Color profiling is a great way to dial in consistent color on various medias and is also an ink cost saver. Most RIP software comes with generic stock profiles that work well on most medias. However, since every media accepts ink differently, profiling is the best way to get the particular media you are using to have consistent and accurate color. Every media has a maximum ink limit and individual CMYK limit, which means on standard calendared vinyl you may see no visible difference between printing 100% black and 80% black. The reason is at 80% black the media has accepted as much ink as possible. Adding more is a waste of ink and can cause the ink to not dry completely and look raised.
After going through all the steps of your particular color profiling/calibration software, make sure to output a before and after test print. Most print companies have one or two that can be downloaded. It consists of solid color fill values/mixtures, gradient ramps, CMYK tint values and raster images. After your profile has been created and loaded, output another test print using the newly created profile and compare them side by side, indoors and outdoors. If it was done correctly you will see less over-saturation, cleaner gradients and better looking raster images. Repeat the process for all media types you carry, you will achieve higher quality prints and save money by reducing ink consumption.
