Undoubtedly, packaging is one of the most lucrative industries with immense growth potential. But the market share is not evenly distributed, and smaller suppliers are usually struggling to compete with larger suppliers due to their wider reach and presence across a wide variety of sectors. This helps them to undercut products without having to compromise on their overall profit margins. Therefore, it can be said that it is a tough, competitive landscape for smaller packaging companies but, nonetheless, there are various competitor analysis tools that can help them take on the big players in the industry. This is where developing a competitor analysis framework plays a very significant role. Packaging companies, With the aid of competitor analysis, can adjust their own prices according to industry standards, boost brand loyalty, and identify up and cross-selling opportunities.
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In this article, we have explained the three ways packaging companies can improve their customer relationships with competitor analysis.
Benefits of a Competitor Analysis Framework
Adjust your prices accordingly
In today’s competitive market, even the smallest difference in price can turn a loyal customer into the competitor’s new acquisition. Packaging is a cost-driven market and customers in this industry are in the dollar seat. If there is news that one particular supplier is offering cheaper goods elsewhere, customers will undoubtedly move on. Therefore, without the right competitor analysis framework to help you assess the buying behavior of customers, your response time will become slow and you’ll lose your customers. So, it is very important to take complete advantage of technology to gain greater insights into the health of your business to make you act decisively and fast.
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Encouraging your brand loyalty
With a proper competitor analysis framework in place, you can build strong relationships with the customers. Customer analysis tools enable you to analyze what your competitors are offering and what are points where you are lacking. This can allow you to offer them more than your competitors and keeps a customer coming back to your business again and again.
Identifying up and cross-selling opportunities
In a competitive market like packaging, cross-selling is one of the very important ways to win the price war. The packaging industry provides plenty of up- and cross-selling opportunities. Suppliers can pair most of the products for greater convenience and customers like a bulk deal from a trusted supplier as it helps them do business cost-effectively and efficiently.
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