What is #PrintHBU?

Highest and best use is a real estate term used when valuing property.

“The most probable use of land or improved property that is legally possible, physically possible, financially feasible (and appropriately supportable) from the market, and which results in maximum profitability.”

Over the past few years I’ve taken the position that the use of print versus electronic reproduction is best looked at using a similar test. News should be (and needs to be) viewed online in a world where we are constantly updated. Many textbooks and other research vehicles are best served by an ongoing refresh and online cross reference.

When I think about the future of the printed page I think about highest and best use. I believe we have seen the major consolidation and shake-out in the printing industry so now those of us left in the business should be thinking about the long-term viability of our industry.

So then, what is print’s HBU? Let’s use the real estate example to guide us.

“The most probable use of land or improved property that is legally possible”

To me this goes to the news and textbook examples above. If print was just invented what’s the probable use of it in today’s world. You would not take the news medium and create a product that would be inherently late to market and likely out-of-date when it arrives or advertisements that run sales for a week or less. The probable use to me is pleasure reading, whether it be novels, advertisement/product research (like with automobiles), fine art, business applications, etc. In all cases except for one-color books the requirement for all is quality. The best printers in today’s world know that, and understand that when ink goes on paper accurate color and aesthetic qualities are a given and expected.

“..physically possible”

OK, now we’re getting to it. The biggest benefit of print is print itself. It is tangible, tactile, portable. When a publication is best served by a physical product print always wins. That does not mean that there won’t be supporting publications and subsets that will be electronic. We’ve learned at Blurb that electronic drives physical, and we offer it as such.

“…financially feasible (and appropriately supportable) from the market,”

Still with me…this is where the comparison really works. Can newspapers ever be profitable? What has happened to the revenue stream of the classified section? You can’t force print to remain what is has historically been or try to have it meet needs that are inappropriate.

“…and which results in maximum profitability.”

Quality printing will always have a market and will be increasingly seen as “premium”. This will assure that as we look for products and circumstances that demand print, those of us left in the business will be able to create and maintain businesses that thrive.

Try using the #PrintHBU test on your product line. Can your business past the test?