Over the years, the retail industry has witnessed fierce competition with key players competing with each other to sell niche products and services in the market. Consequently, retailers have started shifting towards product innovation to bring about product differentiation and expand their product portfolio across different geographic boundaries and territories. Due to factors such as burgeoning technology, increasing competition, greater transparency, and availability of information, the players in the retail landscape have been focusing on assortment, pricing, and marketing activities to increase their profit margins. Moreover, factors such as the rising demand for value among the customers is forcing the retailers to leverage competitive intelligence to analyze competitors and their offerings in the market.
Although the retail landscape is witnessing a substantial increase in its product portfolio, the industry is becoming a victim of several challenges. Understanding the customer, handling resources and other priorities, and focusing on employee engagement are some of the factors which are anticipated to impede the growth of the retail industry. To help businesses gain more insights into the retailer landscape, Infiniti’s competitive intelligence solutions shed light on the potential competitors and their market strategies. Our solutions also focus on devising effective product launch strategies to neutralize competitive threats and gain a competitive edge over their counterparts.
The Business Challenge
A global conglomerate in retail was facing challenges understanding the current market share, increasing product portfolio, and enhancing their penetration level across the target regions. The client also wanted assistance with respect to competitive intelligence as they were facing challenges increasing the foothold of their products in the target market and their revenue. Furthermore, the client also wanted to re-launch their products and analyze their reach among the target audience.
Our Research Methodology
To gain an in-depth understanding of the retail landscape, Infiniti’s competitive intelligence experts carried out a blended research approach comprising of interviews and discussions with leading retail stakeholders in the market. Also, our competitive intelligence experts leveraged the use of the data modeling approach to devising effective marketing strategies to launch new products in the target market.
Want to learn more about Infiniti’s research methodology?
Our Solution Helped the Client
- Effectively position products, train the sales force, work with channel partners, and communicate with customers
- Assess the sales and marketing performance
- Support the development of power launch programs
- Increase shares of customer wallet, erode competitors market share, and boost revenue
- Track competitors and ensure better returns on investment
Benefits of Our Integrated Approach to Competitive Intelligence
In a span of 12 weeks, Infiniti’s industry experts were able to address the challenges faced by retailers during new product launches. The competitive intelligence engagement also helped the client address robust issues pertaining to the pricing and marketing of various products. The competitive intelligence engagement further helped the client embrace new sales channels, improve marketing efforts, and enhance product assortment.