The leading food safety testing company had been consistently offering lab testing services and had experience in building good partnerships with its customers. The company had been experiencing a need to upgrade itself according to the latest market trends. The company executives came to Research Nester to seek out for help in obtaining solutions.
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A prominent food safety testing company from the France, having a remarkable market share, wanted to upgrade itself and raise its product demand in the market.
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The company aimed to increase its market share by 8% by the end of 2022 and reach to the top position.
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Research Nester helped through its competitive analysis and benchmarking consulting services solution in finding out the recent market trends that the company was not following. This helped in making an impeccable strategy for upgrading the work scenario and giving best lab testing services of the food for the customers.
Research Nester used its competitive analysis and benchmarking consulting services solution and found various food safety testing market trends which its competitors were incorporating, but not our client. Hence, it was needed that our client too incorporated those recent trends, few of which were:
Food safety testing is essential for identifying the allergen component in the product as well as to increase the shelf life of the final product to reduce the attack of the pathogen. Food allergies are becoming more common worldwide and can be exceedingly dangerous, even fatal. Around one in every four persons who are unfortunate enough to develop a food allergy, no matter how mild, are expected to eventually have a serious reaction. This shows the need of the food safety testing laboratory which increases the market value of the food safety testing company. Each of the players were benchmarked based on factors such as volume share, positioning, strengths, marketing strategy and advertising initiatives, and strategy. Moreover, identifying competitive advantage through a competitive benchmarking engagement also helped create a new marketing strategy and brand image by relying on the key differentiators. Through a comprehensive benchmarking process, RNPL helped the client assess the opportunities in the focus geographies and the market penetration of organized and unorganized channels. The competitive benchmarking process further helped them reveal all hidden opportunities in the market.
Research Nester found that there were approximately 1.151 trillion food testing laboratories were opened in the last years. Furthermore, foods such as baby food testing, fats and oil testing, grain testing, meat testing, etc. consisted of advanced food safety testing. The team found out that the following types of food consist of the different types of food products-
Here, owing to the advent of the latest technologies, the company was incapable of keeping up with the pace. This was also causing a drop in the demand for the product.
With the utilization of the competitive analysis and benchmarking consulting services solution, Research Nester measured the company’s current scenario with its competitors. Our analysts understood where the company was lagging behind and provided the company an effective strategy to follow the recent trends which the company was not following to be on the track. This helped the company in upgrading its working and product delivery strategies. Further, the company could raise its market share to 80% during CY2022 from its earlier share of 60% in CY2021. The company also raised the demand of the product by 20%.
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