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Category: Market Intelligence

Operational risk analysis

Business Benefits of Leveraging Operational Risk Analysis

Today, businesses across all industries encounter various types of risks such as operational and financial risks. These risks, if not managed properly, can impact the organization’s bottom line. To carry out a risk analysis, businesses will need to analyze possible threats that they could face and prioritize them based on their severity for the organization.  Operational risk analysis helps businesses to identify and manage operational threats that could undermine key business initiatives. To help you out, our experts have listed out steps of operational risks analysis and their benefits.

Are you facing difficulties in identifying and managing current and potential risks in the industry? Our operational risk analysis solution can help. Request a FREE proposal today!

Steps of Operational Risk Analysis

Risk identification – The initial phase of the operational risk analysis process involves risk identification. In this phase, businesses will need to identify all the risks that might impact the organization’s operations or its outcome. A SWOT analysis process can help businesses in this phase of the operational risk analysis process.

Analyzing the risks – The next step after risk identification involves determining the likelihood and consequence of different risks in the market. Here, businesses must also develop an understanding of the nature of the risk and its potential to impact the operations of the organization.

Risk prioritization – In this phase of the operational risk analysis process, businesses must determine the risk magnitude, by analyzing the likelihood and their consequences. Also, businesses must categorize them based on their severity.

Take operational risk management solutions and approaches – In this step, businesses must assess the highest ranked risks and take proactive approaches to tackle them.

We can help you to save millions of dollars in operational cost by helping you identify potential threats in advance. Contact us to leverage our operational risk analysis solution.

Benefits of Operational Risk Analysis

#1: Identify security vulnerabilities

Operational risk analysis helps to evaluate external and internal threats within an organization. Also, it will identify current security vulnerabilities, inefficiencies, and non-compliances with standards for security policies. By identifying security vulnerabilities in advance, businesses can stay take proactive measures to prevent them before they impact the organization’s operation. Moreover, it can prevent businesses from making a costly decision that would result in huge losses.

#2: Prevents security breaches

These days, security breaches are common in all industries. In the case of online businesses such as e-commerce, leveraging operational risk analysis can help businesses to take preventive approaches to ensure the safety of customers’ personal details. Alternatively, in the case of a brick and mortar store, operational risk analysis can help businesses to take proactive measures to tackle market challenges.

#3: Plan for future success

With supply chains, financial markets, and trade functions getting linked to each other, identification and mitigation of operational risks becomes inevitable for businesses to plan for future success. Early identification of operational threats can help businesses to improve the effectiveness of the risk management operations, strengthen the decision-making process, and reduce potential damage from future risks. Additionally, leveraging operational risks analysis solutions helps businesses to improve the reliability of business operations and better plan for the future.

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target market analysis

How Target Market Analysis Can Boost Your Business Growth

Whether you’re a start-up or a well-established company, it is becoming vital to reinvent your traditional marketing strategies and incorporate new approaches to target different customer segments. Also, focusing on the right channels to reach the target customer base and attaining a wider understanding of the company’s target market is becoming imperative to gain a leading edge in the market. This is where the real power of target market analysis comes in. Leveraging target market analysis can help companies determine the target customers form a pool of customers to whom you would want to sell your products or services. In this article, we’ve listed out four major benefits of leveraging target market analysis.

Benefits of Leveraging Target Market Analysis

Want to identify the right target customer groups and devise personalized marketing strategies for them? Our target market analysis can help. Request a FREE proposal today!

Importance of Target Market Analysis for Businesses

#1: Reach the right audience

As a marketer, you’ll always attempt to market your products and services to a large customer base. But, this can result in wastage of marketing budget and resource as you’ll be marketing to consumers who are not interested in what you have to offer. In this context, identifying lucrative customer segments and creating personalized marketing strategies can help you to efficiently utilize your marketing budget. This is one of the major benefits of leveraging target market analysis. For instance, with millennials becoming the generation with more buying power in the United States, it’s becoming imperative for major companies in the United States to identify their unique needs and demands and devise personalized strategies to attract this segment of customers.

#2: Identify niche market segments

In today’s competitive marketplace, rather than trying to reach a large audience group, focusing on niche market segments can help achieve maximum profitability. Target market analysis helps businesses to identify the needs and requirements of niche customer segments, tailor products in the right way, and communicate efficiently with the target group. Furthermore, target market analysis also involves conducting target market segmentation analysis, which makes it easier for businesses to serve customers with similar needs and requirements together.

Is your company offering multiple products and services? If yes, you’ll need to create a target market segment strategy for each product and service category. Our target market analysis can help. CONTACT US now!

