Tag: competitive benchmarking

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Infiniti’s Competitive Benchmarking Solution Assists an Automotive Company Establish Market Presence in Germany

Business Challenge

Companies in the automotive industry are facing a period of rapid competition and increased capital spending in an effort to compete with major automakers in the industry. This coupled with the adoption of autonomous technology by top competitors has increased the pressure on automakers to innovate their offerings, understand competitors’ key strategies, and develop a competitive benchmarking strategy to achieve their business goals.

The client is an automotive industry player in Germany and was new to the market. The company was facing predicaments in profiling competitors’ and promoting their service offerings in Germany. The client wanted to gain a fair perspective of how well they performed compared to other major companies in the automotive industry. Additionally, the client encountered a decline in its sales rate for their automotive products. They wanted to improve their market share by understanding the potential game-changing efforts and initiatives undertaken by their competitors. Also, with the help of competitive benchmarking analysis, the client wanted to improve their product and service quality, efficiency, and enhance customer experience.

Is your inability to adapt to key strategies employed by your competitors resulting in revenue losses for your company? Our competitive benchmarking solutions help firms outperform their competition with real-time insights. Request for a FREE brochure to learn more about our services.

Solutions Offered and Value Delivered 

To identify and profile the key competitors in the automotive market space, the experts at Infiniti Research carried out extensive qualitative and quantitative research by conducting interviews and discussions with top market players in the industry.

The competitive benchmarking solutions offered by Infiniti Research helped the client to profile direct competitors in the market space. This helped them to assess competitor’s offerings and focus on performance gaps. The client also witnessed a gradual improvement in their service offerings and curtailed issues related to their automotive products. Infiniti’s competitive benchmarking analysis also helped the client differentiate their business from other players in the automotive market. Moreover, gaining a competitive advantage further helped them create a new marketing strategy and brand image by relying on the key differentiators. Within one year, the client was able to establish their market presence in Germany.

Competitive benchmarking process also helped the client to:

1. Improve the quality of their service and product offerings
2. Increase productivity while reducing cost
3. Prioritize the areas of improvement compared to their competitors
4. Improve their performance standards to stay relevant in the automotive marketspace

Benchmarking competitors remain to be a major challenge faced by players in the automotive sector. Our competitive benchmarking process simplifies the entire process. Request for a FREE proposal to know how.

What is Competitive Benchmarking?

Competitive benchmarking analysis is the process of comparing an organization’s performance with that of its direct competitors in the industry. Apart from giving an organized overview of the company compared with their competitors, competitive benchmarking analysis also reveals performance gaps, improvement opportunities, and highlights competitors’ strategies that need to be countered. In this competitive world, a competitive benchmarking analysis is a common practice to establish baselines, define best practices, and identify improvement opportunities.

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Building Better Competitive Pricing Infrastructure

Effective pricing strategies ensure that businesses are maintaining a good profit margin while keeping up with the market competition. When it comes to building the right marketing strategies, pricing is one of the most important components as the price of the product is one of the first things that a customer notices about a product and plays a vital role in the purchase decision of customers. There are several pricing strategies available for businesses today. Some of the common pricing strategies include –

Cost-plus strategy: A prefixed profit margin is added over the total cost of the product

Demand pricing: The price is set by establishing the optimal relationship between volume and price

Markup pricing: A percentage is added (as profit) over the wholesale price of the product

Competitor pricing: Prices are fixed based on competitor prices

Competitive pricing strategy has caught the fancy of most players across industries. This article provides comprehensive insights into what a competitive pricing strategy and its role in competitive pricing analysis.

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What is competitive pricing strategy?

Competitive pricing refers to a pricing strategy in which prices of a product are fixed in accordance with that of the competitor prices for similar products. In this type of pricing strategy, the purchasing behavior is an important criteria considered to fix prices. Some of the other factors taken into consideration include price sensitivity, costs, and competition. In competitive pricing, the business has three options to price their products in relation to the competitors- price the product higher, lower, or at par with that of the counterparts in the market. However, this is one of the most strategic decisions to be undertaken by key decision makers of the company as any fault in the pricing strategy could lead the company to lose out customers to the competitors.

