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Competitive assessment

Unlocking the Power of Competitive Intelligence in Strategic Decision Making: Infiniti’s Latest Newsletter

LONDON: Infiniti Research, a leading provider of market intelligence solutions, has announced the launch of their latest newsletter on how competitive intelligence can influence strategic decision making. Running a race blindfolded is never easy and getting to the finish line is even more challenging. This could be the case of any organization that doesn’t use effective competitive intelligence services. Having a clear understanding of your competitors and how you differentiate yourself and your business paves the way for success in the long run.

Over the past 15 years, we have undertaken 500+ projects across all major regions and industry sectors, helping clients plan and execute the strategies required to sustain and grow. Get in touch with our experts for more insights on our customer intelligence solutions.

Why competitive intelligence is a gamechanger for retailers

When it comes to your competition, the more you know about what they’re doing now and what they’re planning to do in the future, the better decisions you’ll be able to make. As companies in the retail industry fight for the biggest chunk of the market share, competitive intelligence services can be leveraged to gain a complete picture of the competition’s front end, back end, logistics, supply chain, and marketing strategies. Experts at Infiniti Research believe that competitive intelligence is already revolutionizing the way retailers plan and execute their strategies. Furthermore, competitive intelligence services offer key benefits to retailers including identifying new market opportunities, analyzing market trends, and enhancing decision-making. Read more about why competitive intelligence is paramount for retailers on Infiniti’s blog.

How competitive intelligence can drive marketing strategy and boost ROI

Today, brands are largely defined and judged by the content they create. Creating content that resonates with the target audience is critical for success. Competitive intelligence enables paves the way to fine-tune the content on what works for the market based on the successes and failures of the competitor’s content. Furthermore, it provides insights and intelligence on what is needed to thrive in the ever-changing market. In this article, we have discussed some of the effective ways competitive intelligence can drive your marketing strategy and boost your ROI.

Using social listening to enhance competitive intelligence

With social media, it’s now easier than ever before for brands to understand customer behavior. The abundance of data available also allows brands to fine-tune their competitive intelligence strategies. Modern companies are aware of the opportunities for engaging their audience across social media. Furthermore, savvy marketers are using data from social media platforms and enhancing their social listening skills in order to improve their marketing strategies. Social listening tools also provide key insights on customer sentiments and perception of competitor products when compared to their own. This free downloadable resource from Infiniti will help you understand how businesses can enhance their competitive intelligence through social listening.

Leveraging Competitive Intelligence: What’s in it for Your Business?

In order to maintain brand relevancy, it is extremely crucial for brands to evolve according to the changing market trends. As several emerging and new companies are already disrupting the business of bigger companies, it is vital for brands to keep an eye out for new players in the market in order to stay competitive. However, keeping up with market trends and what other players are up to is not an easy task. On this blog, thought leaders from Infiniti explain why every modern business organization must leverage competitive intelligence solutions and also highlights some key benefits that they can derive using competitive intelligence.

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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.

For more information on how to do a competitive analysis, market intelligence, and competitive intelligence:

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Steps to Perfect Your Market Entry Strategy

Businesses may look to enter new international markets for various reasons, ranging from added source of revenue, knowledge and technology sharing, and utilizing unused capacity to achieve economies of scale. Entering a new market may signal prosperity of business, but it’s not always an easy task. IR_BrochureCompanies should have a solid market entry strategy in place to succeed in foreign markets. Many questions arise when trying to enter a new market such as organizational capability, market dynamics, consumer segments, rules and regulations, and product compatibility.

Here are some ways to perfect the market entry strategy to explore new avenues:

Step 1: Market Selection

The first and foremost thing to devise a winning market entry strategy is to identify which market to enter. It may seem like a simple task but most companies fail after entering the new market as they are unable to understand all the market variables working against them. A general market research can give out generic information such as market size, growth rate, and competitor analysis but demographic, economic, business, and consumer-related environment also need to be considered for developing an effective market entry strategy.

