Four Sources of Competitive Intelligence to Dominate the Food Ingredients Market
To extract actionable insights from various sources of competitive intelligence, food ingredients companies should focus on the minute details as well as the bigger picture. They should continuously assess the market to develop strategies, as well as real-time tactics from several such sources of competitive intelligence. But, with so much data out there, it’s difficult at times to identify the critical information. Here are four data points that’ll help you to collect and analyze data on an ongoing basis to help your company beat the competition:
Sales information: Sales data is the single and the most efficient piece of competitive intelligence out there. To harness maximum insights from such sources food ingredients companies should take a long, hard look at their conversion rates, sales funnels, and product-specific conversions.
Product releases: It will be impossible to outsmart the global competition if you are unaware of the past and current competitor strategies. What do they offer, and how has it evolved over time? Staying alert on new product releases can help you recognize new market trends and opportunities.
Corporate news: This is one of the most sought-after, trustworthy sources of competitive intelligence. Keeping track of where your competitors are allocating money and resources and studying where your peers open new offices or make high-profile hires can shed light on what they are planning.
Promotions: Its essential to pay special attention to the promotions undertaken by competitors by assessing their promotion strategies.
The client is a multinational food ingredients supplier and manufacturer.
The rapidly changing demand-supply shift in the food ingredients market prompted the client to leverage competitive intelligence to assess their competitor’s business strategies. The food ingredients supplier approached Infiniti Research to leverage its expertise and analyze the sources of competitive intelligence across their manufacturing units. The food ingredients supplier wanted to continually keep abreast of market transitions and changes in order to adapt their business strategy to the changing market conditions or, in extreme cases, to change it. The primary objective of this competitive intelligence assessment was to help the food ingredients supplier stay aware of product releases to identify new market trends and opportunities.
To help the food ingredients companies analyze the competitive structure and market environment, the competitive intelligence experts at Infiniti Research carry out extensive market research and interact with prominent stakeholders across the segment. In this case, our experts adopted an approach based on Porter’s Five Forces Model to identify and assess the five competitive forces that shape the global food ingredients market.
With the help of our competitive intelligence solutions, the food ingredients supplier developed the ability to anticipate market shifts early enough to make a proactive move. This resulted in a 40% rise in sales win rate, exceeding their expectation by over 20%.
Leveraging competitive intelligence further helped the food ingredients supplier to:
- Gain in-depth competitor insights as well as an overview of the market as a whole
- Conduct a win/loss analysis
- Identify key performance indicators and streamline marketing initiatives
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