How to Budget for Flexible Packaging
In most cases, budgeting isn’t going to be as simple as you want it to be. Oversights, misestimations and sloppy planning can have a costly result on your bottom line. When budgeting for flexible packaging, many of these same factors come into play.
Every product and every brand have different packaging needs, but understanding exactly what you’re paying for will help you save money and optimize your packaging costs in the long run. Here are a few things to consider as you plan your flexible packaging budget.
Laminate structures and high-barrier films
One thing that separates flexible packaging from more traditional options, is the types of materials that are used. Without a doubt, these materials improve the quality of your packaging, but they also come with a cost.
Flexible packaging commonly uses premium multilayer films such as polyethylene (PE) and polypropylene (PP) and sealant additives like ethylene vinyl alcohol. Each film type utilizes different levels of density to create protective barriers and laminate coatings for improved performance.
Selecting which film materials to use for your product largely depends on the application. Work with a flexible packaging expert to ensure you’re getting the best bang for your buck.
An added luxury of flexible pouch packaging that must be considered when planning budget, is the array of customizable features and add-ons that are available. From stand-up pouches to 3-side seal pouches and spouted pouches, flexible packaging products are often custom-made to meet each brand’s unique specifications.
It’s important to factor in customizable features before deciding on your final packaging design. As a general rule, start by focusing on the primary features you feel are most important to your consumers. Once you’ve established that base, you should have an easier time thinking about different tweaks and enhancements that might help make your packaging more distinct and more on brand.
Many industries that want to make an eco-friendly branding push rely on flexible packaging to help reduce their product’s negative impact on the environment. Despite the added cost, the return on investment is worth it for those who plan their budget efficiently.
From a financial standpoint, you’ll have to first ask yourself if becoming an eco-friendly brand is worth it. Or are you better off focusing spend in other areas? To answer this question, you’ll need to have a strong sense of who your consumers are, how you want your brand to be presented and what your competitors are doing.
Damage and equipment costs
Lastly, the engineering and shipping processes and any product damages that occur during these processes may end up costing you more than you originally bargained for. These costs might be the hardest to predict, but it’s important to be aware of them from the get-go.
You may not be able to predict these costs, but you do have control over who you partner with. As you seek out different packaging and converting partners, be sure to ask questions about what kind of equipment and machinery they’re using to assemble products. Newer technologies will typically help reduce equipment, utility and damage costs.
Like anything else, there’s a lot to think about when planning a flexible packaging budget. If you have any specific questions that weren’t addressed above, or if you’d like to learn more about packaging costs specific to Eagle Flexible Packaging, fill out our sidebar form and partner with us today.