#3: Creating cost-effective strategies

Once you understand your target market, you can make well-informed business decisions on media allocation. Consequently, you can create personalized promotion strategies to lure targeted customers. Furthermore, constantly tracking marketing performance and conducting A/B testing can help you tweak your marketing plans when required. This will eventually enhance the return on marketing investment.

#4: Managing customer needs and expectations

Target market analysis helps businesses to efficiently meet the needs and demands of their customers by tailoring products and services for them. By efficiently managing customers’ expectations, businesses can achieve huge profitability and outpace the market competition. Furthermore, target market analysis helps businesses in devising target marketing strategies through which businesses can arrive at a decision on whom to direct their marketing and sales efforts to achieve maximum savings.

Still wondering how target market analysis can help your business? Request for more info!

Want to know in detail the steps involved in a target market analysis? Read our article here: Roadmap to target market analysis and strategic planning

Roadmap to Target Market Analysis and Strategic Planning

Competitive Pricing

4 Reasons Why Your Product Pricing Strategy Needs an Update

Setting competitive prices for your new or existing products and services can be challenging. If you set prices for your products or services too high, you’ll miss out on valuable sales. Conversely, if you set prices too low, you’ll miss out on valuable revenue. Also, providing excessive discounts can hinder a company’s profitability. In this context, it becomes vital for businesses to be proactive about identifying when and what changes you need to make to stay ahead of the competition.

So, with today’s consumers and businesses alike demanding more for less prices, how do you analyze whether your product pricing strategy needs an update? In this article, our experts have explained the 4 major reasons why businesses must revamp their new product pricing strategies to gain a competitive advantage.

A Company’s inability to efficiently price a new product can degrade the value of the brand and lead to a price war. However, revamping new product pricing strategies to meet the market demand can become a competitive advantage. Request a FREE proposal today!

Reasons Why Businesses Must Leverage New Product Pricing Strategies

#1: Company’s lack of accurate competitive pricing data

In today’s competitive marketplace, constantly monitoring and benchmarking against the competition is becoming crucial for businesses to capitalize on new market opportunities. Businesses that are still employing traditional methods for manual data collection can no longer gain a competitive advantage as manual data collection is highly time-consuming. Hence, it’s high time for organizations to revamp their new product pricing strategies and proactively respond to the competitors’ pricing strategies by efficiently tracking their new product pricing strategies and models.

Competitive pricing strategy can help businesses in this context. By leveraging competitive pricing strategies, businesses can make changes in their pricing strategies to meet the market competition and capitalize on new market opportunities.

#2: Inability to understand price elasticity

Understanding price elasticity helps businesses to analyze how customers’ respond to the price fluctuations in the market. Also, as different products and services have distinct price elasticities, businesses need to understand how customers’ react to the price changes in the market. Also, analyzing past sales data and conducting new product pricing segmentation can help businesses in setting competitive prices. Companies that fail in doing so need to revamp their pricing strategies to stay competitive in the marketplace.

New product pricing strategies work best for these brands looking to understand the price elasticity for a product or service.

With our expertise in formulating new product pricing strategies for various global giants, we can help you to estimate the accurate prices of your products or services and determine if it meets your consumers’ expectations. CONTACT US to know how our new product pricing strategies can help your business.

#3: Inability of value-based pricing strategy model

A company’s inability to adapt with value-based pricing strategy model can prove to be costly. Also, the lack of a value-based pricing strategy model subsequently impact the company’s sales rate and increases customer churn. Hence, companies that lack a value-based pricing strategy or new product pricing strategies may lose sales to competitors.

In this instance, businesses realize the real importance of revamping their new product pricing strategies. By leveraging new product pricing strategies, businesses can satisfy customers’ demands and boost customer loyalty.

#4: Employing an overly simplified new product pricing model

In today’s technology-driven business world, using traditional pricing strategies and models can longer help businesses. Gone are the days when companies leveraged cost-plus pricing by relying solely on the cost of production. It’s high time for businesses to leave behind traditional pricing models and take into consideration factors including seasonal fluctuations, competitor pricing, and product value while setting prices.

By leveraging Infiniti’s new product pricing strategies and solutions, businesses can efficiently tackle these challenges and competitively set prices for their new products and services.

Product pricing strategies for a new product

NEW PRODUCT PRICING SRATEGIESWant to know the right product pricing strategies to follow to efficiently price your new product or service? Read the article here on new product pricing strategies.

