With the increasing pressure caused by new entrants in the market, lack of innovation, and diminishing opportunities to differentiate against competitors, the chemical companies are on the verge of disruption. Thus, chemical companies are realizing that, in order to address the next wave of opportunity and enter new markets, they will have to shift from a historic “operations-driven” focus to more agile service-driven businesses. But the question major players in the chemical industry come across is, how to gain a competitive advantage? Well, this is where a marketing strategy comes into play. A robust marketing strategy is a marketing plan that helps businesses keep tabs on target market segments, analyze their target customer, forecast demand-supply shifts, track emerging market trends, regional market developments, and provide insights on the potential impact of changing factors on business segments for gaining a competitive advantage in the market. So, let’s find out how Infiniti’s marketing strategy solution helped a chemical company gain a competitive advantage in the market.
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Identifying Target Markets and Managing Expenses for a Chemical Manufacturer
About the Client
The client is a leading chemical manufacturer based out of the United States. The company, with a workforce of 3,000, specializes in the manufacturing and supply of chemical products to companies in around the US.
The Business Challenge
The client, a renowned company in the chemical industry, wanted to boost profitability in the chemical market and determine their target customers. They noted that the lack of target market information and inadequate market knowledge resulted in missed market opportunities. By improving their targeting and profit optimization strategies, the company wanted to avert the revenue losses which they were currently incurring.
By leveraging Infiniti’s marketing strategy plan, the chemical industry company wanted to determine the demands of their target markets, promote their business effectively, and allocate their resources correctly – all while safeguarding the reputation of the firm in the chemical industry. Infiniti’s marketing strategy plan would help the company identify the best opportunities as well as the threats that they could mitigate across the regions of interest. By implementing a marketing strategy plan and monitoring all the marketing activities of competitors, the manufacturer was looking out to improve profit margins, build better branding strategies, and better manage overall business expenses.
Implementing a marketing strategy plan helps build brand loyalty and customers for life while giving you a clear path to follow and a concise way of explaining your value to others. Interested to leverage our marketing strategy plans? Request a FREE proposal below!
Infiniti’s marketing strategy plan helped the company to better define their target customers. By gaining a deep understanding of the target market and identifying opportunities worth exploring, the company was able to stand out among a sea of competitors. Moreover, the developed marketing strategy template ensured that the way they promoted their products aligned with their overall goals and helped the company to achieve great value from their marketing plans. The marketing strategy plan also offered a wealth of actionable end-consumer data, which the company could use at a later stage to boost their presence in the chemical industry. Infiniti’s marketing strategy plan helped the company to build a robust marketing plan and increase profit margins by 25%.
Future of the Chemical Industry
The chemical industry is at a crossroad. Faced with market unpredictability, increased regulations, and products moving towards commoditization, it is becoming increasingly difficult for companies in the chemical industry to maintain reasonable margins. Even though globalization is opening new markets for manufacturing companies in the industry, leading chemical industry firms are facing challenges pertaining to market ambiguity, pricing pressures from new competitors, and fluctuating regulatory landscapes. So, with the rising competition on one side and mounting challenges on the other in the chemical industry space, the only option left for companies in the chemical industry is to convert the challenges into opportunities with the help of a better marketing strategy.
Furthermore, with the prices of chemicals changing at a rapid pace, it becomes vital for companies in the chemical industry to keep on top of market developments, identify the latest price trends, and target the right market. By identifying the right market segment, a company can effectively fight competition and gain market shares.
Developing an effective marketing strategy gives you a leg-up in your industry, especially if your competitors haven’t documented their marketing strategy plan. So, what are you waiting for? Get in touch with us today and become market leaders!