In many cases, these new products are easier to implement and are even reusable. A number of the companies that Mirus visited at the trade show made the strategic decision to focus on the use and development of these new technologies, materials and manufacturing methodologies in order to increase cost savings and amplify their product portfolio. This niche focus allows smaller firms to compete with larger players while driving significant profit margins. We found that many of the most successful companies at PackExpo are attacking the marketplace by delivering solutions that address, for example, environmental or durability requirements for certain customers. Companies are accomplishing this through the creation of partnerships and by implementing solution selling.
Partnerships act as a key means of fostering a more creative and expanded solution for customers.
We spoke with companies that were developing partnerships with suppliers, fellow industry participants and in some cases customers. Those that are partnering with suppliers and other industry players do so in an effort to expand the scope of current offerings and sales channels. Others are also partnering with customers who are willing to finance new product development efforts as a means of solving the packaging problems they currently face. The solution that is developed often has additional applications outside the singular customer's application, providing increased sales opportunities for the packaging firm. In addition to building solutions through partnering, many companies have implemented a solutions-based sales approach.