It is a well-established fact that the packaging industry is quite fragmented. If that was not enough, the players in this field are exposed to intense competition. As a result, packaging companies are always trying to stay ahead in the game by leaving their contemporaries behind.
And to achieve such goals, market leaders often revamp their business practices and follow expert tips to rule the industry. That said, here are some of the most effective tips packing industry experts adopt to leave their competitors behind!
9 Top Tips to throttle competition like a Pro!
Let us check these tips to understand how they can help add value to your competitive strategies.
Tip 1: Recognise the challenges faced by the packaging industry
The first step to creating an unbeatable packaging industry position is to recognise the problems that hold companies down. Identifying deep-rooted problems allows developing effective strategies. Needless to say, such strategies act as a cushion and help gain an edge over competitors. Generally, issues related to sustainability, product protection, distribution, brand recognition, rising cost, and impressions are recurring in this industry.
Tip 2: Pay attention to pricing and quality
The packaging industry is cost-driven. Here, customers tend to have the upper hand. As a result, even a small difference in pricing can push customers towards packaging companies that offer a better bargain.
In other words, companies that stick to the standard market pricing can lose out on many fronts when their contemporaries decide to sell products at a cheaper rate. However, you can overcome such incidents by extending products of premium quality at a competitive price.
Tip 3: Strive for product differentiation
It isn’t easy to implement product differentiation in an intensively competitive market. However, customers are often eager to pay more for a premium product that is different from others in some ways.
Say, for instance, recyclable products or the ones with minimum impact on the environment may have more takers when compared to standard packaging. Similarly, customisation in the form of custom paper boxes is also becoming immensely popular in the industry, driving more traffic to companies that have already recognised and implemented this trend. You can leverage these significant trends and changes to differentiate your product from the rest.
Tip 4: Know your customers
Though ‘know your customers’ has become an overused concept in recent times, its merit is still unprecedented. To elaborate, knowing your customer is the best way to understand them and their behaviour. In turn, it helps businesses to increase customer engagement.
In fact, having insight into these aspects helps to communicate better with target and accelerates the overall conversion rate. One of the best ways to know customers better and boost visibility is through customer relationship management software. So, make it a point to learn and implement it in your regime.
Tip 5: Promote brand loyalty
A strong brand is capable of standing the test of time. However, it is the solid relationship of the brand with its customers that makes it possible.
Hence, it is crucial to foster a strong sense of brand loyalty among customers. Some of the most effective means of fostering brand loyalty among customers include frequent loyalty programmes and providing high-quality products at a competitive price.
Other than these, developing a cordial relationship with customers through prompt customer service is another effective tool for promoting brand loyalty.
Tip 6: Focus on sustainable packaging
The latest market trends of the packaging industry suggest that the demand for sustainable packaging will continue to surge down the road. Indeed, this is a nudge towards a greener and more eco-friendly practice.
Big brands are setting the trend by doing away with plastic packaging and switching topaper boxes. Therefore, you can say now is the right time to adopt the trend to emerge victorious over those competitors who are still reluctant to switch to sustainable packaging.
Tip 7: Explore cross-selling opportunities
Cross-selling has to be one of the most underutilised tactics in the packaging industry. Often companies fail to understand the value of cross-selling in a competitive market.
If you ask us, it is undoubtedly among the best means to win price wars. Moreover, since a bulk deal from a trusted supplier is quite tempting for most customers, cross-selling works wonders for most industries, including the packaging industry.
For instance, you could cross-sell things such as parcel wrapper, void filler, or parcel wraps and tapes along with custom paper boxes. This way, the customer gets all the required items in one place at a good bargain. Indeed, this makes you look like a complete packaging solution provider and helps attract more customers.
Tip 8: Factor in the power of digital marketing
Having a strong brand presence makes it easier to conquer a larger market. And what is a better bet than digital presence to achieve such outstanding goals? Today a company with a better online presence and equipped with the best digital marketing strategies are leading the industry.
Hence, leveraging the demand for e-commerce and online presence, you can dominate the packaging industry with greater success. Rest assured, you will manage to stay afloat amidst the stiffening competition to survive the market with the help of your brand’s visibility.
Tip 9: Maintain a pro-active sales approach
Keeping up with the industry trends is the best bet to ensure you are ahead of the race. However, it will work in favour only if you adopt a proactive approach. In other words, recognising the change in customer behaviour induced by a new trend is not enough. You need to react instantly towards the same to make the most of the change in your favour.
Take, for example, more customers now prefer customisable packaging when compared to standard ones. However, as the popularity of customisable packaging is rising, companies that are yet to jump on this trend are losing out on potential customers and bulk sales.
Lastly, the best tip of all is to prioritise customers over cost to harness the goodwill of the market. After all, who does not like to go back to a place that offers great customer service and extends quality products? The discussed tips are great ways to stay ahead of that competition and create a unique identity in the packaging industry.
