Case Study | 07 October 2024
How a Food Packaging Company Mitigated Its Issues Through Product Analysis?
Posted by : Preeti Wani
A food packaging company that was launched as a startup later found itself stuck between manufacturing and marketing troubles in fierce market competition, although the quality of the product was good enough. The product despite being high quality, still let the company divulge into loss with fewer customers and overall loss of revenue. The management further approached Research Nester for a comprehensive product analysis that could help analyze and mitigate any issues within the product and help with the business.
An overview:
- A food packaging company was struggling with less revenue and customers after their launch of biodegradable packaging materials such as plant-based plastics.
- The continuity of less attraction of consumers to the product came as a surprise to the company as sustainability was its first motto.
- Even after making all the possible efforts company was lacking in functionality, market growth, and development. Customers seemed to be choosing other products rather than plant-based plastics and this led to loss of revenue in the past few years.
- Research Nester analysts, were hired to understand and gather an extensive product analysis report that could shed some light on the follies of the product if any, and help in increasing the sales and revenue in the longer run.
The Story
This food packaging company was established as a startup in 2020. The materials of the company were used to deliver yogurt, packaged food, and any type of food that was quick and easy to grab. The company was working with the understanding of what the consumer goes for and keeping good quality packaging products but slowly they realize that they are unable to grow after so many efforts. With the motion of sustainability, the company ventured into biodegradable and plant-based plastics. This required a huge investment that was made for the production of the composites. But the company noticed that the customers were not attracted to this new product and this resulted in dwindling sales and profits. Research nester was hired as a medium for help and guidance in this stressful situation. Product analysis consulting services were used to understand the product, the issues, and the ways to fix these issues eventually. Research Nester proved as the best idea to go for the company growth.
Our Solution:
Research Nester conducted extensive research on the biodegradable plastics market, their advantages, and other opportunities. The food packaging company was further given the following suggestions-
- The company should keep the catchy packaging, and color amalgam as per the target audience.
- The packaging should highlight correct labeling that the packaging is eco-friendly. So, the packaging should be unique and iconic.
- Campaigns both digital and traditional on the new biodegradable plant-based plastics need to be done to attract customers.
- The company needs to focus on some of the disadvantages or concerns the customers might cite such as the risk of contamination. Proper mitigation and solutions for the same need to be in place.
- Quality assurance and compliance standards need to be maintained for the customer’s trust.
Results
The company was prior suffering from the loss and competition management and even after all the efforts it was unable to attain the market growth which was expected. The revenue of the food packaging company was marked at USD~10 Billion in the year 2020, and after giving the matter to the RNPL analyst’s attention, the growth was raised to USD~23 Billion in 2022, with all the perspectives expected.
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