Competitive Intelligence Solution for a Packaging Company
The global packaging industry is poised to experience positive growth over the coming years due to the increasing demand for packaging in food, healthcare, and other sectors. However, the rising demand for packaging has increased competition in the market. As a result, packaging companies will need to quickly adapt to market innovations and packaging industry trends to gain a leading edge in today’s competitive marketplace. Also, continuously analyzing competitors’ strategies and approaches is becoming imperative for packaging companies to make changes in their business plans. This is where companies realize the importance of leveraging competitive intelligence solutions.
With over 15 years of expertise in offering competitive intelligence solutions, Infiniti Research has helped various global giants to evaluate the competitive landscape in the market and make well-informed business decisions. Request a FREE proposal to know how our competitive intelligence solution can help your business.
The client is a packaging company based out of Germany. The company supplies packaging materials to consumer packaged companies, healthcare companies, and food manufacturers. With the entry of new players in the market, the client was facing challenges in competing with them, in terms of price, capabilities, and sales approaches. Also, the client’s inability to competitively price their products impacted their sales rate and profit margins. The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering competitive intelligence solutions.
By leveraging Infiniti’s competitive intelligence solution, the packaging company wanted to:
Identify competitors’ sales and marketing approaches – As the client was losing ground to their competitors, they wanted to identify the sales and marketing approaches employed with their competitors. By doing so, they wanted to make changes in their marketing and promotion approaches to drive sales and enhance the customer experience.
Understand competitors’ pricing strategy – As pricing played a major role in customers’ purchasing decisions, the client wanted to analyze the prices for similar products in the market and price their products competitively.
Identify performance gaps – By leveraging Infiniti’s expertise in offering competitive intelligence solution, the client wanted to identify their weaknesses compared to top packaging companies in Germany. Also, they wanted to innovate their product offerings to meet market demand.
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To help the client tackle the industry challenges, the experts at Infiniti Research followed a three-phased approach. The engagement involved identifying the top packaging companies in Germany, analyzing the client’s key competitors’ customer base and their requirements, evaluating the pricing strategies adopted by the key competitors, and analyzing the marketing and sales approaches followed by the key market players in the packaging industry.
The insights obtained from Infiniti’s competitive intelligence engagement helped the client to understand the strategies and approaches employed by their key competitors. Infiniti’s competitive intelligence engagement further helped the client to identify the packaging industry trends and also understand how their competitors adapted to the latest trends and innovations in the market.
Furthermore, Infiniti’s competitive intelligence engagement helped the client to identify the pricing strategies employed by the major players in the market. This helped them to make constant changes in their pricing plans to attract new customers. Also, the client was able to understand the marketing and sales approaches undertaken by their competitors. This subsequently helped them to create targeted marketing and sales campaigns. Moreover, with Infiniti’s competitive intelligence engagement, the client was able to understand their strengths and weaknesses compared with their major competitors.
In the course of one year, the company was able to boost sales through up-selling and cross-selling. Furthermore, with Infiniti’s competitive intelligence solution, the company was able to enhance its sales rate by 18%.
Benefits of Competitive Intelligence Solution for Packaging Companies
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