Importance of Competitive Intelligence in Defense Technology
Lately, defense technology providers are finding themselves in an increasingly challenging predicament due to the immense pressure from governments across the globe to devise new weapons programs for increased security and protection. As a result, major defense technology providers have started adopting robust competitive intelligence studies to target niche markets and benchmark their offerings against those of their competitors in the defense technology market space. Competitive intelligence studies allow firms to identify potential competitors, their product offerings and accordingly provide superior product and service offerings to the customers. Additionally, firms in this market space track the ongoing trends and better define the target audience. In the defense technology industry, competitive intelligence helps firms gain comprehensive market insights and implement best practices to compete more fiercely in today’s evolving marketplace.
Predicaments Faced
The defense technology industry has started witnessing the entry of several companies due to the high growth prospects. As a result, a leading defense technology provider started facing predicaments in understanding the scope and size of the market. They also wanted to gain insights into the competitive landscape to plan a superior positioning strategy and stay ahead of the competition. Moreover, the principal objective of this engagement was to understand the market landscape in terms of the competition, trends, and dynamics of customer needs. Additionally, the client wanted to devise an effective go-to-market approach in terms of unique offerings.
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Solutions Delivered
The client contacted Infiniti Research to identify and measure different potential market segments. Infiniti’s team of competitive intelligence specialists conducted an in-depth approach containing discussions and interviews with leading stakeholders in the defense technology industry. Additionally, to evaluate the competitive landscape, Infiniti’s competitive intelligence specialists built a database of information from various proprietary sources such as leading company presentations, industry experts, and news aggregators in the defense technology industry.
Competitive Intelligence Engagement Solutions Benefits
- Identify and analyze information on competitors and their offerings and subsequently plan robust positioning strategies
- Understand the demand and supply relationship of the products
- Gather information about stakeholders and influencers to forecast future market conditions
- Evaluate and quantify the market size and devise an effective-to-market approach
- Analyze on-going market disruptions and make informed business decisions.
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