The declining growth prospects for industrial equipment in Latin American regions have resulted in low profits for industrial equipment manufacturing companies. Also, competition in the manufacturing industry has been fierce, which is pressurizing major industrial equipment manufacturers to reduce their prices. To sustain themselves in this competitive marketplace, it is vital for companies in the manufacturing sector to evaluate competitors’ key strategies, anticipate market shifts, distinguish potential business risks, and add value to their product and service offerings.
The client, a leading industrial equipment manufacturer based out of Latin America, was facing difficulties in evaluating their competitors’ business strategies. The client wanted to continually keep abreast of market transitions to adapt their business strategies to changing market conditions. They approached Infiniti Research to conduct a competitive intelligence analysis to understand competitors’ performance and evaluate new opportunities in the manufacturing industry. Also, with the aid of a competitive intelligence solution, they wanted to:
- Evaluate and understand the supply-demand relationship for their industrial equipment
- Minimize vulnerability to risk and enhance their overall commercial performance
With years of expertise in offering competitive intelligence solutions, Infiniti helps organizations to analyze competitors and adjust their business strategies to achieve maximum profits. Request for a FREE brochure to know more about our services.
Solutions Offered and Value Delivered
The experts at Infiniti Research performed comprehensive market research of the construction equipment market in Latin America. The competitive intelligence research also involved discussions with major players in the manufacturing industry.
Infiniti’s competitive intelligence solution helped the client anticipate market shifts early enough to make a proactive move. The competitive intelligence analysis also helped the client to identify current technologies across the manufacturing industry space and offered insights into the technologies implemented by their competitors. Infiniti’s competitive intelligence research also helped the industrial equipment manufacturer to:
- Distinguish potential business risks in the market
- Anticipate competitive activity and develop a business strategy to enhance their process efficiency
- Accurately estimate the demand for their product and reduce excess stocks.
Don’t limit your scope to the unmet needs of your own customers. Look into your competitors’ pricing, sales rate, and product offerings to streamline your marketing efforts and improve sales processes. Request a FREE proposal to know how our competitive intelligence solutions can help businesses succeed in the competitive market.
How to Conduct Competitive Intelligence?
Competitive intelligence helps firms to focus on their competitors’ key strategies by keeping track of their current activities and capabilities. Competitive intelligence solutions help an organization to adjust its pricing strategies and make important business decisions based on the activities of its competitors. Here’s a 5-step guide to conducting competitive intelligence research.
Competitor profiling – Identification of key competitors in the industry. The factors including competitor’s market share, key strategies, and revenue can be considered while profiling.
Characteristics – The next step is to focus on key competitors in the market by assessing the size, growth, profitability, objectives, strategies, and target markets for competitors.
Assessment – Assess the key competitors’ strengths and weaknesses.
Capabilities – Focus on competitors’ marketing capabilities in terms of their products, distribution, promotion, and pricing.
Response – Estimate competitor’s most likely strategies as well as their reactions to your company’s marketing efforts.