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Meat Packaging Industry + Market Segmentation

The Journey Ahead for the Meat Packaging Industry

The meat packaging industry is crucial, convenient, and complex. It comprises of various sectors and sub-sectors, due to the multiple kinds of meat that are packaged and transported every day. Industry experts have forecasted steady growth for the meat packaging industry over the next five years. They have also highlighted the key market drivers and key challenges of the industry.

As developing countries grow, urbanization increases manifold, and this leads to an increase in demand. Consumers prefer hygienically procured and conveniently placed products. This allows for customers to save time and energy, even if it is at a higher cost. This is one of the crucial market drivers of growth in the meat packaging industry.

However, as demand for convenience increases, so does the demand for environmentally responsible and strictly regulated products. Consumers are more aware of the environmental impact of every industry and prefer sustainable packaging. They are also highly aware of the health effects of various products and are extremely particular about their consumption patterns. This is currently the most significant challenge faced by meat packaging industry players.

This challenge requires companies to implement strategic and tailored marketing approaches efficiently. Some of the top meat packaging industry players leverage target market segmentation solutions to develop a marketing approach that understands, and targets customers’ needs and preferences. This strategy allows for a higher return on investment and reduced losses on marketing. Additionally, brand identity is crucial to consumers today, and targeted marketing enables companies to control and improve their brand identity.

Infiniti’s experts have identified the key market drivers and key market challenges of the meat packaging industry in this article. Additionally, they have further explained the importance and benefits of target market segmentation analysis.

The meat packaging industry is forecasted to grow in the coming years. To identify and conquer every opportunity in this growing market, request a free proposal.

Market Drivers of the Meat Packaging Industry

Various factors influence the growth of an industry. The three factors listed below have been and continue to be key market drivers for the meat packaging industry. Infiniti’s experts have identified these factors as contributing to an increase in demand and improved operational efficiency.

Urbanization

As developing countries continue to proliferate, urbanization increases. This leads to a rise in demand, due to lack of access to fresh meat, and the need for convenience. Cities develop continually, and consumers focus on convenience and health. The meat packaging industry allows busy consumers to gain access to meat at a convenient time and location.

The Need for Packaging of Meat

Fresh meat must be stored and transported in controlled and regulated environments. Packaging of meat allows for creating a constant protective environment for the necessities. Fresh meat packaging helps by controlling the level of oxygen within the packaging, while also keeping the meat hygienic, protected, and conveniently available to all consumers.

Efficient Storing and Transportation

With innovation and development in technology, storage and transport have become easier and more readily available. The need for controlled environments has been met by improvements in cold storage and increasing shelf life. Additionally, there are various efficient and suitable transportation options for companies and consumers to rely on in the meat packaging industry.

To gain more in-depth insights into these key market drivers and their impact on the meat packaging industry, request more information.

Challenges of the Meat Packaging Market

The meat packaging industry has experienced growing demand and is forecasted to continue growing over the next five years. However, certain major challenges have surfaced in this industry and serve as barriers to growth. Infiniti’s experts have identified the following barriers, and have further discussed the most effective solution to recovering growth efficiently in the meat packaging industry:

Sustainability

The environmental crisis and negative impacts of plastic have changed the way consumers and companies interact with packaging. As sustainable options continue to develop through innovation with a crucial social cause. While sustainable packaging options are readily available, the scale of change required is challenging. Having to make equipment, operational, and personnel changes to adapt causes a variety of issues for meat packaging industry players. This continues to act as an obstacle to the growth of the meat packaging market.

Health and Hygiene Regulations 

As consumers become more aware and conscious about health, meat packaging market players face a changing market. Consumers are more particular about policies, licenses, health, and hygiene evaluations, as well as the quality of the product. Hygiene and health requirements have become more stringent recently, negatively impacting the meat packaging industry. However, consumers are a more challenging prospect as they are directly affected by quality, and they are well-informed. These changes in consumer behavior and regulations have led to an increased need for efficient and tailored marketing.

Logistics

With increased consumer awareness, changing health regulations, and the need for sustainable manufacturing make flawless execution difficult. While these changes are favorable for the industry and consumers from a long-term perspective, they pose various operational barriers for companies. Sustainability packaging requires deep-rooted and high investment change. Additionally, changing health and hygiene regulations require more stringency and efficiency within the companies. This increases the need for efficient operations, higher investment in training, and proficient machinery in the meat packaging industry.