Pricing a New Product: The Right Product Pricing Strategies to Follow

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Metal Fabrication

Mastering Customer Intelligence in Three Steps

Customer intelligence helps organizations listen to their customers and address their needs. Customer loyalty and customer experience (CX) are directly proportional to each other; thereby, making it essential for businesses to leverage customer intelligence and other business intelligence services to gain valuable insights. In today’s competitive market scenario, it is extremely essential for companies toIR_Brochure focus on the aforementioned attributes: loyalty and experience. However, before leveraging customer intelligence and other myriad market intelligence services available in the market, an organization must answer the following questions:

  • Are we listening to our customers and other stakeholders? Have we taken their opinion into consideration regarding our product and service offerings?
  • What are the appropriate channels that can be leveraged to gain valuable feedback?
  • How do we use these feedbacks to improve decision making, enhance customer experience, and ensure effective customer relationship management?

 

Real-time CX Monitoring – A Science and Art

Customer intelligence tools allow organizations to monitor customer experience in real-time, making it a science and an art. Businesses must master the art of identifying appropriate channels to capture valuable customer feedback, comments, and insights. Besides this, the management must set up a scientific method to ensure consistency of surveys, measurement, analysis, and report generation. Customer intelligence and other market intelligence solutions allow organizations to capture real-time transactional data from myriad touchpoints; thereby, building customer loyalty and driving customer experience.

Identify the Gaps to Improve Customer Experience

To improve customer experience and journey, organizations must identify the loopholes in the processes and take necessary actions. The key to building customer loyalty is to be proactive and responsive while resolving issues, mitigating risks, and addressing customer service issues. Customer intelligence and other business intelligence services allow the organization to bridge the gap and improve customer journey and business processes.

Customer Intelligence Insights – Change Business Approach

Earlier, organizations followed a transactional approach with their customers and focused on the organizational profitability. Today, businesses have shifted to a customer-centric approach and have made customers an integral part of the entire business process. Organizations can leverage the valuable insights gained from market intelligence tools to develop a proactive customer service framework and facilitate strategic decision making to drive revenue and sales.

 

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Market segmentation

Top Three Reasons Why Media Monitoring is Essential for Your Business

The competitive market environment and the evolving landscape across industries all over the world has coerced organizations to direct their efforts towards understanding their target audience. With the evolution and growth of the digital media landscape over the last decade, businesses have realizedIR_Brochure the importance and benefits of media monitoring services. Media monitoring helps brands to understand their target audience, listen to them, and gain customer behavior insights. A majority of the businesses leverage social and digital media platforms but lack the infrastructure and understanding to gain valuable insights. With the help of media monitoring services, organizations can monitor their channels, connect with their client base, and be responsive to their demands. Plus, social monitoring tools are great for free publicity and branding that can be targeted to the appropriate audiences to achieve desired results.

Media Monitoring – Crisis Management

Media monitoring services help companies to anticipate and interpret public opinion, attitude, and preferences that might affect the brand image. Also, it is an amazing crisis management tool which can be used to avoid issues with customers, vendors, government, ambassadors, or the management itself by mitigating it in time. Companies cannot afford to neglect the negative feedback and opinions received from customers as it can harm the company’s reputation and that’s why they must adopt social monitoring tools.

Media Monitoring – Offers Actionable Insights

Media monitoring services are essential at every stage, right from research, new product development, product launch, and competitor analysis among others. The solutions help businesses to gauge the overall public sentiment of the target audience towards the brand, its product offerings, and the company as a whole. Moreover, social monitoring tools can help gaining competitor insights and understand their market strategies and value proposition.

Media Monitoring – Automated Process

Earlier, brands used to hire PR professionals who would rely on traditional media scanning tools which required them to flip through journals, newspapers, and other mediums in their quest to find brand mentions. But with the help of social monitoring tools, the tedious and mundane task has become easy, requires less effort, and is less time-consuming. The automated social monitoring tool allows the brand to measure the campaign reach, build customer engagement, and identify media mentions.

 

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Leverage Customer Intelligence to Build an Effective Brand Strategy

All too often, companies overlook the multiple benefits of leveraging insights from customer intelligence solutions and instead make decisions and develop their brand strategy based on intuition. The organizations fail to realize the fact that the power lies in the hands of the customer, thanks to the cIR_Brochureonstant access to information, growing competition, and increased adoption of social media. Today, the customer is more demanding and less loyal, which makes the brand’s market position more fragile. In order to treat customers well, organizations must leverage customer intelligence solutions and develop an effective brand strategy.

What is Customer Intelligence?

