Econopac is one of North America’s leading suppliers of custom promotional packaging, offering the widest range of applications and state-of-the art production technologies. For decades, Econopac has implemented promotional packaging solutions on consumer goods, household products and foods.
By 2007 however, economic shifts in the marketplace made it necessary for Econopac to diversify its client base, product offering and sector specializations in order to remain successful in the new competitive landscape.
For many years, Econopac employed just a single sales executive who primarily focused on managing existing accounts. As the market shifted and packaging needs changed, Econopac needed to figure out how best to enter new markets. The owners retained Growth Path Strategic Marketing to help them increase business development activities and grow their sales pipeline.
The first change Growth Path made was to reconfigure the sales model so that account management and business development became a multi-person effort with areas of expertise assigned to each person. Roles and appropriate business development models were established for selling into end-users, agencies and brokers. Growth Path then assisted with hiring and training the necessary staff to fulfil these new models.
“As Econopac’s Business Development Director, we not only advised on the strategy, we continued to mentor and monitor their sales team to provide support as they expanded into new markets and new territories,” says Kevin Maynard, president of Smart Foundations Business Services. “We developed a hands-on approach that best met their needs.”
This approach included regularly meeting with Econopac’s sales team, helping to scope out new opportunities and assisting with developing effective pitches.
As part of the business development strategy, Growth Path revamped Econopac’s marketing and communications program.
• A dynamic website and social media presence were created and regularly updated to drive traffic, build industry authority and boost SEO results.
• A B2B eMarketing program with a unique and sometimes quirky approach was established. This campaign was, and continues to be, so successful that email open rates consistently hover close to 40%; open rates for these types of campaigns typically aspire to 20%.
Growth Path also assisted in evaluating and adding new capabilities and services, including an expanded offering of environmental packaging alternatives, and entirely new production lines such as the popular surround sleeves.
By focusing on creating a robust sales team, Econopac’s business strategy evolved to ensure its survival in the highly competitive – and rapidly morphing - promotional packaging solutions industry.
The main goal was not to substantially grow the business but to significantly diversify the company, reducing risk of reliance on a few large customers. In the process, Econopac expanded in scope and territory - regular customers significantly increased with gains in the U.S. and Mexico as well. Currently four sales executives have clearly defined portfolios, and consistently achieve their sales growth targets.
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