Why Market Segmentation Matters

As customers become more aware and social causes influence buying behavior, the meat packaging industry must market their offerings efficiently. Social and health-related causes, and environmentalism, cause a series of challenges when it comes to marketing. However, target market segmentation enables companies to gain an understanding of consumers’ needs and preferences. This helps companies create tailored marketing approaches.

By segmenting customers according to various factors such as needs, preferences, value for the brand, companies can identify their most profitable segments. It also enables companies to tailor their marketing according to the preferences of each customer group and reduces costs substantially. Companies leverage market segmentation to efficiently strategize and implement tailored marketing, improve brand recognition, and boost customer loyalty. Additionally, other crucial market intelligence solutions can help companies overcome other challenges while identifying opportunities in a growing market.

To further understand what market segmentation analysis can achieve for meat packaging companies, speak to our industry experts.

Market segmentation analysis

Infiniti’s Market Segmentation Analysis Helped a CPG Company Focus on Lucrative Customer Segments and Drive Profitability

Market Segmentation Analysis for a Consumer Packaged Goods Company

Due to growing ethnic diversity and broadening income disparity, consumers are becoming increasingly heterogeneous in their product preferences. This has severely impacted various market sectors, especially the consumer packaged goods (CPG) sector. With this, the need to identify subsets of a market based on demographics, needs, priorities, common interests, and other physiographic or behavioral criteria is becoming imperative for CPG companies to better communicate with their customer segments. To do so, companies are partnering with firms like Infiniti Research to leverage their expertise in offering market segmentation analysis solution. The insights obtained from Infiniti’s market segmentation analysis has helped various global giants identify the most lucrative customer segments and personalize business strategies for them to achieve maximum profits.

Are you facing difficulties in breaking down your market into targetable groups? Our market segmentation analysis solutions can help. Request a FREE proposal today!

Business Challenge

The client is a consumer packaged goods supplier based out of Germany. The client’s unstructured approach to marketing and promotional strategies resulted in huge customer churn. Also, as the client’s key competitors had already adopted a more focused approach by understanding the needs of their target customers, the client was losing ground to their competitors. Also, the client was not able to meet their customers’ needs and demands. This subsequently increased the customer churn rate by 13%. The client, therefore, realized the need to create small segments comprising of like-minded individuals and devise personalized business strategies to meet their needs. To do so, they approached Infiniti Research to leverage their expertise in offering market segmentation analysis solution.

With Infiniti’s market segmentation analysis solution, they also wanted to:

Better serve customers’ needs and wants – By leveraging Infiniti’s market segmentation analysis, the client wanted to categorize their customers into various segments based on their needs and requirements. By doing so, the client wanted to personalize their marketing and promotional strategies to efficiently serve their customer base.

Increase chances for up-selling and cross-selling – By understanding their customers’ purchasing patterns, the client wanted to recommend other relevant products matching their requirements and increase the chances of up-selling and cross-selling.

Differentiate product prices by segment – As managing customers’ price perception has become important for businesses, the CPG company wanted to differentiate their product’s prices by segments to sustain higher margins.

Attract additional customer groups – By employing a target market segmentation analysis approach, the client wanted to devise targeted marketing plans for different customer segments and differentiate their products according to their customers’ demands.

Focus only on target audiences – The client noted that promoting their products across wide customer segments resulted in huge loses for the company. This even increased the churn rate. The client, therefore, wanted to leverage Infiniti’s market segmentation analysis to identify their lucrative customer segments and focus on personalizing their business strategies for profitable customer segments to achieve maximum profits.

CONTACT US to know how our market segmentation analysis can help you efficiently categorize your customer segments and create compelling marketing and promotional strategies for them.

Solutions Offered and Value Delivered

To help the client segment their customers into various groups, the experts at Infiniti Research followed a four-phased approach to customer segmentation.