Here are some criteria to judge the lucrativeness of the market:

  • Market Factors: It includes the economic and political stability of the market, market growth rate, and openness of the market
  • Demographic Factors: Population size and growth, GDP, age and income factors, and level of urbanization
  • Market Access: Infrastructure development, availability of partners, internet penetration, and market landscape
  • Business Environment: Ease of doing business index, availability of human resources, rules, regulations, and compliance

Step 2: Companies’ Readiness for Market Entry

The most important thing to analyze is whether the company is ready to enter into a new market or not. It depends on whether the company has the necessary resources to enter into the new market. The company should also assess their readiness around three core areas as given:

  • Internal Company Assessment: Brand Value, Merchandising, Supply Chain, Operations
  • Strategic Assessment: Reward Expectation, Desired entry timeline, Risk tolerance level
  • Resource Assessment: Availability of capital, human resource, expansion experience

Step 3: Mode of Entry

The new market presents itself with a host of new challenges, and it is important to select the right market entry strategy. The company has to choose between gaining control over the market and the level of risk.

Mode of New Market Entry

Step 4: Standardization Vs Adaptation

It is important for a company to decide whether to alter the product as per the requirement of the home market. Some companies standardize the product and alter only in the form of marketing communication with the core product remaining the same. Whereas on the other hand, companies like McDonald’s change their menu to suit the need of the target region.

Every organization needs to go through these steps before entering a new market. A detailed market entry strategy can contribute to the success of the product in the new market.

 To get more information on market entry strategy

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Competitive Intelligence Engagement Helps an Automotive Manufacturer Benchmark their Product Portfolio

In today’s fast-paced environment, organizations grow at an enormous rate within the blink of an eye. To analyze the foothold of the company in the market, it becomes indispensable to know the competitors that are showing a remarkable presence in the market. To better understand the leading competitors and their offerings, organizations are relying on competitive intelligence studies. Competitive intelligence helps organizations to analyze the competitive landscape in terms of their product positioning and marketing strategy. It assists businesses in anticipating the potential challenges and face any obstacles hindering their goal. Moreover, competitive intelligence helps businesses gauge the marketplace and identify areas to compete against their counterparts.

Infiniti’s competitive intelligence engagement assists the client to analyze information in predicting competitive activity and future business operations. The engagement also helps the client devise effective marketing strategies and present valuable insights into the market landscape. With the help of such studies, the client can better prepare for the launch of new products, enter a new market, and make sound business decisions.

The Business ChallengeIR_Brochure

A global automotive manufacturer was facing challenges identifying the potential competitors and increasing their shares in the market. The primary objective of the client was to profile the key competitors and their product portfolio across the target regions. The client also wanted to understand the robust challenges that impede their overall growth in the market.

Our Research Methodology

To gain better insights into the competitive landscape, Infiniti’s industry experts conducted a blended approach comprising of telephone-based interviews and discussions, competitor analysis, and SWOT analysis. As a part of the secondary research, our experts also collated information from a wide array of proprietary sources such as company publications, industry forums, and magazines.

Automotive manufacturer

Want to learn more about Infiniti’s competitive intelligence solutions?

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Our Solution Helped the Client

  • Identify the key countries and verticals posing high level of competition
  • Assess the future acquisition targets
  • Devise robust strategies to increase their market expansion and make informed decisions
  • Identify the key personnel influencing competitor strategy
  • Analyze the level of investment estimated for the current expansion

Benefits of Our Integrated Approach

In a very short period, Infiniti’s competitive intelligence assessment helped the client gain a comprehensive overview of the market, products and stakeholders. In addition, the client also gained actionable insights into product attribute analysis, product forecast, and pricing for key competitors in the automotive manufacturing market.

A must-read competitive intelligence case study for strategy experts and decision makers looking to assess the market landscape for the automotive industry.

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Competitive Intelligence on Hematology Analyzers Manufacturers

Business Challenge
A leading medical laboratory instruments manufacturer wanted to benchmark its operations and processes for hematology analyzer manufacturing against those of its major emerging competitors.
Situation
The client wanted to evaluate the operational and process strategies of emerging market players to understand how its own manufacturing process will benchmark against them and how their strategies will affect the client.
Approach
We mapped the operational and technology landscapes of the company’s competitors. We also evaluated the service delivery and sales processes of highly successful emerging competitors.
Impact
The client was able to determine the strategies of its competitors and use this information to make structural changes in its operations and processes, thus improving its manufacturing standards.
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