Target market: Industrial packaging | Region under focus: EMEA
Focus area: Shrink wrap packaging | Solution: Go to market plan
This go to market (GTM) engagement focuses on helping a client venture into a new market segment by offering comprehensive research insights and a well-thought-out plan to provide a unique value proposition for their customers. Within five weeks, the client gained comprehensive research insights that helped them venture into the shrink wrap packaging market in Europe.
Infiniti’s approach to creating the go to market plan for the packaging client included industry-specific information on critical factors impacting market dynamics, forecasts (forecasted CAGR up to 2027), industry trends, competitive landscape, and key recommendations from packaging industry experts.
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The client, a prominent shrink wrap packaging company based out of the US, wanted to evaluate the feasibility of promoting its products and services in the new region. They also wanted to analyze the major factors involved in targeting potential customers with the help of a detailed go to market study.
Since the packaging company was looking to enter a new segment in terms of geography and target customers, developing a go to market plan proved advantageous in laying out a clear path for business success. The company partnered with Infiniti Research to support its expansion efforts using a holistic go-to-market strategy. They also wanted to create unique value propositions to win more customers by using research data and identifying innovative best practices to support their decisions.
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Market Overview: Global Shrink Wrap Packaging
The significant growth of the pharma, chemicals and medical devices industries has fueled the demand for shrink wrap packaging over the past decade. The rise in disposable incomes and changing lifestyle preferences of consumers have also resulted in a rise in the packaging of products, providing a huge opportunity for the key players operating in the packaging industry. However, rapid industrialization and growing competition from tech-enabled players are projected to hamper the growth of the global shrink wrap packaging segment.
Given the ongoing developments and expansion opportunities available for businesses, experts at Infiniti Research find EMEA and APAC to be the most lucrative markets for shrink wrap packaging companies. The growing demand for shrink wrap packaging from pharma and chemical sectors together constitute over 60% of the global demand; this, in turn, is expected to drive market growth and profitability for those who make the right move now.
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Infiniti’s Go To Market Approach
To help the client address their challenge, we proposed a custom approach to creating a go-to-market strategy. This approach combined primary and secondary research methodologies comprising in-depth industry analysis, stakeholder interviews, structured and unstructured surveys, and one-on-one interactions with key decision-makers and industry experts.
Our research experts also conducted rigorous secondary research and leveraged industry databases to conduct a detailed study with a region-wise and application segment-wise focus. Apart from offering detailed insights on the competitive landscape, the solutions offered enabled the client to access relevant industry information to create unique value propositions to target new customers.
Key recommendations for the client
Three-phased go to market approach: Experts at Infiniti Research devised a three-phased go to market approach. The initial phase focused on targeted industry analysis to identify segments and consumers with high demand. As a result, the client identified two specific regions and customer segments that need to be targeted for the initial roll-out.
Targeting industries with high growth potential: For the initial roll-out, experts at Infiniti identified three major industrial segments that turned out to be the most lucrative segments with high demand for shrink wrap packaging.
The go to market study unraveled detailed insights that helped the client venture into the new market using a three-phased approach. Within seven months of venturing into the new space, the company’s sales doubled, driving substantial revenue gains and capture a fair share of the market.
The benefits achieved include:
- Customized targeting helped win new customers and increase sales by 2x within a few months
- Identified gaps in customer needs and their offerings and invested in R&D for diversification into adjacent segments
- Identified factors impacting growth using a location-based approach, improving inventory and supply chain planning
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