Market Assessment Assists an Engineering Tools Supplier to Evaluate Competitors and Identify Future Prospects
In today’s competitive landscape, organizations are constantly venturing into new markets to expand their consumer reach and enhance their services to improve the bottom line. With relentless advances in the technological landscape, companies have gained the ability to identify growth opportunities across new markets and assess the profitability of their products. However, to accelerate growth, large […]
In today’s competitive landscape, organizations are constantly venturing into new markets to expand their consumer reach and enhance their services to improve the bottom line. With relentless advances in the technological landscape, companies have gained the ability to identify growth opportunities across new markets and assess the profitability of their products. However, to accelerate growth, large organizations must implement a robust market assessment strategy. Through a robust market assessment study, companies can navigate into unfamiliar territories to identify the most lucrative opportunities. Additionally, companies can filter key markets from a pool of markets, analyze the competitive landscape, and identify key opportunities to develop an actionable market strategy with the help of such solutions. Owing to such benefits, organizations across the engineering tools supplier landscape are making use of market assessment services to meets the needs, expectations, and standards of the customers.
Infiniti’s market assessment solution assists the client to identify opportunities and execute tactical actions to maximize ROI. In addition, our solutions help clients devise a robust service delivery model to create more transparency in their business processes. The client can further assess their own strengths and weaknesses and implement effective solutions to proactively mitigate risks.
The Business Challenge
A leading engineering tools supplier with facilities spread across 100 leading manufacturing companies and offices across major regions across the globe wanted to evaluate their competitors in the market. Initially, the company had showcased strong growth with high product sales spread across different geographies. However, in the recent years, the company witnessed a sharp decline in their market shares, owing to the presence of a considerable number of suppliers in the engineering tools landscape.
The primary objective of the market assessment study was to identify the potential competitors and the future growth prospects. The client also wanted to enter new and niche segments and enhance their offerings in the market.
To evaluate the potential competitors and identify the market potential, the client approached Infiniti’s market assessment experts. The industry experts carried out a blended approach comprising of interviews and discussions with leading stakeholders in the engineering tools sector. Also, to assess the market potential, Infiniti’s market assessment experts created robust market sizing models from proprietary databases such as company presentations, industry forums, and news aggregators.
Market Assessment Solution Benefits:
- Understand existing market conditions and improve their bottom line
- Identify the potential opportunities in the marketplace and make necessary modifications to the prevailing models
- Analyze the customers and establish particular trends
- Benchmark and monitor the progress and make informed business decision
Benefits of Our Integrated Approach
In a span of 12 weeks, Infiniti’s market assessment experts were able to gauge information on the engineering tools supplier landscape, their potential competitors, and product positioning in the market. The engagement also helped the client accurately understand location dynamics to frame value creating strategies.