MARKET & CHANNEL RESEARCH FOR NEW PACKAGING TECHNOLOGY
Market and Customer Research for New Packaging Technology
A Fortune 100 packaging supplier acquired a patented technology with several potential applications. The start-up investment required to manufacture and commercialize the technology was very high. Consequently, the supplier needed to manage its risk in bringing the new technology to market and sought insight on how potential customers would perceive its value and apply it to their business needs. The supplier wanted to identify, quantify and prioritize all the potential applications and non-traditional uses of the technology and incorporate that information into its global business plan and launch strategy.
PTIS met with the supplier to review its current product spectrum, learn more about the new technology and gather additional information about the clients proposed investment, manufacturing capabilities and processes, as well as its markets and past experience with new market development. PTIS also worked with the client to determine the type of companies it would most like to tap for insights about perceived value of the technology and its applicability.
One on one global thought leader interviews and secondary research was conducted to gain new market insight and identify new target customers for the technology. Leveraging its vast network of packaging experts and personal relationships of PTIS leadership enabled additional interviews of decision makers at targeted organizations across a wide variety of industry sectors, maintaining the anonymity of the client. Insights were gathered helping to quantify the value of the supplier technology and identified opportunities to apply or extend it among prospective customers.
Data was analyzed from the interviews and from proprietary PTIS research and trends databases to develop and prioritize market opportunities for the supplier. Industry challenges, emerging technologies and unmet needs that aligned with the supplier’s capabilities and business structure were also identified. Additionally, PTIS conducted a market change cycle analysis to identify mature, evolving and start-up industries that supported the client business and technology model.
PTIS Identified Benefits
- Confirmed Market Interest – The packaging supplier successfully managed the risk associated with bringing the new technology to market by identifying the technology’s potential applications and quantifying its perceived value among perspective customers.
- Identified Specific Market Opportunities – Assessed consumer, market and channel trends, as well as survey data, to develop and prioritize the market opportunities for the supplier, including estimated market size, potential customers, synergies with existing technologies and barriers to entry.
- Delivered a Business Plan – PTIS helped the supplier develop a global business case and market introduction strategy for its technology that included key industry contacts as well as suggested messaging and positioning.