With the recent drop in oil prices, global oil companies have started shifting toward rapid industrialization to boost the demand for petroleum products and meet the rising demand for oil from across the globe. Oil companies are also facing the need to find new resource deposits to comply with the environmental standards and improve their presence in the market. Also, the competitive nature of the industry is compelling oil companies to look for competitive intelligence assessment to better position themselves in the market. For the effective sustenance of any organization, it becomes crucial to understand the competitors, their product offerings, and pricing structure. Competitive intelligence solutions aid in gathering, analyzing, and application of business information about the company’s peers. Moreover, competitive intelligence solutions can further assist companies to make better-informed decisions about their product positioning and marketing strategies.
To identify the potential bottlenecks and gain a fair competitive advantage over the competitors, leading oil companies are approaching renowned solution providers such as Infiniti. Infiniti’s competitive intelligence solutions help oil companies evaluate the strengths and weaknesses of the competitors and identify signals of disruptions in the oil and gas industry.
The Business Challenge
A leading oil company was facing certain challenges gaining a complete understanding of the competitors’ structure, behavior, and capabilities. The client wanted to understand the competitors’ performance and assess new opportunities in the oil industry space. Furthermore, the client wanted to improve their product positioning strategy, bolster profits, and facilitate strategic decision-making. With the help of this competitive intelligence study, the client wanted to stay one step ahead of the peers and offer a differentiated set of products.
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To understand the competitors’ product portfolios, Infiniti’s competitive intelligence experts carried out interviews and discussions with leading stakeholders in the oil industry. To help oil companies establish their presence in the market, Infiniti’s experts further collated necessary information from secondary sources and offered a robust SWOT analysis.
The Solution Offered and the Business Impact
The competitive intelligence solution offered by Infiniti helped the client understand the competitor’s product marketing strategy. Moreover, Infiniti’s engagement further assisted the client in leveraging the use of technologies to improve their operations. The oil company was further able to increase consistency in returns and benchmark their product offerings with the prominent players in the oil industry. The client was further able to understand and effectively address problems with their sales approach.
Additional Benefits of the Competitive Intelligence Solution:
- Identified and assessed the market trends and competitor habits
- Devised effective marketing campaigns to increase brand awareness
- Improved brand loyalty and gained better returns on investment