Competitor Research: Empire Precision Plastics

The Need

Empire Precision Plastics (EPP) had been in operation since 1992 and was looking to grow. They had seen their market shrink as a result of international outsourcing. EPP knew that they would have to truly understand current market conditions and their competition before setting any new plans in motion.

Challenge

Acquiring data on competitors. The client knew their own capabilities extremely well. And they understood the need to improve their brand identity. They also knew that they needed outside help to accomplish this.

By the time EPP met MG Lomb they had interviewed half a dozen marketing communications firms, and made their decision. After meeting us, they changed their decision to MG Lomb Advertising. EPP’s President later communicated that, MG Lomb just seemed to have a better plan.

Solution

Perform a Competitor Materials Analysis. MG Lomb strongly recommended the client engage us with this responsibility. At first EPP was unsure about its benefit & value. MG Lomb countered by offering to perform a basic analysis. If after, EPP saw value in it, they could expand to the more comprehensive version. They did.

More than 30 competitors were studied. MG Lomb’s written summary document segmented competitors by size, reach and capabilities, each eventually categorized into one of three tiers. EPP was also categorized for comparison. With EPP’s help, a determination was made as to where EPP sought to be positioned in two-to-five years. A plan was developed to support their new goals.

Progress

By collecting and analyzing a broad range of competitor materials EPP was able to definitively determine their current position, as well as decide where they wanted to be five years from now. This knowledge enabled EPP to develop an effective marketing materials program that supported their future goals – not their current position.