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Creating a competitive pricing strategy from scratch is no easy feat. Our competitive intelligence solutions for business help companies are tailor-made to suit individual business requirements. Request a proposal to know more!

competitive pricingCompetitive pricing strategy in pricing analysis

Competitive pricing is all about choosing strategic price points to leverage the best advantage out of a product/service when compared to their counterparts in the market. In the modern marketplace, a successful pricing strategy requires large amounts of historical and competitive data which takes into consideration myriads of market information. Experts at Infiniti Research have observed that a good majority of buyers compare offers by several stores/brands to ensure that they get the best bargain. Retailers that can collect and analyze market data, map their position against that of the competitors, and offer optimal prices. This would not only grab more customer attention but also gives brands a first mover advantage. Furthermore, competitive pricing strategies attract more customers by using competitor product and pricing data to increase sales and thereby boost revenues.

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Identifying Performance Gaps and Areas for Improvement for an Automotive Manufacturer With the Aid of Competitive Benchmarking

Competitive Benchmarking Strategies for an Automaker 

About the Client 

For over 7 years, the client has been a leading automotive manufacturer serving customers throughout the Western United States. With a workforce of 470+, the company was looking to expand their access to new market segments.

The Business Challenge 

Companies in the US automotive industry are facing a period of rapid competition and capital spending in their effort to compete with other automakers from across the globe. Moreover, with autonomous technology entering the market, automotive manufacturers are facing safety issues, fierce competition, and a shift in their business models. This coupled with the adoption of autonomous technology by top competitors has increased the pressure on automakers to innovate, understand competitors’ key strategies, and develop a competitive benchmarking strategy to accomplish their business goals.

The business case: Infiniti Research was approached by a major automotive manufacturer who was looking to gain a fair perspective on how well they performed compared to other organizations in the automotive industry. In addition, the company encountered a decline in its sales rate for their automotive products and wanted to improve its market share by understanding the potential game-changing efforts and initiatives undertaken by its competitors.

Is your inability to adapt to current technological innovations employed by competitors resulting in budget losses for your company? If yes, Infiniti is here to help. Request a FREE brochure to know more about our services.

Top Challenges Faced by Automotive Manufacturer 

Problem Statement 1: Revenue loss

The client’s unstructured approach to competitive benchmarking and their failure to identify competitors key marketing strategies resulted in revenue losses for the company, leading to a sharp decline in their market position. With the help of Infiniti’s competitive benchmarking solution, the client wanted to continuously improve the quality of their products and services by scrupulously monitoring the initiatives undertaken by their competitors.

Problem Statement 2: Retaining profitability

Owing to commodity price shifts and dynamism in the market, the automotive manufacturer found it challenging to retain their profit margins. By leveraging competitive benchmarking practices, they wanted to develop a standardized set of processes and competitive benchmarking metrics.

Problem Statement 3: Increasing productivity

By analyzing the sales rate of competitors, the client realized that implementing the latest automotive technologies was the key to success. Hence, by leveraging a competitive benchmarking strategy, the client wanted to gain valuable data on the current technologies and processes followed in the business environment for increasing productivity, while reducing costs.

Problem Statement 4: Identifying performance gaps

With the aid of Infiniti’s competitive benchmarking analysis, the client wanted to drill down into performance gaps to identify areas for improvement.

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Solutions Delivered and Value Offered 

By analyzing the industry challenges and requirements of the client, the experts at Infiniti Research developed a plan for effective competitive benchmarking analysis. The competitive benchmarking process revolved around the following phases:

Phase 1

The initial phase of the competitive benchmarking process involved conducting extensive researches to gain an understanding of the key competitors of the client.

Phase 2

The second phase revolved around categorizing the key competitors based on competition – direct, indirect, and substitute competitors.

Direct competitors – Companies that offered the same portfolio of services and products to the same target region as the client

Indirect competitors – Companies that targeted different clientele within the same business space

Substitute competitors – Companies that offer different products and services to the same target customers as the client

Phase 3

The third phase after categorization of the key competitors involved analyzing common marketing patterns and competitors’ weaknesses to help the client differentiate themselves by offering products and services that fill gaps that their competitors have not addressed.

Phase 4

By leveraging market information and data obtained from competitors, a competitive benchmarking framework was devised, which included detailed company profiles and an analysis of current activities and future industry developments of all the top competitors.

