The Need for Competitive Intelligence in the Manufacturing Sector
More like machines that are used for carrying or lifting bulk loads of products, machine tools have become a part and parcel of the construction industry. These tools find their relevance in industries to craft critical components into the desired shapes. With the relentless growth of various manufacturing industries such as automotive, aerospace, and consumer durables, the machine tools manufacturers are extremely concerned about offering solutions based on the customer’s needs. In order to dominate the current market and enhance their market position, renowned machine tools manufacturers are advocating the need for competitive intelligence solutions. In addition, an effective competitor analysis assists manufacturers to stay relevant in the current space by launching new products and designing their marketing campaigns.
In this competitive environment, where the need for understanding the competitors and their product offerings becomes indispensable, manufacturers are approaching renowned organizations like Infiniti. Infiniti’s competitive intelligence solution provides a simple and valuable solution to the client to increase their marketing effectiveness and improve ROI.
The Business Challenge
A renowned machine tools manufacturer was facing predicaments in understanding the current market scenario in terms of the competitors and their product offerings. The client wanted to identify the growing demand for machine tools and identify competitors’ offerings to reduce the flaws associated with production and enhance their product offerings across niche regions. Furthermore, the aim of the competitive intelligence engagement was to produce effective tools for manufacturing critical components with utmost ease and accuracy.
To assess the penetration levels of the machine tools across industries and promote their current offerings, the client approached Infiniti’s competitive intelligence experts. Infiniti’s competitive intelligence experts carried out extensive research comprising of interviews and discussions with leading stakeholders in the machine tools manufacturing space. Furthermore, to analyze the competitors and their product offerings, our competitive intelligence experts crafted a dashboard comprising information from a wide array of proprietary sources such as paid industry databases, company presentations, and industry forums.
Competitive Intelligence Solution Benefits
- Gained robust information on the competitive environment
- Understood the customer behavior in terms of their needs and satisfaction
- Understood the market functioning and made recommendations in terms of brand values
- Met the customer recommendations and devised a correct course of action
- Improved customer loyalty and the market share in the machine tools space
- Effectively allocated resources and gained better ROI
Benefits of Our Competitive Intelligence Solution
With the help of this competitive intelligence study, the machine tools manufacturer was able to gain information about the current market scenario and the trends and challenges affecting the competitive landscape. Also, this competitive intelligence study assisted the client to gain actionable insights on market entry and market expansion. The engagement also helped the client develop robust relationships with the buyers, intermediaries, and industry experts.