An industrial packaging company dealing in packaging went on to build novel materials for their new products. The research and development for the newer products went smoothly, but the company faced untimely and unplanned obstacles.
The company’s negligence to completely understand the product, its challenges design, and practicality led to the loss of revenue and market position.
With multiple failures in delivering newer materials for packaging and less adoption of bio-plastics, the company faced intense financial losses and revenue.
This finally led to the company contacting Research Nester to strategize a plan after a thorough product analysis.
The company started as an industrial packaging company. With multiple product portfolios like applicators, bags, bulk containers, bottles, vials. One of the most essential elements in the company was plastic. The company later ventured into bioplastics to produce and manufacture all its products. The research and development team worked on a biobased polymer for the same, which will make the products sustainable, and ethical. But eth company having not done enough research invested in the idea and faced practical issues related to durability and compliance. The company started flossing its customer base and faced severe losses. Research Nester was thus brought in to conduct product analysis on the same and guide aptly through this situation for better growth of the company.
The flaw of the company remained in the inadequate product analysis of biopolymers and bioplastics before production and manufacturing products with the same. Research Nester analysts suggested a temporary halt in the production of packages, vials, and all the products for the time being till the bioplastics were researched thoroughly. To boost further growth and profitability the basic method for the manufacture of a product could also be promoted as the six-sigma method, where customers could get a better quality of product that covered both the use of the product as well as associated services. Recurring revenue would be more valuable than one-time revenue as it would enhance customer loyalty. To emphasize it further RNPL consultants offered its product analysis consulting services solution and also briefed on the opportunities and future trends of the industrial packaging market. The following strategies were suggested by RNPL analysts-
By the end of 2020, the company marked a growth in revenue of only 15%. But with the leadership of the company incorporating insights and guidance of Research Nester, a ray of light was seeping through in the first quarter of 2021. And by the end of 2022, the company marked a growth of about 28%. Research Nester consultants used their experience and expertise to facilitate the incorporation of the right product analysis methodologies for the company. This way the company was able to build a prominent market position and create profitable prospects for future growth.