Customer intelligence is all about obtaining smart and useful insights about customers, which are drawn and analyzed from multiple sources. In short, customer intelligence can be defined as a holistic and flexible way to understand customers by collating, contextualizing, and analyzing data. Customer intelligence answers the why of customer behavior, which helps businesses to adapt its brand strategy and product line to meet customer demands. The valuable insights guide the management, facilitate informed decision-making, and support brand strategy development. Customer intelligence solutions not only drive better business decisions but also allow the company to measure the outcomes and minimize overall costs. But what is the importance of customer intelligence, you ask? Here’s what. Organizations have access to large amounts of information from a variety of sources that can be analyzed to gain actionable insights. Customer intelligence solutions make it easy for businesses to indulge in strategic decision-making, enhance their brand strategy, and improve customer experience.

Building Effective Brand Strategy with Customer Intelligence

Customer intelligence offers valuable insights that help marketers to devise a brand strategy that improves customer engagement and converts them into brand advocates. Furthermore, organizations can assess their brand strategy and measure the outcomes of their marketing outreach programs and promotional activities. This helps brands to develop a real-time connection with their customers, build a loyal customer base, and gain a competitive advantage over their competitors.

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Market Entry Strategy: What Not to Do in the Latin American Market

Developing a new market entry strategy is a tricky business if organizations rely on intuition analytics and inaccurate data. The fact that companies often follow a herd mentality or a one-size-fits-all approach while devising their market entry strategy often results in failed expansion plans. Many businesses haveIR_Brochure made blunders when setting foot in new markets, especially in Latin America. If you’re looking to expand your business or foray into the Latin American market, read what you should keep in mind while devising an effective market entry strategy.

Don’t Rush into a Joint-Venture or Purchase a Local Company

Recently, the governments in Latin America relaxed rules that pushed foreign companies to enter into a local partnership or joint ventures with local businesses in order to foray into the local market. Today, while entering new markets, organizations must leverage business intelligence tools to understand the market landscape in the proposed region. The insights availed from such market intelligence solutions will help companies to analyze the present market scenario and make strategic decisions. A joint venture with the local company may result in conflicts and clashes regarding decision making and overall business control.

Don’t Ignore the Online Distribution Channel

Companies must realize that they can’t follow a one-size-fits-all approach when it comes to different markets. Some distribution channels may have worked wonders for them in certain markets but may fail to deliver results in other regions. If an organization is planning to enter the Latin American market, a proper study of the competitor landscape and their strategy with the help of market intelligence tools is essential to understand the factors that drive growth in that region. For instance, the American market has a well-established e-commerce and online distribution channel. But that’s not the case in the Latin American market, where cross-border product e-commerce operations have failed miserably. Only a handful of Latin American countries such as Mexico, Brazil, and Argentina have a sophisticated e-commerce fulfillment system, but other domestic markets will soon follow suit. Cross-border e-commerce will improve gradually with the help of innovative solutions, and the Latin American market looks promising.

Instead of Sending Foreign Employees, Hire Local Talent

While devising their new market entry strategy, organizations tend to exercise control in the new market by employing a foreign country manager to oversee the business operations. However, companies must understand the fact that hiring a country manager who understands the local customs, business practices, speaks the local language, enjoys cooperative relationship with local players, and is sensitive to the local customs would be a far better bet. In simple words, it is easier and less time-consuming to imbibe the corporate culture and the organizational values in a local hire as compared to waiting for a foreign employee to understand the nitty-gritties of the local market.

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Supplier Selection Process – Strategic Decision Making

The supplier selection process entails a wide range of activities beyond scanning the price lists and skimming through catalogs of the potential vendors. Factors such as feasibility, quality, reliability, and service impact the supplier selection process. Organizations often make use of market intelligence and other business intelligence tools to gain valuable insights that help them in strategic decision making and help themIR_Brochure achieve their business objectives. Such insights allow the businesses to strategically approach its supplier selection process and understand the demands of their potential customers. The supply chain professionals suggest a step-by-step approach to the supplier selection process – know what you want, enlist your alternatives, and choose the right vendor for your business.

Supplier Selection Process – Qualities of A Supplier

Organizations look for suppliers who offer unmatched product and service quality, ensure timely delivery, and quote competitive prices. Why is it so important to carefully select the suppliers, you ask? It is because customers will associate the quality of the product with the brand and not the suppliers. While selecting a supplier, businesses must evaluate the alternatives on various parameters such as reliability, quality, value for money, financial security, and service among others. Supply chain professionals must bear in mind that low price doesn’t always translate into high quality and reliability and should be able to strike a balance between various factors based on the business objectives and market strategy.

