For most businesses, market assessment plays a pivotal role in understanding the end-user, their attitudes, habits, and practices to effectively position their products in the market. Moreover, market assessment helps organizations answer strategic questions about the levels of investment in the business and the profitable growth areas. In the construction equipment space, a detailed market assessment helps businesses identify the target market and determine unique sales proposition. Furthermore, through a robust market assessment study, leading businesses can make informed data-driven product development decisions.
To determine the market attractiveness and enhance their product offerings, leading manufacturers in the construction are approaching organizations like Infiniti research. Infiniti’s market assessment solution helps the client effectively determine the market’s competitiveness and target the niche segment to identify the potential market gap. Organizations can further size up the challenges and opportunities and reform their existing sales architecture to go on par with the future buying patterns in the heavy excavator space.
The Business Challenge
The construction equipment sector is witnessing steady growth with a considerable number of equipment providers offering a wide array of products. However, a renowned heavy excavator manufacturer was facing a predicament understanding their market effectiveness in terms of the potential competitors, their offerings, and product positioning. The client further wanted to expand into a new market segment and refine the relationship with their existing customer base. Furthermore, the client wanted to understand the market dynamics and effectively allocate resources to retain their foothold in the market.
To identify the relevant customer segment and devise new marketing strategies, the client approached Infiniti’s market assessment experts. Infiniti’s market assessment experts carried out a blended approach comprising interviews and discussions with leading stakeholders such as KOLs, industry experts, product users, and procurement experts in the construction sector. Similarly, the market assessment experts at Infiniti created a dashboard to compile information from different proprietary sources such as paid industry databases, industry forums, company presentations, and newsletters.
Market Assessment Solution Benefits
- Gained a detailed characterization of the market in terms of the product lines
- Gained a comprehensive analysis of the consumer’s purchasing habits, usage, and overall awareness of the product
- Identified the key competitors and their performance in the market
- Analyzed the market landscape in terms of SWOT analysis and identified the barriers to entry
- Assessed the needs, expectations, and standards of the customers and devised an effective go-to-market strategy
Benefits of Our Integrated Approach
With the help of this market assessment study, the client was able to identify the overall market potential, the extent of competition, and assess unmet customer needs. Furthermore, the client was able to gain accurate and actionable data and improve the products and services. Also, the client was able to take necessary adjustments in their marketing and product development approach.