The accelerating development of technology combined with the rising use of chemicals across industries fuel rapid growth and innovation that could significantly impact the chemicals industry. However, chemical companies face one major challenge that could falter growth. What could be a challenge in an evolving market, you ask? The answer is market trends. As trends change, the market changes, making it imperative for businesses to stay ahead of market trends at all times. As such, the rapid changes in the market landscape have prompted chemical manufacturers to focus on immediate priorities, unknowing that strategizing for tomorrow is crucial to future success. Infiniti Research offers custom insights and market trend analysis solutions to help companies achieve rapid growth and success. Our holistic approach to market trend analysis enables companies to identify, forecast, and strategize for current and upcoming market trends.
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About the client
The client is a leading chemicals manufacturer specializing in synthetic dyes and pigments, such as lakes and toners. The client’s product portfolio covers different categories of pigments and dyes, including color, lead, chrome, metallic and zinc-based pigments, and organic & inorganic dyes used to impart color to various products.
Our client, a leading chemical dyes and pigments manufacturer, was struggling to maintain market share for their pigments category. While the sales in the metallic pigments category went up by 6%, their market share in that particular category was down 10%. The client’s pricing, marketing, and strategy teams felt that, in their respective functions, they were on the right track. However, they were approaching the problem in silos and hence, did not succeed in finding a solution. The client turned to Infiniti Research’s market trend analysis team to get to the root of the problem. They wanted to gain a holistic, unbiased view of market trends to make well-informed strategic decisions.
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Our approach to market trend analysis
The market trend analysis experts at Infiniti Research conducted a detailed analysis of the client’s challenges in the initial phase. This helped identify market trends, growth drivers, and key competitors that directly aligned with the client’s business segments. In the second phase, we conducted an in-depth market analysis to understand the macro-level trends.
A deep dive within each value chain element further helped assess the market dynamics and growth drivers in individual segments. Our approach to market trend analysis comprises of the following phases-
Defining the market segment
At the outset of any trend analysis project, it’s crucial to be overly inclusive in defining the market and demand drivers. Hence, our trend analysis experts leveraged a holistic approach to understand the market and broadly segment it to include all potential end-users and reduce the risk of inappropriate grouping.
Creating individual segments
While creating segments, it’s essential to make each group small and homogeneous enough so that the trends and drivers of demand will apply consistently across its various elements while ensuring it is large enough to make the analysis worth the effort.
Identifying market trends and growth drivers
We also conducted in-depth market surveys and leveraged tailored solutions to uncover new trends and help the client achieve their growth objectives.
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By monitoring and analyzing market trends over an extended period, you can gain useful information on ways to improve business performance. Similarly, the client leveraged the insights gained to refine their business decisions and strategies in this case.
Market trend analysis also enabled the client to meet their tight deadlines for the strategy sessions with well-received insights that informed executive investment decisions.
The solutions offered also enabled the client to-
- Identify potential markets and opportunities for diversification
- Analyze the global market landscape and changing dynamics
- Build go-to-market strategies and validate business plans
- Stay updated on emerging market trends
Our comprehensive multi-pronged approach to trend analysis offered an objective, single view of the client’s problem and provided a framework for future analysis. It helped the client understand what they had been missing, which was impacting market share and sales. As a result, the client succeeded in improving sales for the specific category, and the same framework was later deployed across other categories to help identify areas for improvement. Request more information to learn how market trend analysis can help your business.