Identifying The Right Supplier – Swipe Right

Selecting the right supplier is not as easy as swiping right, businesses must keep in mind two things: first, the suppliers must have strong service and clear communication skills to understand your needs and serve you better. Secondly, the vendors must be financially stable; a strong cash flow will ensure timely delivery, better quality, and long-term business association with them. At the start of the supplier selection process, it is essential for the organization to consult various sources such as directories, business advisors, references, trade associations, and industry-specific journals to draw up an alternatives list. Once the list is in place, the procurement manager can draw up a pro-con list by answering few questions to shortlist them,

  • Does the supplier have the capability to meet your requirements on time?
  • Are they financially stable?
  • For how long have they been in the business? Do they have a strong client base?
  • Do they have sufficient credibility in the industry?

 

Before zeroing down on the supplier(s), organization must be sure of their objectives and goals, carry out a thorough research and leverage market intelligence insights, understand the differences between strategic and non-strategic suppliers, evaluate your supply chain processes, conduct a credit check on the potential suppliers, determine the service level agreements (SLAs), and not be dependent on a single supplier.

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Top Four Advantages of Media Monitoring Services

Media monitoring services are an easy and effortless way to study and analyze the trends from social media. In simple words, it helps companies gain an in-depth understanding of the changing customer preferences and improves the overall media return on investment (ROI). Media monitoring services enables IR_Brochureorganizations to gain a comprehensive picture of the impact of their marketing and communications outreach, which subsequently helps in media audit and performance measurement. By leveraging social media monitoring services, businesses can make informed business decisions based on the insights and develop business solutions and strategies to understand the competitive landscape, drive social media effectiveness, and measure brand performance.

Benefit 1 – Media Monitoring and Crisis Event Reporting

Media monitoring services help gauge consumer perception about the brand and the products or services. It also facilitates reputation management and crisis event reporting by closely monitoring news, especially the negative discussions about the brand, its products, and the organization on social media. Media monitoring services allow companies to react to the negative news before they impact the brand image in an unfavorable way and assists in developing PR and communication strategies to get the right media coverage.

Benefit 2 – Identifying Trends and Understanding Customers

Through media monitoring tools and services, marketers can leverage social listening tools that help the brand to listen to their customers to understand the prevailing trends to assess their behavior and patterns that enhance targeted marketing and helps in business and product development. Social media listening tools help marketers to read between the lines and gauge the customer sentiment towards the brand.

Benefit 3 – Monitor Industry Trends and Competitive Landscape

Organizations can monitor their competitor’s activities and study their communications outreach strategies to develop and enhance the changes and trends in the industry. Media monitoring services enable better strategy development by studying the competitive landscape and marketing tactics that drive operational efficiency.

Benefit 4 – Measuring Marketing and Communications Effectiveness

Social listening tools and media monitoring services aid in measuring the effectiveness of marketing activities and communication materials. This helps in assessing the tone of media discussion around the brand and their products regularly. Media monitoring services help in developing customized communication messages that drive media coverage and operational effectiveness.

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market segmentation

The Great Market Intelligence Challenge

With the sudden surge in competition in the global market, organizations are increasingly building capabilities that will help them understand the competitive landscape and anticipate the movement of their rivals. As a result, companies are turning to market intelligence andIR_Brochure various other business intelligence techniques and tools that provide actionable insights to facilitate strategic decision making. The key to gaining a competitive advantage is to understand, improve, and leverage market intelligence.

What are the Market Intelligence Challenges Encountered by Organizations?

Organizations often rely heavily on inaccurate and unstructured information sources to gain market insights. Traditionally, companies have followed a one-size-fits-all approach in every market, and have failed to realize that every market needs tailor made market intelligence solutions that can drive profitability in that particular market.

  • Businesses procure market and customer intelligence about a particular customer group or segment and apply it to the larger market, and the resultant losses are way too high
  • Organizations usually lack the infrastructural capability and the talent required to analyze market intelligence, which leads to complex processes and wastage of time and other resources
  • Management often feels that the return on investment (ROI) on market and business intelligence solutions is comparatively less. This happens because organizations often set low expectations and unclear objectives

 

How Can You Overcome Market Intelligence Challenges? Here’s How

  • Train professionals and employees in various analytical techniques, competitive intelligence, and business intelligence tools to gain better results
  • Make use of a variety of business intelligence techniques and methods to map, monitor, and track market performance and competition
  • Determine and implement key performance indicators (KPIs) that help in analyzing the competitive landscape, stakeholder performance, and market trends
  • Constantly update the organizational capability and competitive intelligence maturity level to develop and manage various projects

 

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