  • The initial step of market segmentation analysis involved conducting preliminary research. As a part of preliminary research, the experts conducted customer surveys. The factors such as highest purchased consumer packaged goods, customers’ shopping patterns, and their preferred channels of purchases were analyzed.
  • In the second phase of market segmentation analysis engagement, the experts segmented customers into various categories considering factors such as their age, geography, income, lifestyle, and behavior.
  • The next phase of the market segmentation analysis involved filtering lucrative customer segments from the target market. For this, the experts conducted manual and statistical analysis.
  • The final phase of the market segmentation analysis involved conducting demo marketing and promotional campaigns for the categorized customer segments to gauge the effectiveness of different segments.

The insights obtained from Infiniti’s market segmentation and customer analysis solution helped the client to understand their customers more efficiently and craft compelling marketing and promotional strategies for them. This helped the client to influence their customers’ buying decision. This targeted marketing approach even helped the client to better match their lucrative customers’ needs and attract new customers. Also, the market segmentation analysis engagement helped the client to recommend products to their customers according to their needs and demands. This increased up-selling and cross-selling and further resulted in an increase in the company’s sales rate.

By understanding the needs and demands of specific customer segments, the client was also able to create their own niche products to attract wider customer segments. This further helped the company to utilize their marketing budget on their lucrative customer segments. Also, with Infiniti’s market segmentation analysis solution, the CPG company was able to reduce customer churn and attract new customers.

By leveraging Infiniti’s market segmentation strategies, the client was able to achieve sales growth by 19%.

19% Increase in Sales Rate

Want to gain more insights into the benefits of leveraging our market segmentation analysis solution? Request for more info!

What is market segmentation analysis?

Market segmentation analysis is the process of segmenting customers into smaller groups based on their unique characteristics including age, income, requirements, behavior, and purchasing patterns. Market segmentation helps marketing professionals to personalize marketing and promotional activities for each segment to gain maximum traction. This also enhances customers response rate for products and services.

How to do market segmentation analysis

How to do market segmentation analysis

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Here are some other examples of market segmentation analysis. Read the below articles to know how Infiniti’s market segmentation analysis solution has helped companies across other industries.

https://www.infinitiresearch.com/white-papers/target-market-segmentation-infiniti-research-success-story

https://www.infinitiresearch.com/casestudy/market-segmentation-strategies

https://www.infinitiresearch.com/casestudy/market-segmentation-sporting-goods

Analyzing Customer Behavior and Enhancing Profitability for a Fast Food Company with the Aid of Market Segmentation Strategies

Market Segmentation Strategies for the Food Industry 

About the Client 

The client is one of the world’s leading fast food store, with more than 77 outlets globally. The company sells high-quality fast food products and beverages, along with a variety of fresh food items.

The Business Challenge 

In the last decade, consumption of fast food has gone up by 20% and continues to tick upwards with each passing year. Despite there is a constant rise in the fast food industry, with customers’ expressing their desire for more wholesome and natural foods, the sales rate have been falling rapidly. Thus, in an approach to earn back customers’ trust, major players are taking an approach towards market segmentation strategies. With market segmentation strategies, major food companies are constantly looking for ways to divide a broad market comprising of prospective customers into smaller sub-groups so that seizing their attention with one marketing strategy is easier.

Business Case: With the rising competition in the market and evolving customer preferences, the client recognized the necessity for a strong targeted marketing approach and better market segmentation strategies to cater to the demands of the global customer base. So, the primary aim of the client was to develop market segmentation strategies that could meet their business goals and objectives. Moreover, with Infiniti’s market segmentation strategies, the client needed to gain a detailed understanding of the different consumer personas to ramp up their marketing initiatives. By leveraging Infiniti’s market segmentation strategies, the client also wanted to understand the importance of market segmentation in analyzing consumer behavior and preferences with regards to their food products.

Inaccurate market segmentation strategies results in wasting up of company resources! REQUEST FREE BROCHURE to learn more about our services and figure out the right target customers to market your products.

