Essential Marketing Strategies to Sustain in This Chemical Industry | Infiniti Research Provides Key Insights on Their Latest Blog
LONDON--(BUSINESS WIRE)--Nov 25, 2019--
Infiniti Research, a leading market intelligence solutions provider, has announced the completion of its latest article for the chemical industry. This blog covers:
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Essential marketing strategies for chemical companies. (Graphic: Business Wire)
Developing marketing strategies for consumer-facing brands is much easier when compared to B2B marketing. Such limitations are caused by the finite number of channels available for promotions and advertisements in the case of consumer products. Marketing gets even tougher when it comes to the chemical industry due to stringent regulations, product diversity, and globalization. However, marketing strategy is essential for chemical companies for their survival and global expansion.
“Product differentiation can be hard to achieve as all chemicals are usually made up of the same components, and their content is usually mentioned in the packaging itself. Consequently, players in the chemical industry have to look at an innovative marketing strategy to compete in the regional as well as global market,” says an analyst at Infiniti Research.
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Essential marketing strategies for chemical companies
Branding is a critical part of the marketing strategy for any business. Although consumer brands spend millions of dollars in developing brand awareness, marketing industrial products doesn’t need the same kind of commitment. Customers in the chemical industry are ready to switch brands if they get the chemically equivalent product. Chemical companies need to fight hard to create a unique brand-name in the market. Delivering quality products consistently and providing support and consultancy can help build a reputable brand name.
Since chemicals are a complex commodity, there’s a lot of information that needs to be conveyed to a prospective customer before finalizing a sale. Mass marketing mediums don’t work well as it can only communicate a limited amount of information. Consequently, a strong sales team is required to persuade the client to purchase by presenting the company’s superior product portfolio. It is essential that all members of the sales team are on the same page with each one of them trying to promote the same key product delivering similar messages.
Offering multiple service levels
Although most chemical components will have similar pricing across all suppliers, the price varies because of additional service provided by the supplier. In a bid to exhibit pricing competitiveness, chemical companies can offer multiple service levels at different price points rather than bundling the same service across all products.
Today, a vast majority of new players looking to expand tend to rely on Google and other search engines to identify capable suppliers. They do their groundwork in terms of product offering, pricing, and other services. So, it becomes essential for chemical companies to have a functional website with a good search ranking and all the relevant information which are required by the customer. Online presence can be enhanced using search engine marketing (SEM) and native and display advertisements. Additionally, social media can also be leveraged to generate brand awareness.
To stay relevant in the competitive market landscape, chief marketing officers, or CMOs, need to glean more insights from customer data with the help of market intelligence. Get in touch with an expert to know more about how our market intelligence solutions can be tailor-made to combat your business challenges.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https ://www.infinitiresearch.com/about-us
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CONTACT: Infiniti Research
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INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Infiniti Research
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PUB: 11/25/2019 10:01 AM/DISC: 11/25/2019 10:01 AM