In recent years, the mining industry has started witnessing unprecedented challenges in terms of harsh climates, rising energy costs, and water scarcity, which has subsequently affected the growth prospects of the mining vehicles service providers. As a result, leading mining truck service providers in the industry have started looking for alternative solutions to retain their economic stand in the market space. Thus, to stay relevant in today’s competitive market space, organizations are planning to leverage competitive intelligence solutions to understand the competitor’s offering and target the niche target segments. In the mining sector, competitive intelligence studies help businesses understand the key trends, the potential opportunities in the mining truck service industry and benchmark their services with that of the competitors.
With the recent growth of the mining sector, businesses have started approaching Infiniti Research to carry out an effective competitive intelligence study. With years of expertise in offering a plethora of services, Infiniti’s competitive intelligence engagement helps clients to carry out a robust SWOT analysis of the current market landscape and devise effective strategies to allocate resources; thereby, improving the ROI effectively.
The Business Challenge
A renowned mining truck service provider with a considerable number of offices across the globe was facing predicaments understanding their competitors and benchmarking their service offerings. The client wanted to understand the current market landscape in terms of the potential competitors and the compliance issues prevailing in the market. Furthermore, the client wanted to understand the primary growth factors affecting the growth of mining truck service market and make informed business decisions. The client further wanted to understand the costs related to the services provided and understand the demand-supply landscape in the mining truck service market.
To effectively bridge the demand-supply gap, the client approached Infiniti’s competitive intelligence analysts. Infiniti’s team of experts carried out a blended approach comprising of interviews and discussions with leading stakeholders in the mining industry. Also, the client further compiled information from various proprietary sources such as paid industry databases, company presentations, and newsletters in the mining space to stay updated about the competitor’s offerings in the mining industry.
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Competitive Intelligence Solution Benefits
- Effectively gathered and analyzed information to make better and informed decisions
- Carried out a robust SWOT analysis to identify the company’s position with that of the competitors
- Understood the competitive landscape in terms of their service offerings
- Analyzed the market and predicted the future market technologies
- Efficiently collected high quality and actionable data and fostered effective business strategy
- Understood the target audiences and designed an effective market plan
Benefits of Our Integrated Approach
With the help of the competitive intelligence study, the client was able to understand the competitor’s selling points and revamp their existing sales approach. Also, the competitive intelligence study helped the client understand the strengths and weaknesses of the competitors and find effective ways to bid for a lucrative contract in the mining truck service space.