Market Intelligence Services for a Consumer Electronics Supplier
In today’s hyper-competitive market, undertaking the right market intelligence study can help businesses at various stages of product marketing. The rapid changes in the market and regulatory environment creates new opportunities for businesses. Market intelligence services help businesses to keep tabs on profitable market opportunities and gather comprehensive market insights for confident decision-making.
This success story highlights how our market intelligence services helped a consumer electronics supplier to devise a solid commercialization strategy and achieve huge commercial success for its new product.
The client is a consumer electronics supplier based out of Canada.
Our client, a consumer electronics supplier, solely relied on its marketing team to provide its sales team with leads. However, the inability of the marketing team to gather comprehensive market insights and identify changing market needs resulted in huge losses for the company. As a result, the company was losing their market share to competitors. In an attempt to curtail losses in market share, they introduced a new product in the market. To achieve huge commercial success for its new product, they needed help in devising a sound commercialization strategy. They approached the experts at Infiniti Research to leverage their expertise in offering market intelligence services.
With Infiniti’s market intelligence services, the client also wanted to:
Identify the right set of customers – With Infiniti’s market intelligence services, the client wanted to understand their target customers’ pain points, interaction patterns, purchasing habits, and spending behavior. By gathering these insights, the client wanted to set up marketing campaigns to reach out to the right audience at the right time using the right channels.
Optimize marketing initiatives – As the client was running multiple campaigns at the same time, they wanted to analyze the performance of different campaigns in real-time. By doing so, they wanted to identify the right marketing initiatives to focus on to increase sales. Additionally, with Infiniti’s market intelligence services, they wanted to decide how to allocate their marketing budgets and funnel it to promotional activities that gives them the highest ROI.
The experts at Infiniti Research adopted a three-phased approach that included:
A customer intelligence study to understand the needs, preferences, behaviors, and spending patterns of customers in the target region.
A market scanning and monitoring analysis to keep tabs on technological changes and industry developments.
A marketing strategy engagement to devise a solid sales and marketing strategy for product promotion.
The insights obtained from Infiniti’s market intelligence solutions helped the client to gain a clear understanding of the market potential for their new product. With Infiniti’s market intelligence services, the client was able to understand their target customers’ pain points, interaction patterns, purchasing habits, and spending behavior. This helped them to create different marketing initiatives for different set of customers. Also, by understanding the right channels to focus on, they were able to reach out to the right set of customers.
By leveraging Infiniti’s market intelligence analysis, the client was also able to analyze the performance of different campaigns in real-time and identify the best performing campaigns. This subsequently helped them to allocate their marketing budget for their promotional activities. Furthermore, with Infiniti’s market intelligence services, the client was able to achieve huge commercial success for their new product. Also, within eight months of their new product launch, they were able to sell approximately 37,000 products.