment, cost savings, and business metrics.

“In the end, an organization is nothing more than the collective capacity of its people to create value.”

- Lou Gerstner



Recommendations and Conclusions

Print service providers should consider the following:

Digital and multi-channel communications are the here and now

If you aren’t already in the multi-channel game, now is the time!

Focus on the right markets, applications, and opportunities

Building or brand and marketing your capabilities has never been more important

While delivering value to customers, instill manufacturing discipline

Continue to educate your people and your customers

Surviving in today’s economy means going back to the basics and incorporating strategies that will help

make and save money. This involves:

Printing what is needed, when it is needed and in the exact quantity required to reduce waste and

inventory obsolescence

Delivering more relevant messaging

Maximizing operational efficiency and being the most cost-effective provider

Optimizing resource utilization

Delivering ROI for your business and your customers

In 2009, the name of the game is digital effectiveness and efficiency—so do the right thing and do the

thing right!

This material is prepared specifically for clients of InfoTrends, Inc. The opinions expressed represent our interpretation and analysis of information

generally available to the public or released by responsible individuals in the subject companies. We believe that the sources of information on which our

material is based are reliable and we have applied our best professional judgment to the data obtained.

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