Phase 5

The competitive benchmarking framework helped the client to analyze competitors in terms of market penetration, product and market development, and clearly illustrated their market positioning in the target markets.

With the help of a comprehensive competitive benchmarking process, the experts at Infiniti Research helped the client assess the market opportunities in the focus geographies. The further helped them reveal all hidden opportunities in the market. Infiniti’s competitive benchmarking analysis also helped the client differentiate their business from other players in the automotive market. Moreover, recognizing a competitive advantage further helped them create a new marketing strategy and brand image by relying on the key differentiators.

Competitive benchmarking process also helped the client to:

  • Improve the quality of their services and products.
  • Increase productivity while reducing cost
  • Prioritize the areas of improvement
  • Improve their performance standards to stay relevant in the market

Lack of competitive benchmarking strategies can result in huge loses in sales, leading to a sharp decline in your market position!

Well, look no further, Request for a FREE proposal today!

 

What is Competitive Benchmarking?

Competitive benchmarking is the process of analyzing a company’s performance with that of its competitors in the industry using a set collection of metrics.  Using a competitive benchmarking analysis, not only can firms get an organized overview of their company and how it performs on different levels, benchmarking can systematically reveal performance gaps and improvement opportunities and highlight competitor strategies that need to be countered. Competitive benchmarking is a common practice to establish baselines, define best practices, identify improvement opportunities and create a competitive environment within the organizations.

What are the steps in a competitive benchmarking process?

For companies looking to build a robust competitive benchmarking framework, here are certain steps that you must follow:

Set clear goals – Businesses need to make smart decisions of their business goals.

Identify the data source – Businesses must identify the sources for the data that they want to gather for competitive benchmarking. It is vital to keep the data consistent. While choosing external sources of data for the competitive benchmarking framework it must be ensured that the data is consistent.

Set regular intervals of measurement – The time intervals at which an organization must undertake competitive benchmarking solely depends on the activities and benchmarks that they are focusing on. It is up to the organization to determine what the most appropriate interval is for the benchmark and for the business.

Implement plans and monitor results – The final step in establishing a robust competitive benchmarking framework is to execute the set processes of measuring performance and identify the deviations.

Benchmarking competitors remain to be a major challenge faced by players in the automotive sector. Our competitive benchmarking solutions simplifies the entire process. CONTACT US to know more about our services.

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Market Entry Strategies

3 Questions You Must Answer Before Undertaking Competitor Analysis

Competition is a part and parcel of business. But the challenge here for companies is to identify the right strategies to go for the gold. Forward-thinking organizations must always keep a close watch on their peers in the market. Ignoring competition will result in problems that will be manifested through declining market share, lower sales, reduction in the number of customers, and to top it all cash-flow problems. These complications will consequently become elements of destruction for the business. Competitor analysis is the solution to prevent companies from being bowled-over by such mishaps. In this blog, our industry experts discuss three questions that companies must find answers in order to reap the benefits of competitor analysis:

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#1: What is competitor analysis?

Competitor analysis is a strategic assessment of the strengths and weaknesses of the current and potential competitors in the industry. Mere knowledge about the company’s competitors in insufficient in competitor analysis. Rather, businesses must undertake a systematic analysis of their competitors by gathering a wide array of information so that it is easier to make well-informed strategic decisions.

#2: What does competitor analysis do?

The first and foremost criteria that companies must fulfill before undertaking competitor analysis is to understand its purpose and the solution it provides. Competitor analysis primarily aims at Identifying the company’s competitors and evaluating their strategies to determine the strengths and weaknesses relative to those of youContact USr own. It is a strong step toward building a competent and dynamic marketing plan. Competitor analysis not only helps understand the competition, but it also helps enterprises evaluate what makes their company unique in a saturated business climate.

#3: How to conduct competitor analysis?

Competitor analysis is a great approach to undertake a comprehensive SWOT analysis of your company as well as the other players in the market. For this, it is essential to identify all the companies in the industry that could qualify as a potential competitor for your products and services. This can include both direct and indirect competitors to the business. Once the list is compiled, the next step is to group each of these competitors based on their degree of competition with your business. Some of the relevant questions to ask here include:

  • What is the scope of the competitor’s market share? 
  • What are their previous and current marketing strategies?
  • What are the potential threats that these competitors pose to your business?

