Market Segmentation Helps a Leading Construction Equipment Rental Firm Overcome Potential Challenges
In today’s dynamic and competitive business environment, construction equipment rental companies across the globe are leveraging new market segmentation strategies to enhance their competitiveness and profitability. Moreover, construction equipment rental companies have also started targeting new customer segments by offering attractive and innovative products and services to deal with the high level of market competition. As […]READ MORE >>
In today’s dynamic and competitive business environment, construction equipment rental companies across the globe are leveraging new market segmentation strategies to enhance their competitiveness and profitability. Moreover, construction equipment rental companies have also started targeting new customer segments by offering attractive and innovative products and services to deal with the high level of market competition. As a result, market segmentation studies have become an essential force for companies in this landscape to gain an in-depth information about niche segments in the market. Moreover, an effective market segmentation helps construction equipment rental companies gain a better outlook of the market and customer preferences.
Infiniti’s market segmentation solutions assist equipment rental companies in identifying the potential parameters for positioning their portfolios in the market in terms of demographics and psychographics. With our help, clients can determine the potential opportunities and the eminent trends in the construction equipment rental industry to optimize their current offerings and improve their operations.
The Business Challenge
The primary aim of the client was to identify customer preferences, target the right customers, and allocate resources to meet the customer requirements.
Moreover, the leading construction equipment rental company wanted to leverage superior market segmentation strategies to develop new and unique products to different target audiences in the market space. Additionally, the client wanted to understand the factors hampering the growth of the market and develop effective strategies to introduce their offerings in this market space.
To overcome the potential challenges, target the right customers, and develop a new product strategy, the construction equipment rental client approached Infiniti Research’s team of market segmentation experts. Infiniti’s team of experts conducted a comprehensive research including discussions and interviews with leading stakeholders in the construction equipment rental space. Additionally, they compiled information across numerous exclusive sources such as company presentations, paid industry databases, newsletters, and media platforms to cater to the challenges faced by the client.
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Benefits of the Market Segmentation Study:
- Identified the segments that are easier to target and allocated resources
- Segmented the potential customers into sub-segments based on their preferences
- Helped client tap potential niche market segments
- Improved competitiveness and profitability and enhanced marketing and service efficiency
- Tailored products and services to address the unique needs of the target audience
Benefits of Our Integrated Approach
In a mere span of ten weeks, the construction equipment rental client was able to identify potential target groups and benchmark their product offerings against those of their competitors. The client was also able to enter potential markets and venture into new segments within the construction equipment industry. The engagement also helped the client devise an effective marketing plan to overcome potential challenges.