Mining companies over the past couple of years have experienced a tragic set back in terms of losses faced and low return on investments. Prominent mining companies are redefining their business models to accommodate short-term decisions and improve their production capabilities. As the mining industry is shifting from a manufacturing-based business model to a service-oriented business model, companies have started adopting new technologies to identify potential value opportunities and make savvy deals. The growth of the mining industry is characterized by the increasing demand for iron ore from the construction industry and the transportation sector.
Although the mining industry will exhibit substantial growth over the next couple of years, some factors may influence the growth of the industry.
- The scarcity of raw materials: The mining industry has nearly reached its saturation with exponential growth in mining activities over the last couple of years. This has led to an increase in the supply shortages for the products among the end user segments, where businesses are forced to maintain supply consistency in their products offered.
- Innovations: Many mining companies are in the early stage of growth, and are relying on primitive techniques to meet the end-user requirements. With advances in technology, the competitors in the market have started using innovations in their production capabilities. So, it becomes essential for the prominent companies in the mining industry to stay ahead of the curve and meet the business requirements.
To counter such challenges and understand the market requirements, organizations are leveraging market assessment solutions. A market assessment solution helps businesses ascertain real-time market information in terms of the competitors, the key demand analysis, pricing trends, and regional opportunities and challenges. The market assessment solution also assists businesses to refine the relationship with the customer base and adequately allocate the marketing resources to enhance business performance.
The Business Challenge
- The client– A renowned mining company
The client, a prominent mining company with numerous production units spread globally, wanted to understand the market potential and devise effective ways to assess the needs, expectations, standards of the target customers. With the help of our market assessment study, the client wanted to understand the challenges and opportunities and develop effective marketing initiatives to effectively reach out to the target audience. The primary concern of the client was to assess the potential risks and reduce the bottlenecks to enter the market.
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To ensure the implementation of new marketing initiatives and meet the expectations of the client, the market assessment experts at Infiniti followed a scrupulous research methodology comprising of interviews and discussions with prominent stakeholders in the mining industry. Moreover, to assess the potential risks in the mining industry, the market assessment experts at Infiniti also compiled information across a wide array of reliable sources such as trade shows, paid industry databases, and company presentations.
The Solution Benefits and the Business Impact
The market assessment solution offered by Infiniti helped the mining company identify the market opportunities and expand their product offerings to niche target regions. Moreover, the client was able to assess the perceptions of the customers toward the products and adequately fine-tune their marketing resources to enhance their production capabilities. The market assessment solution also helped the client in the mining industry efficiently meet the needs, expectations, and standards of the customers.
As the demand for mining increases, the mining industry players should adopt technologies and processes to streamline their operations. The future of the mining industry will be marked by innovations such as automation in exploration, discovery, extraction, and processing. The mining industry will also witness the adoption of technologies such as steam-powered mine hosts and shelf excavation systems.