Competitor Analysis for Frozen Food Packaging Company
With technological progression and market advancements, the frozen food packaging industry continues to evolve. Moreover, the trends in packaging such as the introduction of sustainable packaging practices, convenient on-the-go packaging, clean labels, and healthy choices have gradually increased the number of new entrants into the European frozen food packaging market. This has made it vital for existing players in the European frozen food packaging market to keep track of their competitors’ plan and actions and refine their existing business models to achieve maximum profitability. Therefore, companies are partnering with firms like Infiniti Research to leverage their expertise in offering competitor analysis solution.
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Business Challenge
The client is a frozen food packaging company based out of Europe. The entry of new players drastically increased the competition in the European frozen food packaging market. The client, therefore, was facing difficulties in competing with other major players, in terms of cost, quality, and capabilities in providing innovative packaging offerings for customers. Moreover, they were losing customers and market share to their competitors due to their inability to competitively price their products. This compelled them to reduce the price for their products, which subsequently resulted in a loss in profit margin by 7%.
Therefore, they approached the experts at Infiniti Research to leverage their expertise in offering competitor analysis solution. By leveraging Infiniti’s competitor analysis solution, the client wanted to explore ways to stay competitive in the market by distinguishing market disruptions, analyzing competitors, and developing strategic business plans.
By leveraging Infiniti’s competitor analysis solution, the client also wanted to tackle several other market challenges:
- With the increasing demand for environmental-friendly packaging materials in Europe, the client was facing difficulties in adapting to the evolving market demands. With this, they were losing market share to their competitors who had already adopted environmental-friendly packaging strategies. Therefore, with Infiniti’s competitor analysis solution, the client wanted to analyze their competitors’ offerings in direct comparison to theirs and focus on enhancing their business processes.
- The client noted that their competitors have already leveraged automation solutions in their business operations. With Infiniti’s competitor analysis solution, the client wanted to identify the technologies leveraged by their competitors. By doing so, they also wanted to adapt to the evolving technologies to maximize uptime and enhance their operations.
- The client’s unstructured approach to marketing and sales resulted in huge capital losses for the company. By closely analyzing the strategies adopted by their competitors, the client wanted to refine their existing marketing models and devise marketing campaigns that drive maximum sales.
- The client’s key competitors were offering discounts and other introductory offers to customers. With this, the client was compelled to reduce prices for their packaging materials. Therefore, by leveraging Infiniti’s competitor analysis solution, they wanted to analyze the pricing strategies followed by their competitors and competitively price their products.
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Solutions Offered
Our experts followed a detailed four-phased competitor analysis approach to help the client tackle the industry challenges. The initial phase of the competitor analysis engagement involved identifying businesses offering similar products and services in the European packaging industry. The next phase of our competitor analysis engagement focused on identifying the client’s key competitors’ customer base. In the third phase of the competitor analysis engagement, the experts focused on evaluating the strengths and weaknesses of the client in comparison to their competitors. The last phase of our competitor analysis engagement involved conducting a competitive benchmarking analysis, competitor mapping, and also identifying the marketing approaches employed by the client’s competitors.
Results Obtained
The insights obtained from Infiniti’s competitor analysis solution helped the client to gain detailed insights about their end-customers, current market position, and their key competitors. Understanding the needs and demand of their target customers helped the client to innovate their product offerings according to their customers’ requirements. By gaining detailed insights into their competitors’ key strategies and marketing approaches, the client was able to devise well-informed business plans to tailor their product offerings. Also, the experts at Infiniti Research recommended the client to apply automation solutions in their production process. This helped the client to enhance their production efficiency and better manage workflow.
Infiniti’s competitor analysis solution also helped the client to understand their competitors’ pricing strategies and make constant changes in their pricing plans. With Infiniti’s competitor analysis solutuon, the client was also able to balance quality and growth. Furthermore, Infiniti’s competitor analysis solution helped the packaging company to better allocate resources and enhance their sales by 43% within the course of one year.
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