With the rise in technical awareness among the global population, companies in the utilities industry are poised to witness major challenges in effectively meeting consumers’ needs while managing revenue downturns.
Today, amidst myriad new opportunities and challenges facing the utilities market, companies are forced to adopt a more sustainable approach to cost management, brand strategy creation, and enhanced spend visibility. The global utilities market faces competitive pressure from several other players in the industry, making it necessary to leverage new technologies and develop a well-defined brand strategy to thrive.
As the utilities industry transforms itself digitally, companies operating in this sector are expected to face new challenges in the form of regulatory changes and shifting market conditions. Though technology acts a major facilitator for change in the utilities industry, new market opportunities accompanied by unforeseen risk factors will further complicate the entire process of digital transformation.
The Business Challenge[spacer height=”10px”]
- The client: A utilities industry client
A leading utilities industry client based out of the US approached Infiniti to gain an understanding of the market to determine new opportunities, risk factors, and growth drivers. Additionally, as the client was unable to devise an effective brand strategy, they were looking at creating a well-defined brand strategy to navigate the common roadblocks and improve the bottom line.
How Can Market Segmentation Help Companies?[spacer height=”10px”]
Market segmentation helps organizations in devising appropriate promotional and marketing strategies to cater to the growing needs of individual market segments. To gain a competitive edge, companies need to understand the market and stay aware of the industry challenges and barriers to growth. Market segmentation also helps in building a strong brand strategy that articulates and communicates the core value of an organization.
Summary of our market segmentation engagement
Client Journey[spacer height=”10px”]
To help the client gauge several factors influencing their brand value and help them identify the emerging trends, the market segmentation experts at Infiniti followed a strategic research approach. The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The market intelligence experts also reached out to various stakeholders in the utilities industry to understand the factors that are influencing market growth.
Solution Benefits and the Business Impact[spacer height=”10px”]
Infiniti’s market segmentation engagement helped the utilities client in increasing their competitiveness and profitability. A detailed assessment of the utilities market also helped them to improve – brand strategy, brand equity, brand recall, customer retention, and marketing communications. The market segmentation assessment also enabled them to reach a wider audience and drive sales across different segments.
The Future[spacer height=”10px”]
The implementation of smart grids and the realization of electric power systems will be major factors driving the growth of the global utilities market. Organizations will have to determine the future direction of their markets and understand the impact of technological advancements on market growth and business models. Regardless of the chosen business model, players in the utilities sector will have to adopt strategies to leverage their current business position and enhance their future competitive positioning.