LPC has been conducting research in the printed packaging industry for more than 20 years. We’ve developed unique research for some of the largest industry equipment and consumable goods suppliers, and many small companies wanting to grow their marketshare or expand their presence and brand recognition within the narrow web space. We get it. We’ve researched conventional presses, digital presses, paper and film materials, adhesives, plates, inks, anilox rolls, dies, doctor blades, finishing equipment, prepress systems and software. We’ve honed our craft and we want to share some of the things we’ve learned.
3 key tips for carrying out an effective market research strategy in the label-printing industry
1. Be smart about who you’re surveying. Sounds obvious, right? However over the years we’ve found that this critical first step isn’t always an easy one for suppliers. Budgets determine the scope and scale of any research project so you want to make sure you’re surveying exactly who you need to be. An all-in approach might seem to make the most sense initially, but if you drill down just a little more, maybe a segmented approach would ultimately be more effective. Label converters are a diverse bunch and the label-industry is the most fragmented of all the printed packaging sectors. Are you a digital press or material supplier primarily interested in the industrial space? Then don’t spend a lot of energy researching and surveying prime label companies. Instead, zero in on companies serving the durables, automotive, electronics and chemicals sectors. Are you a supplier with greater potential in the prime label space? Then make sure you’re reaching out to an optimum sampling of label converters strongly representing the food, beverage, personal care, household chemicals and pharmaceutical sectors. It sounds like a no-brainer, however we find that most suppliers’ databases can use a little help in the segmentation department and this can be a critical step in surveying both your customers and your prospects.
2. Don’t entrust technical research to non-technical people. We constantly receive calls from analysts from Fortune 500 consulting firms asking us about the industry. They’re conducting research for a supplier and they want to know how large the industry is or what the difference is between the different conventional and digital print processes and formats. These people have no experience in the industry and they have been hired to speak to label converters and independent consultants in order to evaluate segments of our industry and to make strategic recommendations to their clients. Make sure the people who are analyzing your place in the market really know the market.
3. Don’t skimp on the qualitative. At the foundation of most market research work is the online survey. This is something we integrate into nearly almost every commissioned research project we do and this vehicle offers suppliers an excellent way to obtain detailed, technical and unbiased feedback from a large sampling of label converters. However, market research shouldn’t stop there. Make sure a percentage of your research initiative involves qualitative interviews, often the anecdotal icing on top of the market research cake. Having your market research firm take the time to speak to the companies using yours, or your competitor’s, products is an invaluable opportunity to gather unique insights from the market. If you know how to get to the right people, label converters have a lot to say about the products they use, the additional services they want and how they see their application needs changing as the market evolves. This is the sweet spot for competitive analysis, the place where good researchers can dig deep and get…
Our industry is changing. As market forces continue to impact raw material pricing, industry suppliers must ensure they’re meeting the increased requirements of their label-converting customers and prospects. No company willingly wastes money, however making just one incorrect assumption about your position in the marketplace or the needs and wants of your customers and/or prospects can result in decisions that are ineffective and draining on your limited resources.
We can help you find out things you need to know about the market and we can help tell the market what it needs to know about you. If you would like to put LPC intelligence to work for your company, simply drop us a line.
For some examples of what we’ve been up to (as far as we’re allowed to talk about them) click here.