 

Not sure how to find answers to these questions? Get in touch with us to know more.

Infiniti Advantage:

The need for competitive intelligence will continue to evolve given the ever-increasing competition across  industries. Infiniti Research is a leading provider of actionable competitive intelligence solutions that help global organizations compete and triumph in their respective industries. With over 15 years of expertise in helping clients from across the globe, our competitive intelligence team follows highly tailored and proven methodologies to analyze the market competition. We also provide succinct solutions for business decisions in areas including market opportunity assessment, emerging market planning, benchmarking, value-channel analysis, and customer segmentation.

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Probiotic Drinks Manufacturer Tackles Competitors Strategies with The Help of Competitive Intelligence Solution

Infiniti PR Infographic Case Studies 2LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest competitive intelligence solution for a probiotic drinks manufacturer. The global beverage industry incorporates varying types of drinks, including soft drinks, functional beverages, bottled water, milk and dairy, sports drinks, alcoholic beverages, energy drinks, and juices. The general population’s concerns regarding obesity and health awareness are expected to cause functional beverage and bottled water product segment to grow. Consequently, the demand for carbonated drinks is expected to plummet.

 “Competitive intelligence solutions help clients to gain a 360-degree market, customer, and competitor view of the time of the analysis, and the technology to make further assessments. The client could use the insights to take advantage of cross-selling opportunities, generate new sales value, and develop churn prevention strategies,” says an expert at Infiniti Research.

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The digital revolution is changing the lives of individuals so drastically including the world of food and beverage. Smartphones have enabled customers to connect and do business ‘on-the-go,’ and now individuals demand beverage products that match their changing lifestyles.

Additional benefits of the competitive intelligence solution

  • Gain a 360-degree market overview including competitor and technology
  • Help generate new sales opportunity, cross-sell opportunity, and prevent churn
  • To know more,  request a free proposal

 

To know more about how our competitive intelligence solutions helped the probiotic drinks manufacturer

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Performing Competitor Analysis – As Easy as 1,2,3!

No brand today exists in isolation. They have to compete against hundreds of companies selling similar products or services. In a world where consumers have an endless amount of choices, how will your brand stand atop all available alternatives? It has to be unique and different from what’s already available in the market. But how can anyone design a product or service so unique when they don’t know what others are doing? Which is why competitor analysis is one of the most important business exercises before starting a business or launching a product. In an immensely competitive market, such as FMCG, automobile, and consumer electronics, each brand introduces a new product to the market every now and then. Brands have to be on their toes to respond to such actions. So, for brands Request Free Proposallooking to gain an edge over the competition, how to do a competitive analysis?

5 Steps for Competitor Analysis

#1 – Define your market and customers

In order to develop a robust competitor analysis framework, it is essential to understand what market is the company serving. The question should not only answer markets in terms of geography, but include other factors such as the customer segment, the needs and wants the product is fulfilling, and price point. Numerous models are available to assess and define market and customers, but it should answer these fundamental questions:

  • What needs or want is the product satisfying?
  • Who will likely use the product?
  • What does an average customer look like?
  • How much will they spend on it?
  • Which organizations are currently satisfying current needs and wants?

5 Steps for Competitor Analysis#2 – Identify current and future competitors

Based on the questions answered before, companies should compile a list of competitors who are competing on the same functional area. Additionally, it is also important to figure out who will be competing in the same area next year, or say five years down the line. For instance, if you are selling a deodorant, then you should list out all the players selling deodorants in the market, including branded and unbranded ones. It is equally important to list out indirect competitors as well, for instance, people who do not use deodorant may instead opt for perfumes, or even make do with fragrance soaps. Since using perfumes will eat up the market for deodorant, such factors should be considered when performing a competitor analysis.

#3 – Analyze competition and find out market share

Merely listing out competitors is not enough to conduct a thorough competitor analysis. One must understand what their competitors are doing and how big they are. A straightforward way to find out such information is to conduct market research. However, not all companies may have such vast resources, so instead, they can use available news articles, industry journals, company’s website, marketing collateral, analyst reports, and company reports. Additionally, looking at reviews on various rating site on the competitor can give a rough idea of how well the competitors are doing. It is also a must to find out their presence in local and regional markets. How big a pie of the market they hold and their share of wallet in each territory.