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Market Segmentation Strategies: 3 Major Challenges B2B Enterprises Face and Ways to Tackle Them

For business-to-business (B2B) enterprises, market segmentation process can be a powerful tool for tactical and strategic applications under growing pressure to better target prospects and customers. Market segmentation strategies have enjoyed extensive acceptance in the consumer world for decades. However, B2B market segmentation process has weakened due to several factors like marginal technical expertise, limited availability of accurate data, poorly differentiated advertising, and  inability to develop high-quality leads. But with the rising income and middle-class population globally, business to business enterprises can no longer ignore the B2B market segmentation process. Buyers seeking customized products, customer support, and attention and are forming very specialized markets. This scenario was earlier seen in consumer markets only, but it has now developed into the B2B market as well. In fact, market segmentation strategies are something that enterprises in B2B can no longer ignore and expect to achieve positive results. However, there are some critical challenges B2B enterprises face with viable market segmentation process. Are these challenges different from the oneGet More Infos experienced in consumer market segmentation and If yes, then how? what are the possible solutions? In this article, we have tried to answer all such questions.

Challenges in B2B Market Segmentation Strategies 

Challenge #1: Dealing with highly complex B2B markets

Decision making in B2B markets is quite different from decision making in consumer markets. In the B2B market, buying decisions are normally complex with rules that are intertwined and made by different individuals with varying levels of authority while in consumer markets decisions are simply made by one individual or several individuals. Furthermore, potential buyers in B2B markets are oblique, multifaceted, complex and ephemeral. This creates the dilemma in formulating market strategies for B2B enterprises. In simple terms, it is difficult to identify who exactly is the target buyer and who we should segment in the B2B market segmentation process.

Challenge #2: Buyers in B2B market are more rational

Buyers in B2B markets are more rational and therefore, to devise market segmentation strategies here, one needs to pay attention to the need of the business rather than segmenting based on consumer segmentation audiences. This poses the challenge; it becomes important for enterprises to identify what drives customers’ needs and because businesses are not individuals, this is not too easy, yet it is theonly viable option.

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Challenge #3: Complexity of B2B products

In B2B markets, products are usually tailored and that is why making market segmentation strategies a success is very difficult in these markets. Additionally, each product bought by a business is rarely being used in isolation, in most cases, it is only a part of a larger system. This has made it mandatory to include experts in the market segmentation process of these markets which makes the whole process expensive. However, in B2B markets, there is a small section of customers who are important enough that they actually rise behind the setback of B2B market segmentation process. They need to be regarded as a unique segment with their own specific needs. Otherwise, they will walk away, and the firm will incur a huge loss.

Infiniti’s Solutions

With the years of expertise in market intelligence services, Infiniti research help businesses to measure the effectiveness of a marketing campaign, identify the most profitable market segments, analyze changes in market expectations, and also devise value maximization market segmentation strategies to enhance their shares. Also, through market segmentation solutions and need analysis, Infiniti helps businesses to gain actionable insights into expanding, diversifying, and tackling market competition.


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Market Entry Strategies

Customer Segmentation Strategy: 3 Key Challenges That Every Business Faces

A customer segmentation strategy is an invaluable tool for companies seeking to boost market share. However, most companies fail to implement an effective customer segmentation strategy. Modern companies know that they need to meet customer demands, but what they do not know is how to do this. Without precision, rich granularity, dynamism, and the context in the digital age, companies will be unable to meet the changing needs of their customers. Squeezed on one side by growing markets and on the other by merciless price-cutting, many companies are struggling to compete in today’s post-mass-market arena. The result can be undifferentiated offerings that yield no result and fail to please anyone. For businesses looking to improve the cash conversion cycle and bottom-line results, it is inevitable to do an effective customer segmentation analysis. In this article, we have discussed in detail about such challenges and many others that businesses face while devising their customer segmentation strategy and have suggested a few measures to deal with those challenges effectively.

Why IoT in Healthcare is the New Trend_ (4)Challenges in Customer Segmentation Strategy

Challenge #1: Understanding the scope of customer segmentation

For businesses, understanding the scope of segmentation is one of the most difficult challenges while formulating their customer segmentation strategy. If the scope is defined too broadly, it can lead to a very generic segmentation approach. On the other hand, segmentation of a very narrowly defined audience will result in very precise segments, but it would be of minimal relevance for other products or markets. This challenge requires businesses to think about several questions such as

  • What are the different degrees of scope at which currently segmentation is done?
  • How feasible are the variables of segmentation in customer segmentation analysis done for different business groups?
  • If standardizing segmentation across business groups is feasible or not?
  • What can be learnt from the competitors’ customer segmentation strategy?
  • What is their approach to customer segmentation analysis?

