Why is Competitive Intelligence Analysis Important for Businesses?
With markets and companies witnessing rapid changes in products and competitors, leveraging competitive intelligence techniques has become a mandatory practice. Competitive intelligence analysis is a systematic program that is engaged by a company for gathering and analyzing information about its competitor’s business activities and trends to further its own goals. Competitive intelligence analysis is the process of acknowledging the market competitors, by gathering and analyzing the resources that are publicly accessible to determine a pattern. The data generated from such an engagement can, therefore, be further employed to forecast the market dynamics as well as the way the market is getting affected. This helps to enhance the business decision-making ability of companies.
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Industrial Equipment Manufacturing Industry in the US
The industrial equipment manufacturing sector is one of the largest and most competitive sectors of the U.S manufacturing industry. The industrial equipment manufacturing industry provides essential and highly sophisticated technology for many other manufacturing and service industries. The continuing shift towards increasing customer and supplier collaborations is compelling industrial equipment manufacturers to understand the needs of their end-users, strengthen customer relationships, and add value to their products. However, the industrial manufacturing industry is in a state of turmoil, driven by increasing business pressure, market trends, and new technologies. Thus, to sustain themselves in this competitive space, it becomes vital for leading industrial equipment manufacturers to develop technology platforms that can help them in meeting the customers’ expectations.
About the Client
Headquartered in the US, the client is a well-known industrial equipment manufacturer.
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The client, a leading industrial equipment manufacturer with business operations spread across the globe, wanted to gain a clear understanding of the competitor’s protocols and strategically position their product and service offerings. With the aid of competitive intelligence techniques, the client wanted to gain recommendations on developing robust marketing strategies and promising solutions to surge business growth. Additionally, with the help of Infiniti’s competitive intelligence analysis solutions, the industrial equipment industry client wanted to:
Minimize their vulnerability to risk and enhance their overall commercial performance
Understand the supply-demand relationship for their products
Identify the potential competitive gaps and develop a robust marketing strategy
By leveraging Infiniti’s competitive intelligence techniques, the industrial equipment manufacturer analyzed the target market in terms of shifts in competitors’ strategies, product pricing, and its benefits. The competitive intelligence techniques also helped the client identify the current technologies across the manufacturing space and offered insights into the technologies implemented by the competitors. Leveraging competitive intelligence analysis further helped the client:
Identify the potential business risks and enabled the client to make faster business decisions
Anticipate competitive activity and develop a business strategy to enhance their process efficiency
Identify the key performance indicators and streamline their marketing efforts to enhance their ROI
The benefits of competitive intelligence seem clear. Still, wondering where to start? Get in touch today!