#4 – Perform SWOT analysis

Moving on to the next step, brands should pinpoint the strengths and weaknesses of the competitors. It gives them a fair idea of where they cannot compete, and what competitor weakness they can overcome to win market share. It is best to organize all information in a tabular form listing the following:

  • Company name
  • Description
  • Product and price
  • Target market
  • Strengths
  • Weaknesses
  • Opportunities
  • Threats
  • Market share
  • Sales volume
  • Market strategy

#5 – Analyze data and plan strategies

Once you get your hands on all these data and information, it is essential to understand what story the data is telling. For instance, most competitors in the broadband market may have a similar weakness, that of installation fee. It is possible to ply on their shortcomings and plan strategies which gets rid of such installation fee and just imposes regular monthly payments. This way, the company can easily gain an edge over the competition and start acquiring new customers. Analyzing competitor data gives a fair idea of where your organization currently stands and on what grounds they can compete against new or established players.

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Competitive Intelligence Assessment: How Infiniti Helped a Prominent Smart Grid Technology Provider Stay Ahead of the Competitors

It is estimated that the smart grid technology space is expected to reach $830.56 billion by 2025.

The past few years have witnessed a stipulated growth in the demand for economical, sustainable, and reliable electricity. So, organizations are emphasizing on the need to implement robust operational measures such as smart grid technologies to efficiently control the production, distribution, and conditioning of electricity. The growth of the smart grid technology can be attributed to the emergence of cloud platforms, increasing adoption of IoT, and the need to conserve energy. Although the smart grid technology space is witnessing a promising growth owing to the increasing adoption of smart meters, regional government initiatives, and growing number of advanced infrastructure projects, several factors may influence the growth of the sector.

  • Barriers in the adoption of technology: With the rising investments in transmission optimization and distribution automation, organizations are facing the need to comply with the clean power plan to further increase the emphasis on renewable resources.
  • High costs of installation: Growing concerns pertaining to offering reliable and scalable services is compelling organizations to shift toward smart grid technology. With smart grid becoming increasingly multidimensional, deploying hardware and software components involves comparatively higher costs as compared to the traditional counterparts.

To address these challenges and assess the prominent competitors in the market, leading businesses are leveraging the use of competitive intelligence assessments. An effective competitive intelligence solution helps organizations to gather, analyze, and manage market information to make strategic informed business decision. Moreover, organizations can profile the prominent competitors and enhance their competitiveness in the market.IR_Brochure

The Business Challenge

  • The Client: Smart grid technology provider

The client, a prominent smart grid technology provider, wanted to identify the competitors and understand their strengths and weaknesses to develop effective business strategies. The client wanted to compile information of the competitors in terms of their history, key facts, products and services, and business objectives. With the help of a competitive intelligence solution, the client wanted to collect and compile data on the products and services and pricing models, and identify unique selling propositions. The primary concern of the client was to optimize their business process and strategies by comparing with that of the competitors.

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Our Journey

To gain detailed insights into the competitors’ value proposition, the competitive intelligence experts at Infiniti carried out an extensive research methodology comprising interviews and discussions with prominent stakeholders in the smart grid technology space. Moreover, to assess the performance of the competitors, the experts also compiled information from reliable sources such as trade shows, industry forums, and company presentations in the smart grid technology space.

The Solution Benefit and the Business Impact

The competitive intelligence solution offered by Infiniti helped the smart grid technology provider identify the top competitors and constantly monitor their activities. The engagement also helped the smart grid technology provider to analyze the key performance indicators and effectively analyze their marketing resources to meet the business requirements. Moreover, the competitive intelligence solution also sought ways for the client to formulate effective strategies to stay ahead of the competition. The solution also helped the client direct their development and marketing efforts to launch new products and services effectively.

The Future

The future of smart grid technologies will be marked by innovations, especially in terms of virtual power plants such as smart meters, solar panels, and demand response systems. Moreover, the smart grid technology space will also witness an upgrade in terms of transmission grids with communications and controls that can deliver 10% more efficiency as compared to the existing generation capacity.


A must-read case study for strategy specialists and decision makers looking to develop an understanding of the smart grid technology space

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