In the recent years, the demand for chemicals has fallen due to the declining industrial production and broad inventory rightsizing by customers. To gain profitable growth in this competitive environment, leading players in the chemical industry have started facing the need for an effective market entry plan. Furthermore, to address the continuing uncertainty, organizations in the chemical space are devising an effective market assessment engagement to reduce costs and improve the overall profit margins. Market assessment helps leading businesses gain a comprehensive understanding of the market in terms of the current market space, the competitors, and their product positioning. Also, an effective market assessment engagement helps businesses stay informed about the current chemical industry’s landscape in terms of key demand drivers, pricing trends, and opportunities.
To sustain themselves in the rapidly changing business environment, Infiniti’s market assessment studies help clients assess the market landscape in terms of both volume and value. With years of expertise in offering a plethora of services, Infiniti’s market assessment experts assisted the client in understanding various customer segments, buying patterns, the competition, and the barriers regulating the market’s entry across niche and new market segments.
The Business Challenge
Every stakeholder in the chemical industry wanted an answer to the same general question: How to enhance their marketing strategy and penetrate different potential market segments. Like all other suppliers in the chemical landscape, a leading chemical supplier was facing predicaments building an effective route-to-market plan. The client wanted to understand the market effectiveness and penetrate across niche market segments. The client wanted to gain insights on the important parameters such as the current market performance, the competitors, and their product portfolio.
To gain the desired information on the potential markets, the client approached Infiniti’s team of market assessment experts. Infiniti’s market assessment experts also followed a blended approach comprising of interviews and discussions with prominent stakeholders such as KOLs, industry experts, product users, and procurement experts in the chemical industry. Similarly, the market assessment experts at Infiniti further created a dashboard to compile information from different proprietary sources such as paid industry databases, industry forums, company presentations, and newsletters.
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Market Assessment Engagement Solution Benefits
- Gained a detailed characterization of the market in terms of the product and business idea
- Gained a comprehensive analysis of the market in terms of market trends, entry barriers, competition, and risks
- Identified new markets and refined the relationship with existing customer base
- Assessed the needs, expectations, and standards of the customers
- Analyzed the level of customer satisfaction with the product
- Analyzed the buying patterns of the consumers and identified the best market opportunities
Benefits of Our Integrated Approach
After a comprehensive analysis of the market space, the client was able to identify the overall revenue potential, the extent of competition, and assess unmet customer needs. Furthermore, the client was able to assess the market attractiveness in terms of devising new product offerings. The client also gained detailed information on the competitive landscape, including the competitors and their current position in the chemical industry.