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Challenge #2: Comprehending inbound and outbound segmentation

Customer segmentation analysis reveals the fact that many businesses fail to understand the importance of inbound and outbound segmentation. They fail to decide how a customer segmentation strategy can be transitioned over the product life cycle so that there is a consistent view of segments and value propositions. This challenge requires companies to think about a few questions such as:

  • What are the uses of segmentation at the inbound stage?
  • What are the uses of segmentation at the outbound stage?
  • Can both the sets of variables be reconciled?
  • Can there be one “end-to-end” segmentation approach?

Challenge #3: Lack of Differentiation

A customer segmentation analysis asserts the fact that differentiation between the quality of products and their customers is very important for targeting the right customer for the right product. On a product level, without clarity in differentiation, businesses end up investing in products that are not aligned with profitability goals and current market trends. Differentiation facilitates businesses to make more strategic investments in products and customer service.

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Infiniti’s Solution

Infiniti Research, with its years of expertise in customer intelligence solution and customer segmentation analysis, is helping businesses to engage customers with confidence and gain unprecedented clarity on establishing individualized experiences in real-time. Infiniti helps businesses to measure the effectiveness of a marketing campaign in each of the customer segments, identify the most profitable segments of the customer, analyze changes in expectations of the customer, and also formulate value maximization strategies to improve their shares. Additionally, Infiniti helps companies to analyze their customers based on various variables at inbound and outbound stages like end-user behavior, usage scenarios, skill level, audience demography, price sensitivity, channel preference, and goals and outcomes.


Do you want to devise an effective customer segmentation strategy or want to gain more insights into our customer intelligence solutions? Contact us now!

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Market segmentation

5 Strategies to Do Effective Market Size Analysis for a Start-Up

For any startup, apart from developing a unique product or hiring the right talent, doing some market research is also very crucial. A part of this market research should include market size analysis. It is very difficult to make money for a startup without any market size analysis. Market size estimation helps to distinguish between two categories, the market that has to be addressed and the available market. The addressable market provides the opportunity for your product or service and the available market is the one for which you compete realistically. If you are able to understand the difference between these two, it can help you to develop a customer specified product offering. Market sizing gives you a sense of key market trends. It can give you the clue of the necessary demand driving products and services and move in the required direction.  Moreover, those trends also indicate whether a substitute for your product is on theContact US horizon that could potentially affect your market size. But to achieve the desired result, you need to have proper strategies for market size analysis in place. In this article, we have tried to provide you with such strategies by the help of which you can really stand ahead of your competitors.

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Market Segmentation Analysis: Neuromonitoring Devices Client Leverages Segmentation Strategies to Develop a New Product

Business Challenge 

In the medical device industry, the number of consumers is very obviously large and varied due to the presence of numerous product offerings in the market space. Like all other organizations in the medical devices industry, a leading company offering neuromonitoring devices wanted to leverage market segmentation strategies to develop new products in the market space. The client further wanted to gauge information on the potential of different markets and introduce their offerings in the market space. The client wanted to understand the factors hindering the growth of the market and devise effective strategies to introduce their offerings in the medical devices industry. The primary objective of the engagement was to identify the customer’s preferences and accordingly target the right customers and allocate resources to meet the customer requirements.

Solutions Delivered 

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To target the right customers and develop a new product strategy, the neuromonitoring device manufacturer approached Infiniti Research to plan actionable strategies to develop new products and reach out to the niche target segments. Infiniti’s market segmentation analysis helps the client define markets and allocate resources appropriately. Infiniti’s team of experts also carried out a blended approach comprising of interviews and discussions with leading stakeholders across the neuromonitoring landscape. The experts further collated information from various proprietary sources such as hospitals and healthcare aggregators to identify target groups and aggressively market to these defined segments.

By understanding the latest developments in the neuromonitoring devices market space, the client was able to position their products across different niche market segments. The client was able to identify ways to segment and approach the market in an effective manner. The engagement further assisted the client to identify the potential competitors and devise effective marketing strategies. With the help of Infiniti’s detailed market segmentation analysis, the client was able to seamlessly develop products and services.

Wondering how a market segmentation can help in increasing sales? Request for a 7 days FREE proposal!

Importance of  Market Segmentation Analysis for Medical Industry

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