Competitor Analysis Helps a Leading Energy Sector Client Assess Key Competitors and Devise Effective Strategies to Establish Themselves Across the Globe
According to a recent survey, it is estimated that more than 1 billion people across the do not have access to power and more than 3 billion people use fuel sources like wood and charcoal for cooking and heating purposes. Lately, the energy sector has started witnessing rapid transformations in the way it functions due […]READ MORE >>
According to a recent survey, it is estimated that more than 1 billion people across the do not have access to power and more than 3 billion people use fuel sources like wood and charcoal for cooking and heating purposes.
Lately, the energy sector has started witnessing rapid transformations in the way it functions due to the growing environmental concerns and technological improvements. The energy sector is moving toward a lower carbon future to meet the regulatory compliance requirements. The energy sector is also influenced by the increase in population, economic growth, and energy efficiency improvements at fundamental levels.
However, several factors are influencing the growth of the global energy sector. These factors include:
- Increasing competition: With the entry of prominent global players, the global energy sector has witnessed an increase in the level of competition with new entrants attempting to gain a significant chunk of the market. Moreover, the shift from a monopolistic environment to a more competitive environment is creating opportunities for new market entrants across the energy sector.
- Increasing customer expectations: With the customer expectations increasing, leading companies are facing the need to switch suppliers frequently to meet the needs and requirements of the customers. Additionally, companies within the energy sector are facing relentless pressures to maintain an affordable, secure, and reliable supply to the customers owing to its increasing demand.
As a result of these factors, firms within the energy sector have started leveraging the use of competitor analysis solutions. The competitor analysis solutions help companies identify and profile the competitors while evaluating their strategies to determine the strengths and weakness of the services rendered. These solutions also assist organizations to comprehend the list of marketing objectives and services, profitability, and the growth pattern.
The Business Challenge
- The client: A leading company in the energy sector
- Area of engagement: Competitor analysis
The client, a prominent energy sector firm, wanted to understand the competitors, their service offerings, and efficiently analyze their current and future market share. The client also wanted to carry out a robust SWOT analysis to identify the possible opportunities and threats across the energy sector. With the help of competitor analysis, the wanted to gain a better understanding of the competitor’s market share, their past and current strategies, and the method of distribution and extent of customer service for the services rendered.
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The competitor analysis experts at Infiniti carried out extensive interviews and discussions with prominent stakeholders across the energy sector to evaluate the strengths and weaknesses of the competitors. The experts also amassed information from a wide array of secondary sources such as company presentations, paid industry databases, and industry forums.
The Solution Benefits and the Business Impact
With the help of this competitor analysis engagement, the energy sector client was able to tap into the potential opportunities and determine how the competitors are working. The competitor analysis engagement also helped the client gain actionable insights into the customer base and their preferences to meet their demands. Moreover, the client gained a better understanding of the five forces model in terms of the advent of new services, the threat of potential entrants, suppliers, buyers, and the organization’s strengths and weaknesses.
Today, companies across the energy sector are moving from a one-size-fits-all approach to a more personalized and tailored approach to meet the needs and desires of the customers better. Moreover, with the recent shift towards renewable sources of energy, leading establishments within the industry are revamping their existing architectures to transform their business models.