Paints and Coatings Industry Analysis
The global paints and coatings market has grown moderately over the past few years despite several uncertainties such as the economic slowdown of significant economies, the negative and positive impact of the crude oil prices, and fluctuations in the value of U.S. dollar. Despite the fact that many of these factors are beyond the control of coats & glaze formulators and paint manufacturers, the industry has continually responded to these critical changes. This has been possible due to the introduction of various innovative manufacturing processes and technologies that helped paints and coatings manufacturers to mitigate numerous potential adverse impacts instantly and maximize their possibilities for delivering growth to the decorates & glaze products.
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Importance of Competitive Pricing Strategy
Competitive pricing analysis allows businesses to regulate the competition by preventing loss of consumers and market share to the competitors. By employing a competitive pricing strategy, businesses can continuously monitor the price fluctuations employed by the competitors. Such a move enables businesses to respond to price changes by competitors and dominate the competition by preventing the loss of market share. Furthermore, it helps them to respond to each and every competitors’ moves. As a result, with competitive pricing analysis, companies can improve their strategies to match the competitors and prevent losing customers because of the price wars.
About the Client
Headquartered in the United States, the client is a leading paints and coatings company.
The client, a leading paints and coatings company, was facing challenges in withstanding unexpected price variations in the paints and coatings industry. Thus, the client approached Infiniti Research to leverage their expertise in offering a competitive pricing strategy. By employing a competitive pricing strategy, the paints and coatings company wanted to monitor the price changes employed by their competitors. Moreover, they wanted to keep their customer base happy and progress their business by managing and benchmarking pricing. Additionally, they wanted to boost their market participation and increase profits.
By employing Infiniti’s competitive pricing strategy, the client was able to thoroughly control the competition by avoiding loss of customers and market shares. Continuous monitoring of price fluctuations helped them to respond to price changes and prevented loss of market share. With the help of competitive pricing analysis, the client was able to decide when to increase or decrease prices to increase their overall profits. This subsequently helped them to avoid the trial and error costs of the price-setting process. Furthermore, the paints and coatings company was able to respond to the competitors’ strategy. As a result, the client surpassed the global competition by successfully capturing a top spot in the global market space by enhancing both customer satisfaction and customer retention levels.
The competitive pricing analysis solution also provided benefits that helped the paints and coatings industry client:
- Discover the strength and shortcomings of the market
- Develop robust competitive pricing strategies
- Compare the prices of the competitors and identify opportunities to differentiate their products and services
- Monitor competitors’ pricing strategies and proactively take informed business decisions
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